业绩逐步改善，产能扩充助力成长

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company's performance is gradually improving, supported by capacity expansion which aids growth [1][2] - In 2023, the company achieved revenue of 13.184 billion yuan, a year-on-year decrease of 9.26%, and a net profit attributable to shareholders of 52 million yuan, down 95.82% year-on-year [1][3] - Since the third quarter of 2023, market demand has been recovering slowly, leading to improved performance due to increased production, stable prices, and reduced raw material and energy costs [1][2] - The company has a rich product portfolio and is continuously expanding its capacity, with significant growth in specialty products driven by the aquaculture and new monogastric products [1][2] Summary by Sections Financial Performance - In 2023, the company's gross profit margin was 21.38%, a decrease of 6.13 percentage points year-on-year [1][3] - The fourth quarter of 2023 saw a significant improvement in net profit attributable to shareholders, reaching 87 million yuan [1] Capacity Expansion and Product Development - The company has successfully launched new production capacities, including a 180,000-ton liquid methionine plant in Nanjing and a 150,000-ton solid methionine plant in Quanzhou, expected to be operational by 2027 [1][2] - The company is focusing on research and innovation, with new product launches and strategic partnerships, such as the introduction of the DynOmik™ product in the U.S. market [2][3] Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 355 million, 745 million, and 1.046 billion yuan, respectively, with corresponding PE ratios of 69, 33, and 24 [2][3]