业绩短期承压，静待海外市场放量

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 3.013 billion in 2023, a year-on-year increase of 4.62%, and a net profit attributable to the parent company of 576 million, a decrease of 19.87% year-on-year [2] - The company is actively expanding its production capacity and further developing overseas markets, with ongoing projects in Nantong, Foshan, and Europe to meet the demand for high-end lithium-ion battery separators [2] - The profit forecast for the company is expected to grow from 613 million in 2024 to 1.25 billion in 2026, with year-on-year growth rates of 6%, 45%, and 40% respectively [2] Financial Summary - In Q1 2024, the company achieved a revenue of 715 million, a year-on-year increase of 7.51%, and a net profit of 107 million, a decrease of 41.45% year-on-year [2] - The gross margin for Q1 2024 was 35.99%, with a net profit margin of 14.83%, showing a decrease of 2.31 percentage points compared to Q4 2023 [2] - The company sold 2.5 billion square meters of separators in 2023, maintaining a high growth rate of 48.49% year-on-year [2] - The projected total revenue for 2024 is 4.63 billion, with a year-on-year growth of 53.7% [3]