业绩符合预期，催化材料及精密陶瓷板块24年有望高增

Investment Rating - The report maintains an "Outperform" rating for the company [6][8]. Core Views - The company reported a revenue of approximately 3.859 billion yuan in 2023, representing a year-over-year increase of 21.86%, with a net profit of 569 million yuan, up 14.5% year-over-year. The fourth quarter of 2023 saw a revenue of 1.072 billion yuan, marking a 27.58% year-over-year increase [6][8]. - The report highlights significant growth potential in the catalytic materials and precision ceramics segments for 2024, with expectations of at least 50% growth in honeycomb ceramics sales [6][7]. - The company is actively expanding its overseas market presence, particularly in the biomedical sector, which is expected to contribute to stable growth [7]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of approximately 3.859 billion yuan, with a net profit of 569 million yuan. The gross margin improved by 3.76 percentage points to 38.65% [6][8]. - The company’s earnings per share for 2023 was 0.57 yuan, with a projected increase to 0.73 yuan in 2024 [8][9]. Business Segments 1. Electronic Materials: Revenue reached approximately 598 million yuan in 2023, with a year-over-year growth of 16.08%. The company expects continued growth in MLCC powder sales due to domestic demand [7]. 2. Catalytic Materials: This segment saw a revenue increase of 74.25% to about 715 million yuan in 2023, driven by strong performance in honeycomb ceramics [7]. 3. Biomedical Sector: Revenue was approximately 855 million yuan, with a growth of 13.35%. The company is focusing on expanding its export capabilities [7]. 4. Precision Ceramics: The segment is expected to generate over 500 million yuan in revenue in 2024, benefiting from new applications in various industries [7]. 5. Building Ceramics: Revenue for 2023 was about 1.083 billion yuan, with a year-over-year increase of 6.83% [7]. Earnings Forecast - The company forecasts net profits of approximately 734 million yuan in 2024, 932 million yuan in 2025, and 1.181 billion yuan in 2026, reflecting a growth trajectory across its business segments [8][9].