Putailai(SH:603659) Xinda Securities·2024-04-23 01:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue for 2023 was 15.34 billion yuan, a year-on-year decrease of 0.80%, while the net profit attributable to the parent company was 1.91 billion yuan, down 38.42% year-on-year [2][3] - The negative electrode business faced pressure on profitability, with revenue from negative electrode materials and graphitization declining by 16.01% to 6.61 billion yuan due to oversupply and inventory reduction by downstream battery customers [3] - The coated diaphragm business continued to grow, achieving revenue of 4.82 billion yuan, a year-on-year increase of 23.63% [3] - The company is advancing new product development, including a new generation of nano-silicon carbon products and fast-charging negative electrode products [3] - Profit forecasts for 2024-2026 project net profits of 2.5 billion, 3.3 billion, and 4.0 billion yuan, representing year-on-year growth of 32%, 31%, and 21% respectively [3] Financial Summary - Total revenue for 2024 is estimated at 17.39 billion yuan, with a year-on-year growth of 13.3% [4] - The gross profit margin is expected to decline to 30.2% in 2024, recovering to 31.0% in 2025 and 2026 [4] - The company's P/E ratio is projected to decrease from 23.41 in 2023 to 15.11 in 2024, indicating a more attractive valuation [4] - The total assets are expected to grow from 43.68 billion yuan in 2023 to 52.52 billion yuan in 2024 [5]