Ding Sheng New Material(SH:603876) Soochow Securities·2024-04-23 17:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [11]. Core Insights - The company is expected to recover from losses in overseas packaging foil by Q2 2024, with a gradual return to profitability as demand improves [6]. - The company's aluminum foil product sales for 2023 are projected to be 630,000 tons, a decrease of 4.3% year-on-year, with battery foil shipments expected to reach approximately 130,000 tons, an increase of around 18% [10]. - The report has adjusted the 2024 profit forecast downwards due to weak overseas packaging foil demand, while maintaining the 2025 profit forecast [11]. Financial Summary - The company's total revenue for 2023 is reported at 19,064 million yuan, a decrease of 11.76% year-on-year, with a projected revenue of 21,980 million yuan for 2024, reflecting a growth of 15.29% [9]. - The net profit attributable to the parent company for 2023 is 534.83 million yuan, down 61.29% year-on-year, with a forecast of 500.89 million yuan for 2024, indicating a slight decline [9]. - The earnings per share (EPS) for 2023 is 0.60 yuan, with a projected EPS of 0.56 yuan for 2024 [9].