23年业绩符合预期，钠电和固态业务有望放量

Investment Rating - The report suggests a continuous focus on the company, indicating a cautious outlook on its performance [3][22]. Core Insights - The company reported a revenue of 6.876 billion yuan in 2023, a decrease of 50.66% year-on-year, with a net profit of 103 million yuan, down 91.93% year-on-year, aligning with previous performance forecasts [1]. - In Q1 2024, the company achieved a revenue of 636 million yuan, a decline of 68.28% year-on-year, and a net loss of 137 million yuan, a significant drop of 293.59% year-on-year, which was below market expectations [1]. - The shipment of ternary cathode materials in 2023 was 31,800 tons, down 28.48% year-on-year, while the production was 33,300 tons, down 25.47% year-on-year [2]. - The company is expanding its sodium battery business, with sodium cathode materials showing excellent performance in various fields, and has achieved shipments in the hundred-ton range [2][27]. - The report anticipates a recovery in demand for ternary materials in 2024, which may lead to an increase in sales of related products [2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 6.306 billion yuan, 6.914 billion yuan, and 7.259 billion yuan, respectively, with year-on-year growth rates of -8.28%, 9.63%, and 5.00% [3][4]. - The expected net profits for the same years are 50 million yuan, 289 million yuan, and 341 million yuan, with year-on-year growth rates of -51.76%, 482.93%, and 18.23% [3][4]. - The earnings per share (EPS) are projected to be 0.10 yuan, 0.57 yuan, and 0.67 yuan for 2024, 2025, and 2026, respectively [3][4]. - The company’s financial metrics indicate a significant increase in the price-to-earnings (P/E) ratio from 59.1 in 2023 to 122.4 in 2024, reflecting a challenging earnings environment [4][15].