Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with revenue of 900 million yuan, a 5% year-on-year increase, but a significant decline in net profit attributable to shareholders, down 72% to 40 million yuan. The gross margin was 14%, a decrease of 13 percentage points [1][2] - The first quarter of 2024 showed a slight decline in performance, with revenue of 100 million yuan, a 15% quarter-on-quarter decrease, and a net loss of 10 million yuan. The gross margin dropped to 7% [1][2] - The company is expected to see a significant recovery in shipments in 2024, with a forecast of nearly doubling shipments to approximately 60,000 tons, driven by recovering terminal demand and increased production capacity [3][4] Summary by Sections Financial Performance - In 2023, the company's negative electrode coating revenue was 340 million yuan, down 28%, with a gross margin of 20%, a decrease of 15 percentage points. Shipments were 31,000 tons, a 3% year-on-year decline, with an average price of 10,800 yuan per ton, down 26% [3] - The company is projected to achieve total revenue of 1.27 billion yuan in 2024, a 33.6% year-on-year increase, and a net profit of 120 million yuan, representing a 190.67% increase [2][5] Profitability Outlook - The low capacity utilization in Q1 2024 led to a slight loss per ton, but profitability is expected to improve starting Q2 2024 as production capacity increases and product mix shifts [4][5] - The forecasted net profit per ton for 2024 is expected to recover to approximately 200 yuan [4] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 27, 18, and 14 times, respectively, reflecting the company's growth potential compared to the industry [5]
2023年报及2024年一季报点评：降价及稼动率低影响盈利，24Q2起单吨盈利有望改善