公司年报点评：2023年盈利承压，1Q24环比改善

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company faced significant profit pressure in 2023, with a revenue of 2.812 billion yuan, down 35.29% year-on-year, and a net profit attributable to shareholders of 78.61 million yuan, down 82.60% year-on-year. The decline was primarily due to trade friction investigations initiated by the EU against Chinese biodiesel, which impacted the company's exports significantly [5][6] - In Q1 2024, the company's performance showed improvement, with revenue of 868 million yuan, down 3.09% year-on-year but up 217.24% quarter-on-quarter, and a net profit of 29.03 million yuan, down 59.23% year-on-year but turning profitable quarter-on-quarter [5] - The company plans to distribute a cash dividend of 2.70 yuan per 10 shares (including tax) to all shareholders [5] Summary by Sections Market Performance - The company's stock price has fluctuated between 23.23 yuan and 56.32 yuan over the past 52 weeks, with a closing price of 26.40 yuan on April 19, 2024 [2] Financial Performance - In 2023, the company produced 430,200 tons of biodiesel, a 5.6% increase year-on-year, but sold only 351,900 tons, a decrease of 13.1% year-on-year due to the impact of EU investigations [6][11] - The average selling price of biodiesel in 2023 was 7,397 yuan per ton, down 26.0% year-on-year due to falling international crude oil and vegetable oil prices [6] - The company’s biodiesel production capacity reached 500,000 tons per year by the end of 2023, with plans for steady capacity expansion in the future [6] Profit Forecast and Investment Rating - The forecast for net profit attributable to shareholders for 2024-2026 is 139 million yuan, 193 million yuan, and 318 million yuan respectively, with a projected book value per share of 23.36 yuan in 2024. The company is assigned a PE ratio of 25-30 for 2024, corresponding to a reasonable value range of 34.75-41.70 yuan [7][8]