短期业绩持续承压，高附加值产品有望陆续放量

Investment Rating - The report maintains a rating of "Outperform" for the company [18]. Core Views - The company reported a revenue of 1.969 billion yuan in 2023, a year-on-year increase of 5%, but the net profit attributable to shareholders decreased by 66.6% to 56 million yuan [18]. - The company is experiencing short-term performance pressure due to increased R&D expenses, which rose by 55% to 197 million yuan, accounting for 10.02% of revenue [18]. - Despite the challenges, there is optimism regarding the acceleration of high-value products such as OCA optical films and other materials, which are expected to contribute positively to revenue growth in the coming years [18]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 1.969 billion yuan, with a net profit of 56 million yuan, reflecting a significant decline in profitability [12][18]. - The gross profit margin was reported at 27.25%, down 2.44 percentage points year-on-year, while the net profit margin was 2.85%, down 6.05 percentage points [18]. - For Q1 2024, the company reported revenue of 664 million yuan, a year-on-year increase of 37%, and a net profit of 19 million yuan, showing a slight decline of 8% year-on-year [18]. Product Performance - The company's electronic-grade adhesive materials generated revenue of 859 million yuan in 2023, with a gross margin of 45.48% [18]. - Functional film materials achieved revenue of 527 million yuan, with a gross margin of 23.13%, while film packaging materials saw a revenue decline to 405 million yuan, with a gross margin of only 1.34% [18]. Future Outlook - The company is focusing on vertical integration and expanding production capacity for high-end products, particularly in the optical film and adhesive sectors [18]. - The report anticipates that the company's net profit will recover to 158 million yuan in 2024, with further growth expected in subsequent years, projecting a net profit of 446 million yuan by 2026 [18].