业绩持续稳健增长，多套示范项目相继落地

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 13.74 CNY and a target price of 23.83 CNY [2] Core Views - The company has successfully implemented multiple demonstration projects, and its performance meets expectations. The 2023 annual report indicates a revenue of 1.25 billion CNY, a year-on-year increase of 18%, and a net profit of 290 million CNY, up 21% year-on-year [4][15] - The company plans to distribute a cash dividend of 153 million CNY (before tax) for 2023, representing a growth of approximately 50% compared to the same period in 2022, with a dividend payout ratio of about 53% [3] - The company is expected to achieve revenues of 1.6 billion CNY, 2.0 billion CNY, and 2.9 billion CNY for 2024, 2025, and 2026, respectively, with corresponding growth rates of 27%, 27%, and 41% [3][19] Financial Performance and Projections - The company reported a net profit margin of 23.82% and a return on equity (ROE) of 10.39% for 2022, with projections for 2024 showing a net profit margin of 23.81% and an ROE of 12.85% [19] - The company has a strong balance sheet with nearly 2.1 billion CNY in cash and trading financial assets, and almost no short-term or long-term debt [3][5] - The earnings per share (EPS) are projected to be 1.12 CNY, 1.47 CNY, and 2.08 CNY for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 32% [3][19] Business Segments and Growth Drivers - The new materials and synthetic materials segment achieved revenue of 790 million CNY, a year-on-year increase of 19%, driven by contracts for green multifunctional nylon new material projects [15] - The recycling and biodegradable materials segment reached a record high revenue of 380 million CNY, reflecting a 29% year-on-year growth [15] - The company has established a strong order backlog, which supports continued revenue growth [15]