盈利能力短期承压 行业龙头地位稳固

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's revenue for 2023 was 12.04 billion yuan, a decrease of 4.36% year-on-year, with a net profit attributable to shareholders of 2.53 billion yuan, down 36.84% year-on-year [3][6] - The overall gross margin for 2023 was 37.43%, a decline of 10.40 percentage points compared to 2022 [3] - The company maintained its leading position in the separator industry, with a shipment of 6.2 billion square meters of lithium battery separators in 2023, generating revenue of 10.08 billion yuan, a slight decrease of 5.22% year-on-year [3][5] - The company is actively expanding its overseas production bases, with significant growth in overseas sales revenue, which reached 2.02 billion yuan, a year-on-year increase of 51.45% [5] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 2.33 billion yuan, a year-on-year decrease of 9.38%, and a net profit of 158 million yuan, down 75.64% year-on-year [3] - The company’s R&D expenses for 2023 were 727 million yuan, slightly up from 724 million yuan in 2022, with an R&D expense ratio of 6.04% [4] - The forecast for net profit attributable to shareholders for 2024-2026 is 3.44 billion, 5.61 billion, and 7.61 billion yuan respectively, with corresponding EPS of 3.51, 5.74, and 7.79 yuan [6][9] Market Position and Strategy - The company is facing increased competition in the separator industry, leading to a decline in profitability, but it is adjusting its operational strategies to stabilize market share [3][5] - The proportion of higher value-added coated membrane products has increased, which is expected to help restore profitability as the industry stabilizes [3] - The company is focusing on enhancing its core competitiveness through continuous R&D investment, with new products entering the promotion phase [4][5]