23年业绩大幅增长，多领域发展打开空间

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced significant revenue growth in 2023, driven by multiple business segments, with notable contributions from the lithium extraction project [1][3] - The gross profit margin improved to 48.9% in 2023, an increase of 4.88 percentage points year-on-year, primarily due to the higher revenue contribution from the high-margin life sciences segment [1][3] - The company is expected to achieve a net profit attributable to shareholders of 9.73 billion, 12.12 billion, and 14.54 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35.6%, 24.6%, and 20.0% [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 24.89 billion yuan, a year-on-year increase of 29.6% [1][7] - The net profit attributable to shareholders was 7.17 billion yuan, reflecting a year-on-year growth of 33.4% [1][7] - The company’s operating cash flow for 2023 was 6.7 billion yuan, a decrease of 7.5% year-on-year [1][6] Business Segments - The main business segments showed strong performance, with revenue contributions from system devices, water treatment and ultrapure materials, and life sciences increasing by 76%, 22%, and 40% respectively in 2023 [1][3] - The lithium extraction project generated 5.2 billion yuan in revenue, accounting for 20.9% of total revenue, with an 85.16% year-on-year growth [1][3] Research and Development - The company invested 1.47 billion yuan in R&D in 2023, representing 5.93% of its revenue, with a cumulative investment of 4.63 billion yuan over the past five years [3][4] - The company continues to enhance its lithium extraction technology, with the "third generation" lithium extraction adsorbent showing significant performance advantages [3] Future Outlook - The company is projected to maintain strong growth, with expected revenues of 24.89 billion, 32.43 billion, 40.07 billion, and 48.12 billion yuan for 2024 to 2026, respectively [4][6] - The gross profit margin is anticipated to improve further, reaching 50.4% in 2024 and 51.0% by 2026 [4][7]