23年负极产销跻身前五，盈利能力虽下降但相对强势

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4]. Core Views - The company achieved a revenue of 12.2 billion yuan in Q4 2023, a year-on-year decrease of 2.1% but a quarter-on-quarter increase of 1.3%. The net profit attributable to shareholders was 1.55 billion yuan, down 36% year-on-year and 5.2% quarter-on-quarter. The operating cash flow was 5.2 billion yuan, an increase of 267% year-on-year and 412% quarter-on-quarter [1]. - In Q1 2024, the company reported a revenue of 8.6 billion yuan, a year-on-year decline of 9.6% and a quarter-on-quarter decline of 29.4%. The net profit attributable to shareholders was 1.5 billion yuan, down 35.5% year-on-year and 4.0% quarter-on-quarter [2]. - The company ranked among the top five in the negative electrode production and sales in 2023, despite a decline in profitability. The comprehensive gross margin was 28.8%, down 8.7 percentage points year-on-year but up 6.1 percentage points quarter-on-quarter [1][7]. - The company has seen a significant increase in cash flow from operating activities, indicating improved operational efficiency [1]. Financial Summary - The company reported total revenue of 43.9 billion yuan in 2023, a decrease of 8.2% year-on-year, with a net profit of 7.2 billion yuan, down 44% year-on-year. The gross margin for the year was 27.7%, down 14 percentage points [7]. - The revenue from negative electrode materials was 37.4 billion yuan, a decline of 11.0%, while the sales volume increased by 31.5% to 141,000 tons [7]. - The company has maintained a focus on cost reduction and efficiency improvements, with a research and development expense ratio of 2.84%, an increase of 0.62 percentage points [7]. Profit Forecast - The forecast for the company's net profit for 2024 has been revised down to 700 million yuan from a previous estimate of 2 billion yuan, with expectations of 900 million yuan and 1.1 billion yuan for 2025 and 2026, respectively [8].