全年业绩符合预期，矿化一体持续推进

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [9] Core Views - The company reported a decline in revenue and net profit for 2023, with a revenue of 7.708 billion yuan, down 23.1% year-on-year, and a net profit of 414 million yuan, down 61.1% year-on-year [10] - The average selling price of industrial-grade monoammonium phosphate was 5,557 yuan/ton, with a gross margin of 19.42%, down 17.39 percentage points year-on-year [9][10] - The establishment of a wholly-owned subsidiary to enter the new energy materials sector is expected to enhance the company's product matrix and create new profit growth points [9] - The company aims to leverage its resource advantages and continue to improve its integrated development model, enhancing its upstream resource supply capacity [9] Financial Summary - Revenue projections for 2024-2026 are 9.484 billion yuan, 11.365 billion yuan, and 11.663 billion yuan, with year-on-year growth rates of 23.0%, 19.8%, and 2.6% respectively [3][10] - Net profit forecasts for the same period are 623 million yuan, 728 million yuan, and 879 million yuan, with growth rates of 50.4%, 16.8%, and 20.8% respectively [3][10] - The company's gross margin is expected to improve from 15.5% in 2024 to 17.2% in 2026 [3][10] - The price-to-earnings (P/E) ratio is projected to decrease from 32.50 in 2024 to 14.72 in 2026, indicating potential valuation improvement [3][10]