盈利逆势扩张，聚焦核心产业

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - In 2023, the company experienced growth across all business segments, with revenue from advanced functional materials, special powder metallurgy materials, high-quality special steel, and environmental and high-end technology services increasing by 7.14%, 12.09%, 4.44%, and 44.00% year-on-year, respectively [1]. - The company's gross profit margin improved by 1.21 percentage points to 17.56% year-on-year, despite a decline in the price of neodymium iron boron N52 by 19.43% [1]. - The company completed the disposal of its 14% stake in Antai Environment, allowing it to focus on its core industries of refractory tungsten, molybdenum, and rare earth permanent magnets [1]. Financial Summary - For 2023, the company achieved a revenue of 81.87 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to the parent company of 2.49 billion yuan, up 18.19% year-on-year [5]. - The forecast for revenue from 2024 to 2026 is 85 billion yuan, 98 billion yuan, and 115 billion yuan, respectively, with net profits projected at 3.01 billion yuan, 3.76 billion yuan, and 4.68 billion yuan [1]. - The earnings per share (EPS) for the same period is expected to be 0.29 yuan, 0.36 yuan, and 0.44 yuan, corresponding to price-to-earnings (P/E) ratios of 30.40, 24.50, and 19.63, respectively [1].