公司信息更新报告：传统业务承压，重视股东回报，COC产业化或将落地

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's traditional business is under pressure, but the COC (Cyclic Olefin Copolymer) intended orders have exceeded expectations, awaiting industrialization [3][27] - Despite significant short-term operational pressures, the company is expected to achieve breakthroughs in the industrialization of COC new materials, which have a promising future [18][19] Financial Performance - In 2023, the company achieved revenue of 537 million yuan, a year-on-year decrease of 24.73%, and a net profit attributable to shareholders of 23.92 million yuan, down 80.10% year-on-year [18] - For Q1 2024, the company reported revenue of 103 million yuan, a year-on-year decline of 28.13%, and a net profit attributable to shareholders of 1.19 million yuan, down 81.01% year-on-year [18] - The company has adjusted its profit forecasts for 2024 and 2025 downwards, while also introducing a forecast for 2026, expecting net profits of 26 million, 121 million, and 191 million yuan for 2024, 2025, and 2026 respectively [18][32] Market Position and Valuation - The current stock price is 46.86 yuan, with a market capitalization of 3.495 billion yuan [28] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 157.4, 34.2, and 21.6 respectively [32] - The company maintains a high dividend payout ratio, with a cash dividend of 17.59 million yuan in 2023, representing a payout ratio of 73.53% [31] Product Performance - In 2023, the sales volume of the company's main products, fatty amines and optical materials, were 20,675 tons and 5,347 tons, with year-on-year changes of +15.2% and +25.7% respectively [31] - The average prices for these products saw significant declines, with fatty amines down 37.8% and optical materials down 33.7% year-on-year [31] Future Outlook - The company is advancing its COC pilot production line, expected to commence trial production in 2024, and is actively progressing its Qianjiang project, with expectations for project completions by the end of 2024 [19]