全年销量实现同比增长，价格受景气影响显著回落

Investment Rating - The report maintains a "Buy" investment rating for Jianghan New Materials [5][31] Core Views - The company's revenue for 2023 was 2.277 billion yuan, a decrease of 31.2% year-on-year, primarily due to a significant drop in the sales prices of functional silanes [2][9] - Despite the decline in revenue and profit, the company achieved a production increase of 20.6% year-on-year, producing a total of 272,700 tons of functional silanes and intermediates [2][18] - The company is advancing its green circular industry park project, aiming to enhance production capacity and align with sustainable development goals [3][28] Financial Performance - In 2023, the company reported an operating profit of 754 million yuan, down 37.8% year-on-year, and a net profit attributable to shareholders of 655 million yuan, down 37.0% [1][8] - The average selling price of functional silanes fell to 21,400 yuan per ton, a decrease of 41.1% year-on-year, while the average price for intermediates dropped to 15,900 yuan per ton, down 51.3% [2][16] - The gross profit margin for the company was 37.6%, a decline of 5.1 percentage points year-on-year [2][9] Sales and Production - The company achieved a sales volume of 106,100 tons of functional silanes, an increase of 15.8% year-on-year, with a production and sales rate of 100.10% [2][18] - The company’s sales revenue from functional silanes was 2.233 billion yuan, accounting for 98.0% of total business revenue [2][9] Cost Management - The company demonstrated strong cost management capabilities, with total expenses of 101 million yuan, reflecting a decrease in sales, management, and R&D expenses [3][26] - Financial expenses were effectively managed through foreign exchange hedging, resulting in a net gain of 8.6865 million yuan [3][26] Future Outlook - The forecast for net profit attributable to shareholders for 2024 to 2026 is projected at 710 million, 800 million, and 930 million yuan respectively [4][31] - The company plans to increase its production capacity significantly, with a target of 60,000 tons of trichlorosilane to support overall capacity planning [3][28]