增长动能不减，新材料平台行稳致远

Investment Rating - The report adjusts the investment rating to "Hold" for the company, reflecting a downward revision of profit forecasts for 2024-2025 [4][11]. Core Insights - The company reported a revenue of 8.187 billion yuan for 2023, representing a year-over-year growth of 10.55%, and a net profit attributable to shareholders of 249 million yuan, up 18.19% year-over-year [1]. - In Q1 2024, the company achieved a revenue of 1.891 billion yuan, down 10.27% year-over-year and 11.76% quarter-over-quarter, while the net profit attributable to shareholders was 79 million yuan, up 2.46% year-over-year and 45.3% quarter-over-quarter [1]. - The company continues to expand its core industries, particularly in refractory tungsten-molybdenum and rare earth permanent magnets, with significant revenue growth in high-end medical equipment and semiconductor sectors [2][3]. Financial Performance Summary - The company’s revenue is projected to grow from 8.187 billion yuan in 2023 to 9.422 billion yuan in 2024, with a growth rate of 15.07% [5]. - The net profit attributable to shareholders is expected to increase from 249 million yuan in 2023 to 310 million yuan in 2024, reflecting a growth rate of 24.06% [5]. - The company’s earnings per share (EPS) is forecasted to rise from 0.24 yuan in 2023 to 0.29 yuan in 2024 [5]. Industry Position and Strategy - The company leverages its technological advantages inherited from China Steel Research, focusing on key materials and devices in advanced fields [4]. - The company has been actively integrating industry resources through capital operations, enhancing its competitive position and expanding into emerging industries [4]. - The company’s subsidiary, Antai Environment, is rapidly growing in the hydrogen energy sector, which is expected to contribute to new growth points [4].