年报点评：业绩短期承压，行业地位提升

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][18]. Core Views - The company's performance is under short-term pressure, with 2023 revenue at 4.391 billion yuan, a year-on-year decrease of 8.18%. Operating profit fell to 873 million yuan, down 45.33% year-on-year, and net profit attributable to shareholders was 723 million yuan, down 43.94% year-on-year [1][4][6]. - Despite the short-term challenges, the company is expected to see continued growth in shipments of anode materials in 2024, driven by strong demand in the industry and the company's competitive advantages, including cost efficiency and a solid customer base [4][6][14]. - The company has a strong focus on R&D, with 49 authorized patents and a research investment of 125 million yuan in 2023, representing 2.84% of revenue, an increase of 0.62 percentage points year-on-year [4][6]. Financial Summary - In 2023, the company achieved a gross margin of 27.74%, a decrease of 13.91 percentage points year-on-year, primarily due to intensified industry competition [6][16]. - The forecast for 2024 indicates a slight recovery in revenue to 4.433 billion yuan, with net profit expected to stabilize at 730 million yuan, reflecting a modest growth trajectory in subsequent years [7][27]. - The company's earnings per share (EPS) for 2024 is projected at 2.80 yuan, with a price-to-earnings (PE) ratio of 13.72 based on the closing price of 38.39 yuan on April 29, 2024 [18][27]. Industry Context - The demand for anode materials is expected to benefit from the growth in the electric vehicle and energy storage sectors, with China's new energy vehicle sales reaching 9.448 million units in 2023, a year-on-year increase of 37.48% [1][14]. - The report highlights that the industry is experiencing structural and temporary overcapacity in the energy storage battery market, leading to price declines and pressure on profitability for many companies [1][14][16]. - The overall outlook for the anode materials market remains positive, with expectations of continued demand growth driven by advancements in technology and increasing applications in various sectors [4][14].