23年年报&24年一季报点评：Q1业绩实现扭亏为盈，稳步推进“三链一群”产业链布局

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 5.53 yuan [1]. Core Views - The company reported a revenue of 21.9 billion yuan in 2023, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 600 million yuan, down 43% year-on-year [1]. - In Q4 2023, the company achieved a revenue of 5.5 billion yuan, a slight decrease of 1% year-on-year but an increase of 2% quarter-on-quarter, with a net profit of 200 million yuan, up 468% year-on-year and 13% quarter-on-quarter [1]. - For Q1 2024, the company reported a revenue of 5.2 billion yuan, down 4% year-on-year and 5% quarter-on-quarter, with a net profit of 78 million yuan, showing a year-on-year increase of 1.75 million yuan but a quarter-on-quarter decrease of 64% [1]. Summary by Sections Financial Performance - In 2023, the company faced pressure from a downturn in the silicone and PVC markets, leading to a significant decline in performance due to weak downstream demand and new capacity releases [1]. - The price differences for viscose staple fiber, soda ash, and PVC in 2023 were 5,075 yuan/ton, 948 yuan/ton, and 2,339 yuan/ton, respectively, with year-on-year changes of +228 yuan/ton, +105 yuan/ton, and -547 yuan/ton [1]. - The company’s main products experienced a significant price drop, contributing to the decline in performance [1]. Market Outlook - In Q1 2024, the company turned a profit due to a decrease in raw material costs and effective cost control, despite the main products' prices being affected by slow recovery in downstream demand and industry capacity releases [1]. - The company is actively advancing its "Three Chains and One Cluster" industrial layout, focusing on high-end product development and expanding its production capacity in various chemical sectors [1]. Profit Forecast and Valuation - The report adjusts the profit forecast for 2024-2025, estimating net profits of 577 million yuan and 903 million yuan, respectively, with corresponding EPS of 0.28 yuan and 0.44 yuan [10]. - The company is recognized as a leading player in the domestic soda ash and viscose staple fiber markets, with a strategic focus on expanding its industrial capabilities [10].