下半年业绩承压，期待加工产能出清下利润弹性

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 75.589 billion yuan in 2023, a year-on-year increase of 2.3%, but the net profit attributable to shareholders decreased by 7.5% to 1.118 billion yuan [1][3] - The performance in the second half of the year was significantly impacted by a downturn in the copper processing industry due to weak real estate demand and oversupply in the battery copper foil market [1] - The company anticipates profit recovery in the lithium battery copper foil segment as domestic production capacity is expected to clear [2] Financial Performance Summary - In 2023, the company produced 851,000 tons of copper processing materials, a slight decrease of 1.64% year-on-year, with a sales volume of 853,000 tons, down 1.36% [1] - The gross profit margin for copper processing materials was approximately 5.41%, a decline of 0.19% compared to the previous year [1] - The gross profit margin for traditional copper processing materials remained stable, while the lithium battery copper foil segment saw a significant decline in profitability [1] Future Projections - The company expects revenues of 83.098 billion yuan, 90.974 billion yuan, and 97.055 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.327 billion yuan, 1.575 billion yuan, and 1.737 billion yuan [2][3] - The price-to-earnings (P/E) ratios are forecasted to be 13.9, 11.7, and 10.6 for the years 2024, 2025, and 2026 respectively [2][3]