新材料项目有望陆续落地，扩充高毛利产品

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company experienced a decline in profitability in 2023, with revenue of 6.778 billion yuan, down 16.91% year-on-year, and a net profit of 446 million yuan, down 48.50% year-on-year. A cash dividend of 0.80 yuan per 10 shares (tax included) is planned [5][6]. - EVA production and sales increased by 12.8% and 12.7% year-on-year, respectively, while sales of polypropylene specialty materials decreased by 4.5% and 5.5% year-on-year. The production of epoxy ethane derivatives saw a growth of 5.6% and 5.4% year-on-year [5][6]. - The company is focusing on high-end and differentiated new material platforms, including renewable energy materials and biodegradable materials, with a product matrix that includes photovoltaic materials, lithium battery materials, and specialty fine materials [6][8]. - Key projects under construction are expected to gradually come online from 2024 to 2025, contributing to incremental growth. These include a 200,000 tons/year EVA project, a 300,000 tons/year POE project, and a 13,000 tons/year PLA project, among others [6][8][9]. - The earnings forecast for 2024-2026 estimates EPS of 0.37, 0.45, and 0.85 yuan, respectively, with a reasonable value range of 16.41-16.79 yuan based on comparable company valuations [6][12]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 6.778 billion yuan, a decrease of 16.9% year-on-year, and a net profit of 446 million yuan, down 48.5% year-on-year. The gross margin was 16.2% [7][12]. - The forecast for 2024 projects revenue of 7.452 billion yuan, with a net profit of 496 million yuan, and an EPS of 0.37 yuan [12]. Production and Sales - EVA production and sales reached 160,500 tons and 160,200 tons, respectively, in 2023, marking a year-on-year increase of 12.8% and 12.7%. However, sales of polypropylene specialty materials fell by 4.5% and 5.5% [5][6]. - The average selling price of EVA decreased by 36.6% year-on-year to 12,600 yuan per ton, with a gross profit of approximately 5,174 yuan per ton, down 49.2% [6][10]. Project Development - The company is developing several key projects, including a 200,000 tons/year EVA project and a 300,000 tons/year POE project, which are expected to be operational by 2024 and 2025, respectively [8][9]. - The new material projects are anticipated to generate significant revenue, with projected sales of 740 million yuan in 2024 and 4.447 billion yuan by 2026 [10][12]. Valuation - The company is valued at a P/E ratio of 44-45 times for 2024, with a P/B ratio of 2.9-3.0 times, reflecting a reasonable valuation range of 16.41-16.79 yuan [6][12].