成本优势明显，盈利保持较强韧性

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company reported a net profit attributable to shareholders of 723 million RMB for 2023, a decrease of 43.94% year-on-year, with total revenue of 4.39 billion RMB, down 8.18% year-on-year [2][21] - The first quarter of 2024 saw a net profit of 149 million RMB, reflecting a year-on-year decline of 35.48% [2][21] - The company is focusing on cost reduction and efficiency improvement, with an ongoing optimization of product structure, which is expected to help maintain its competitive advantage [2][20] Financial Performance Summary - In 2023, the company achieved total revenue of 43.91 billion RMB, down 8.18% year-on-year, and a net profit of 7.23 billion RMB, down 43.94% year-on-year [2][21] - The gross profit margin for 2023 decreased by 16.50 percentage points to 27.16% [2][21] - The company’s negative electrode material sales volume increased by 31.50% year-on-year to 140,900 tons, although revenue from this segment fell by 11.81% to 37.36 billion RMB [2][21] Future Outlook - The company is expected to maintain a high operating rate from March to the second quarter of 2024, with anticipated recovery in market demand leading to potential profit recovery within the year [2][20] - The product structure is continuously being optimized, with an increase in the proportion of fast-charging products, which are expected to dominate sales in the future [2][20] - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 2.80, 3.47, and 4.39 RMB respectively, with corresponding price-to-earnings ratios of 13.6, 11.0, and 8.7 times [2][21]