隔膜盈利能力基本见底，海外布局进展顺利

Investment Rating - The report maintains a "Buy-A" rating for Enjie Co., Ltd. (002812.SZ) [1][2] Core Views - The profitability of the separator business has likely bottomed out, and the company's overseas expansion is progressing smoothly [1] - The company reported a revenue of 12.04 billion yuan in 2023, a decrease of 4.4% year-on-year, and a net profit of 2.53 billion yuan, down 36.8% year-on-year [1] - The report anticipates a recovery in separator profitability and significant growth in overseas demand from 2024 to 2026, with projected net profits of 1.31 billion yuan, 2.33 billion yuan, and 3.49 billion yuan respectively [2] Financial Performance Summary - In Q1 2024, the company achieved a revenue of 2.33 billion yuan, down 9.4% year-on-year and 21.1% quarter-on-quarter, with a net profit of 160 million yuan, down 75.6% year-on-year and 57.6% quarter-on-quarter [1] - The company’s operating cash flow for 2023 was 2.67 billion yuan, an increase of 429.7% year-on-year, attributed to increased sales collections [1] - The average price of separators in 2023 was 2.04 yuan per square meter, declining to 1.44 yuan per square meter in Q1 2024 [1] Market Data - As of May 6, 2024, the closing price was 43.24 yuan, with a 2023 high of 109.77 yuan and a low of 36.00 yuan [1] - The company’s market share reached a historical high, with approximately 60% in Q1 2024 [1] - The overseas sales revenue in 2023 was 2.02 billion yuan, reflecting a year-on-year increase of 51.5% [1] Future Projections - The report estimates that the company will achieve a shipment volume of approximately 6-7 billion square meters in 2024 [1] - The overseas customer proportion is expected to increase from 20% in 2023 to 25% in 2024 [1] - The company is advancing its overseas production capacity, with a planned capacity of over 400 million square meters in Hungary and ongoing projects in the U.S. with an investment of 276 million USD [1]