业绩短期承压，负极持续放量

Investment Rating - The investment rating for the company is to "continue to pay attention" [6]. Core Views - The company's performance is under short-term pressure due to declining prices of anode materials and losses in non-core businesses [3]. - The company has seen a significant increase in sales volume for its anode materials and polarizers, maintaining a leading market share [4]. - The company is focusing on its core business by divesting non-core and inefficient assets [5]. Financial Performance Summary - In 2023, the company achieved revenue of 19.07 billion yuan, a year-on-year decrease of 12.13%, and a net profit of 0.765 billion yuan, down 71.56% [2]. - For Q1 2024, the company reported revenue of 3.752 billion yuan, a decline of 15.67%, with a net loss of 0.073 billion yuan, a decrease of 112.80% year-on-year [2]. - The gross margin for 2023 was 16.22%, down 7.81 percentage points, and the net margin was 4.01%, down 9.01 percentage points [3]. Sales and Market Position - The sales volume of anode materials reached 264,400 tons in 2023, an increase of 44.55%, with market share further enhanced [4]. - The company’s polarizer sales were 140 million square meters, up 10.18%, maintaining a 33% market share in the large-size polarizer segment, which is the highest globally [4]. Strategic Focus - The company has successfully completed the divestiture of its electrolyte and photovoltaic businesses, allowing it to concentrate on its core operations [5]. - The divestiture includes the transfer of 51% of the equity in the electrolyte business and 90.035% of the equity in the photovoltaic business [5]. Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 21.149 billion yuan, 24.142 billion yuan, and 27.532 billion yuan, with year-on-year growth rates of 10.90%, 14.16%, and 14.04% respectively [6]. - The net profit forecasts for the same period are 1.165 billion yuan, 1.491 billion yuan, and 1.743 billion yuan, with growth rates of 52.27%, 27.90%, and 16.90% respectively [6]. - The estimated EPS for 2024-2026 is 0.52 yuan, 0.66 yuan, and 0.77 yuan per share, with a three-year CAGR of 31.6% [6].