全球化布局持续推进，长期成长空间广阔

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has a strong global layout and significant long-term growth potential, despite short-term profitability pressures. The customer structure is stable and of high quality, with ongoing improvements in global operations [4][6] - In 2023, the company achieved a net profit attributable to shareholders of 535 million RMB, a decrease of 61.29% year-on-year, with total revenue of 19.064 billion RMB, down 11.76% year-on-year [4][5] - The first quarter of 2024 saw a net profit of 30.46 million RMB, a decline of 80.31% year-on-year, with a gross profit margin decrease of 4.24 percentage points to 9.72% [4][5] Financial Summary - The company reported total revenue of 19,064 million RMB in 2023, with a net profit of 535 million RMB, and a gross profit margin of 11.08% [5][7] - For 2024, the estimated revenue is projected to be 20,557 million RMB, with a net profit of 433 million RMB, reflecting a growth rate of 7.8% [7] - The estimated earnings per share (EPS) for 2024 is adjusted to 0.49 RMB, with a price-to-earnings (P/E) ratio of 23.1 [4][7] Customer Structure - The company has a robust customer base in the battery foil sector, including major domestic manufacturers such as BYD, CATL, and LG Energy, as well as leading international clients [4][5] - In the air conditioning foil market, the company is a global leader, serving top domestic brands like Midea and Gree, and international firms such as Daikin and LG [4] Global Expansion - The company is among the first domestic aluminum foil manufacturers to establish an overseas presence, with factories in Italy and Thailand, focusing on the European packaging and battery foil markets [4][5] - Collaborations with industry leaders like BYD and LG position the company to benefit from high growth in overseas markets, enhancing its global market share [4]