持续开拓高端化市场，收入业绩创历史新高

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][11]. Core Views - The company reported a record high revenue of 1.81 billion yuan in 2023, representing a year-on-year increase of 3.7%, with a net profit attributable to shareholders of 410 million yuan, up 8.4% year-on-year [8]. - In Q1 2024, the company achieved a revenue of 520 million yuan, a significant year-on-year increase of 25.9%, and a net profit of 120 million yuan, up 45.6% year-on-year [8]. - The company is the largest supplier of precipitated silica in Asia and the third largest globally, benefiting from the growing green rate in the global tire industry and its own capacity release [11]. Summary by Sections Financial Performance - In 2023, the company produced 298,000 tons of silica, with sales also reaching 298,000 tons, generating sales revenue of 1.78 billion yuan, an increase of 8.1% year-on-year [8]. - The average selling price per ton in 2023 was 5,980.7 yuan, down 9.2% year-on-year, while the gross margin was 29.4%, up 0.9 percentage points [8]. - For Q1 2024, the company produced 86,000 tons of silica, with sales of 87,000 tons and sales revenue of 520 million yuan, reflecting a year-on-year increase of 26.1% [9]. Market Demand and Capacity Expansion - The increase in revenue and performance is attributed to strong market demand in the downstream tire industry, particularly due to the continuous expansion of domestic tire manufacturers' capacity [9]. - The company has been expanding its production capacity, with a total capacity of 330,000 tons per year by the end of 2023, and additional projects expected to be completed by the end of 2024 [10]. - The company is advancing towards green and high-end markets, focusing on increasing its market share in high-dispersion silica and promoting new product applications [10]. Future Outlook - The company expects rapid growth in performance due to the increasing global green rate in the tire industry and its own capacity release [11]. - Projected net profits for 2024, 2025, and 2026 are estimated to be 550 million yuan, 620 million yuan, and 730 million yuan, respectively [11].