2023年报及2024年一季报点评：橡胶助剂下游景气度恢复，半导体光刻胶业务逆势增长

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The recovery in the rubber additive downstream and the counter-cyclical growth in semiconductor photoresist business are key highlights [1] - The company achieved a revenue of 2.944 billion yuan in 2023, a year-on-year increase of 17.74%, and a net profit attributable to shareholders of 406 million yuan, up 36.37% year-on-year [1] - The company is expected to achieve net profits of 471 million yuan, 556 million yuan, and 653 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 15.8%, 18.2%, and 17.3% [1] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 29.44 billion yuan, with a year-on-year growth of 17.74% and a net profit of 4.07 billion yuan, reflecting a 36.37% increase [1] - For Q1 2024, the company achieved a revenue of 7.82 billion yuan, a year-on-year increase of 17.57%, and a net profit of 1.44 billion yuan, up 74.29% year-on-year [1] Business Segments - The rubber additive business generated revenue of 22.80 billion yuan in 2023, a growth of 9.08% year-on-year, with sales volume increasing by 15.18% to 141,100 tons [1] - The semiconductor photoresist business saw a revenue increase of 14.13% to 201 million yuan, despite a global market decline of 10.95% [1] - The biodegradable plastics segment reported sales of 0.94 million tons, achieving revenue of 1.005 billion yuan, a significant increase of 492.10% year-on-year [1] Market Outlook - The report anticipates continued growth in the rubber additive sector driven by the recovery of the tire industry, which saw a 22.38% increase in domestic tire volume in 2023 [1] - The semiconductor market in China is expected to maintain strong demand, with projected sales growth rates of 26.6%, 28.8%, and 27.4% for the first three months of 2024 [1] - The company is positioned to benefit from the recovery in the biodegradable plastics market as industry prices are expected to rise following a prolonged period of low prices [1]