完善PC产业链，布局新能源新材料

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company is enhancing its PC industry chain and expanding into new energy materials [3]. - The company has experienced a decline in product prices, with significant year-on-year decreases in the average prices of polycarbonate, bisphenol A, and phenol [4]. - The company is strengthening its raw material production capacity and improving its integrated industry chain layout, with significant production capacity in phenol, acetone, and bisphenol A [5]. - The company is expected to see a recovery in net profit from 2024 to 2026, with projected net profits of 185 million, 285 million, and 367 million yuan respectively [6]. Financial Performance and Forecast - In 2023, the company achieved an operating income of 70.50 billion yuan, a year-on-year decrease of 9.59%, and a net profit of 98.62 million yuan, down 83.77% year-on-year [18]. - The company’s polycarbonate production and sales showed stable growth in 2023, with production and sales volumes increasing by 15.36% and 15.24% respectively [19]. - The financial forecast indicates a significant recovery in revenue and profit from 2024 onwards, with operating income expected to reach 100.28 billion yuan in 2024, and a gross margin improvement from 3.3% in 2023 to 4.9% in 2024 [20][22]. Project Development - The company is steadily advancing its projects to build a new energy industry chain, including a 300,000-ton/year epoxy propane project and a 250,000-ton/year electrolyte solvent project, with completion expected in 2024 [28].