四季度业绩同比改善，新产能落地持续成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year improvement in Q4 performance, with new production capacity contributing to sustained growth [3] - In 2023, the company achieved operating revenue of 175.36 billion yuan, a year-on-year increase of 5.92%, and a net profit attributable to shareholders of 16.82 billion yuan, up 3.59% year-on-year [3] - The fourth quarter saw operating revenue of 42.81 billion yuan, a year-on-year growth of 21.80%, while net profit attributable to shareholders was 4.11 billion yuan, reflecting a year-on-year increase of 56.69% [3] Summary by Sections Q4 Performance - In Q4, the main product prices declined, but the polyurethane segment saw improved production and sales compared to the previous quarter [4] - The average prices for polymer MDI, pure MDI, and TDI in Q4 were 15,673 yuan/ton, 20,866 yuan/ton, and 17,110 yuan/ton, with respective changes of +5.61%, -1.85%, and -5.34% [4] - The polyurethane segment's production, sales, and revenue for 2023 were 4.99 million tons, 4.89 million tons, and 67.38 billion yuan, showing year-on-year changes of +19.95%, +16.99%, and +7.14% [4] Future Outlook - The demand for MDI is expected to improve due to the "old-for-new" policy and anticipated interest rate cuts in the U.S. [4] - The company is advancing the construction and commissioning of new MDI and TDI facilities, which is expected to enhance the supply landscape [4] - New projects in the new materials sector are projected to be operational in 2024, contributing to a comprehensive industrial chain in the vitamin and flavoring sectors [4] Financial Projections - The company is expected to achieve net profits of 20.28 billion yuan, 25.18 billion yuan, and 28.24 billion yuan for 2024, 2025, and 2026, with respective year-on-year growth rates of 20.6%, 24.2%, and 12.2% [5] - The current stock price corresponds to P/E ratios of 12, 10, and 9 for the years 2024, 2025, and 2026 [5]