磁材稳中求进，光伏、锂电业务高增

Investment Rating - The report maintains a "Buy" rating for the company [1][3][4] Core Insights - The company reported a revenue of 19.721 billion yuan in 2023, a year-on-year increase of 1.39%, with a net profit attributable to shareholders of 1.816 billion yuan, up 8.80% year-on-year [3][5] - The photovoltaic business achieved significant growth, with revenue reaching 12.777 billion yuan, nearly doubling its profit, and total shipments of approximately 10GW, a year-on-year increase of 24.27% [3][4] - The lithium battery segment also saw a revenue increase of 31.38%, driven by the production of a new 6GWh high-performance lithium battery project [3][4] - The magnetic materials business maintained stable operations, with revenue of 4.483 billion yuan and a year-on-year growth of 7.87% in shipments [3][4] Financial Summary - The company aims for a 50% year-on-year growth in both photovoltaic and lithium battery shipments in 2024 [4] - Revenue projections for 2024, 2025, and 2026 are 21.980 billion yuan, 26.091 billion yuan, and 28.980 billion yuan, respectively, with corresponding net profits of 1.850 billion yuan, 2.081 billion yuan, and 2.228 billion yuan [4][5] - The company's earnings per share (EPS) are projected to be 1.14 yuan, 1.28 yuan, and 1.37 yuan for the years 2024, 2025, and 2026, respectively [5][6]