SPC(600688) 光大证券·2024-03-24 16:00Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [2][3] Core Views - The company reported a significant reduction in losses for 2023, with a revenue of 93 billion yuan, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of -1.4 billion yuan, an improvement of 1.47 billion yuan year-on-year [2] - The fourth quarter of 2023 saw a decline in revenue to 23.2 billion yuan, a decrease of 6.4% year-on-year and 7.1% quarter-on-quarter, with a net profit of -690 million yuan, an increase of 180 million yuan year-on-year but a decrease of 960 million yuan quarter-on-quarter [2] - The chemical market demand was below expectations, leading to pressure on Q4 performance, with various product prices and sales volumes showing mixed results [2] - The carbon fiber project is gradually being put into operation, with significant potential for growth in the new materials sector, supported by the company's strategic focus on high-end new materials [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 93,014 million yuan, with a growth rate of 12.72% compared to 2022 [3] - The net profit for 2023 was -1,406 million yuan, showing a significant improvement from -2,872 million yuan in 2022 [3] - The projected net profits for 2024, 2025, and 2026 are 311 million yuan, 659 million yuan, and 1,045 million yuan respectively, with corresponding EPS of 0.03, 0.06, and 0.10 yuan [2][3] Market and Product Analysis - The average selling prices for key products in Q4 2023 were as follows: diesel at 7,412 yuan/ton (+5% YoY), gasoline at 9,026 yuan/ton (+3% YoY), and aviation kerosene at 3,821 yuan/ton (-44% YoY) [2] - The production volumes for Q4 2023 included 700,000 tons of diesel (-28% YoY), 860,000 tons of gasoline (+11% YoY), and 560,000 tons of aviation kerosene (+92% YoY) [2] - The company is focusing on enhancing its carbon fiber production capabilities, with a target of 24,000 tons/year for raw silk and 12,000 tons/year for 48K tow carbon fiber [2] Future Outlook - The company is expected to face challenges in profitability due to high oil prices, leading to a downward revision of profit forecasts for 2024 and 2025 [2] - The carbon fiber project is anticipated to contribute positively to future growth, with a strategic emphasis on high-quality development and technological upgrades [2][3]