项目稳步推进，打开成长空间

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][5]. Core Views - The company reported a total revenue of 6.778 billion yuan for 2023, a year-on-year decrease of 16.91%, and a net profit attributable to shareholders of 446 million yuan, down 48.50% year-on-year [4][5]. - The demand for EVA (Ethylene Vinyl Acetate) remains steadily increasing, with significant growth potential in the future. In 2023, China's new photovoltaic installed capacity reached 216.9 GW, a year-on-year increase of 152.0% [4][5]. - The company is set to increase its EVA production capacity to over 350,000 tons per year by 2025, with new projects in POE (Polyolefin Elastomer) and biodegradable materials also underway [4][5]. Summary by Sections Financial Performance - In 2023, the company's operating income was 6.778 billion yuan, with a net profit of 446 million yuan and a net cash flow from operating activities of 875 million yuan, all showing declines compared to the previous year [4][5]. - The fourth quarter of 2023 saw an operating income of 1.842 billion yuan, a year-on-year increase of 5.83%, but the net profit decreased by 52.80% [4][5]. Growth Potential - The company is expanding its EVA production capacity with an additional 200,000 tons per year expected to be operational by 2025, alongside a successful launch of a 90,000 tons per year VA facility [5]. - The company is also planning a 300,000 tons per year POE project, with the first phase of 100,000 tons expected to be completed by 2025 [5]. Market Outlook - The total demand for EVA is projected to grow at a compound annual growth rate (CAGR) of 9.2% over the next five years, reaching 5.55 million tons by 2028 [4][5]. - The global photovoltaic installed capacity is expected to continue increasing, with projections of 627 GW by 2025, which will drive demand for photovoltaic materials [4][5].