业绩符合预期，新产品加速放量

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a net profit of 1.924 billion RMB for 2023, a decrease of 14.80% year-on-year, which aligns with expectations [3]. - The company's revenue for 2023 was 15.127 billion RMB, down 28.86% year-on-year, indicating a challenging market environment [3]. - New products, particularly advanced cathode materials, are expected to accelerate in volume, providing potential growth opportunities [3]. Financial Summary - The company achieved a revenue of 15.127 billion RMB in 2023, a decline of 28.86% compared to 2022 [4][5]. - The net profit for 2023 was 1.924 billion RMB, down 14.80% year-on-year [4][5]. - The earnings per share (EPS) for 2023 was 3.80 RMB, reflecting a decrease of 14.80% from the previous year [4][5]. - The projected EPS for 2024, 2025, and 2026 are 2.50 RMB, 2.77 RMB, and 2.97 RMB respectively, with corresponding price-to-earnings ratios of 16.9, 15.2, and 14.2 [4][5][8]. Market Performance - The company's stock price is currently at 42.10 RMB, with a market capitalization of approximately 21.32 billion RMB [1][2]. - Year-to-date performance shows an absolute increase of 11.5%, outperforming the Shenzhen Composite Index by 10.0% [2].