2023年业绩同比承压，新材料赋能转型升级

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company experienced a year-on-year decline in performance for 2023, with revenue of 28.105 billion yuan, down 7.28%, and a net profit of 1.379 billion yuan, down 76.44% [1][2]. - The company is focusing on transformation and upgrading through new materials, with significant investments in high-end new materials and renewable energy sectors [2][4]. - The company is expected to see a gradual recovery in profitability in the second half of the year, supported by its cost advantages in the phosphate and electronic chemicals sectors [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 28.105 billion yuan, with a projected revenue growth of 5.67% in 2024, reaching approximately 29.698 billion yuan [3][4]. - The net profit for 2023 was 1.379 billion yuan, with an expected recovery to 1.768 billion yuan in 2024, reflecting a growth rate of 28.24% [3][4]. - The earnings per share (EPS) are projected to increase from 1.25 yuan in 2023 to 1.60 yuan in 2024 [3][4]. Strategic Initiatives - The company is advancing projects in the electronic chemicals sector, including the expansion of electronic-grade sulfuric acid and ammonia production, which are expected to contribute to new profit growth [2][4]. - In the renewable energy and high-end materials sectors, the company has successfully launched several projects, including a 50,000-ton photovoltaic adhesive and a 300,000-ton battery-grade phosphoric acid project [2][4]. Market Outlook - The report anticipates a gradual recovery in the company's profitability, driven by stable downstream demand in the agricultural chemicals sector and less cyclical impacts in the specialty chemicals industry [1][2]. - The company is well-positioned to leverage its integrated supply chain advantages and resource capabilities to enhance its market competitiveness [1][2].