高分子材料出海加速，工业线缆迎突破

Investment Rating - The report maintains a "Hold" rating for the company, with a target price of 9.21 RMB for the next 6 months [20] Core Views - The company is a leading domestic high-molecular material manufacturer, with accelerated overseas expansion and improved product structure due to the release of ultra-high voltage production capacity [4] - The company's high-molecular material sales are expected to grow by 19%/23%/16% year-over-year from 2024 to 2026, with average unit prices increasing by 3% annually due to higher voltage product mix [4] - The company's power product sales are projected to grow by 10%/9%/8% year-over-year from 2024 to 2026, driven by capacity expansion in northern bases [24] - The company's trade and other business, primarily charging pile operations and sales, is expected to grow by 44%/30%/15% year-over-year from 2024 to 2026, supported by the gradual improvement of its charging pile ecosystem [37] Financial Performance - In 2023, the company achieved revenue of 15.12 billion RMB, a 3% year-over-year increase, and net profit attributable to the parent company of 560 million RMB, a 35% year-over-year increase [32] - The company's gross profit margin and net profit margin in 2023 were 14.3% and 3.7%, respectively, up by 0.7 and 0.9 percentage points year-over-year [32] - The company's R&D expense ratio in 2023 was 4.2%, a slight increase of 0.04 percentage points year-over-year, indicating continued investment in R&D [32] Business Highlights - The company's high-molecular material business achieved revenue of 4.87 billion RMB in 2023, a 4.7% year-over-year increase, with a gross profit margin of 16.7%, up by 1.3 percentage points year-over-year [32] - Overseas sales of high-molecular materials grew by 35% year-over-year in 2023, reaching nearly 100,000 tons, with a cumulative growth of over 500% since the company's internationalization strategy was implemented in 2019 [32] - The company's ultra-high voltage production capacity is expected to contribute incremental growth in 2024, with the third-phase base officially launched [32] - The company's charging pile business achieved revenue of 503.9 million RMB in 2023, a 38.4% year-over-year increase, with a gross profit margin of 19.3%, up by 3.6 percentage points year-over-year [32] - The company's industrial intelligent cables achieved a breakthrough in exports to Europe and the US, with products meeting both American and European standards [32] Financial Forecast - The company's revenue is expected to reach 17.42 billion RMB, 20.18 billion RMB, and 22.71 billion RMB in 2024, 2025, and 2026, respectively, with year-over-year growth rates of 15.2%, 15.8%, and 12.6% [38] - Net profit attributable to the parent company is projected to grow by 37.9%, 28.5%, and 21.4% year-over-year from 2024 to 2026 [32] - The company's gross profit margin is expected to improve to 15.0%, 15.4%, and 15.7% in 2024, 2025, and 2026, respectively [38]