年报点评：年报点评锂盐成本持续优化，特钢业务稳中有升

Investment Rating - The report maintains a "Buy" rating for the company [3][5][12] Core Insights - The company reported a revenue of 12.189 billion RMB in 2023, a decrease of 21.76% year-on-year, and a net profit attributable to shareholders of 3.407 billion RMB, down 46.09% year-on-year [7][12] - In Q1 2024, the company achieved a revenue of 2.3 billion RMB, a decline of 31.07% year-on-year, with a net profit of 468 million RMB, down 49.70% year-on-year [7][12] - The lithium salt production reached approximately 27,100 tons in 2023, an increase of 37.30% year-on-year, while sales were about 26,900 tons, up 36.43% year-on-year [8][11] - The special steel production was around 311,500 tons in 2023, with sales of approximately 310,300 tons, reflecting a year-on-year increase of 1.38% and 3.62% respectively [8][11] Financial Performance - The company plans to distribute a cash dividend of 20.00 RMB per 10 shares, totaling approximately 1.063 billion RMB, with a total cash distribution of about 1.751 billion RMB for 2023 [9][11] - The operating cash flow for 2023 was 3.944 billion RMB, down 40.67% year-on-year [7][12] - The company’s asset-liability ratio decreased to 14.38% by the end of 2023, down 4.10 percentage points from the end of 2022 [9] Business Strategy - The company is focusing on cost reduction and efficiency improvement in its lithium business through various operational optimizations and technological advancements [11][12] - In the special steel segment, the company has adjusted its product structure to enhance profitability, with over 40% of its sales coming from products with a gross margin of over 2,000 RMB per ton in 2023 [2][11]