XWXN(688778) 长江证券·2024-05-29 05:01Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a significant decline in revenue and net profit for 2023, with revenue at 17.31 billion and a year-on-year decrease of 39.79%. The net profit attributable to shareholders was 0.527 billion, down 52.93% year-on-year [2][5]. - In Q1 2024, the company achieved revenue of 3.299 billion, a decrease of 8.02% year-on-year, while the net profit was 0.111 billion, down 3.71% year-on-year. However, the non-recurring net profit increased by 4.28% year-on-year [2][5]. - The company is focusing on high-power and high-voltage iterations in its product offerings, particularly in ternary materials and lithium cobalt oxide, which are expected to see increased application in next-generation battery technologies [8][24]. Financial Performance Summary - For the full year 2023, the company shipped a total of 75,700 tons of products, with lithium cobalt oxide at 34,600 tons and ternary materials at 37,400 tons, reflecting a year-on-year decline primarily due to reduced demand for ternary materials [8]. - The gross profit margin per ton decreased year-on-year, influenced by fluctuations in raw material prices and processing fees [8]. - The company anticipates a profit of 0.5 to 0.6 billion for 2024, indicating a potential recovery as demand stabilizes [24].