长丝供需改善，看好龙头盈利能力回升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.38 CNY, based on an average P/E ratio of 14 times for comparable companies in 2024 [2][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.03-1.13 billion CNY for the year 2023, marking a turnaround from losses in the previous year, with Q4 projections of 143-243 million CNY [1][2]. - The supply growth of the long filament industry is expected to slow down, leading to a sustained recovery in industry conditions, with a forecasted addition of 1.15 million tons of new capacity in 2024, which is limited when considering capacity relocations and exits [1][2]. - The company is focusing on optimizing its product structure through new projects that introduce differentiated functional fibers, enhancing its competitive edge and profitability [1][2]. Financial Summary - The company's revenue is projected to grow from 61.33 billion CNY in 2023 to 67.38 billion CNY in 2024, with a compound annual growth rate of 9.9% [3][6]. - The net profit attributable to shareholders is expected to increase significantly from 1.06 billion CNY in 2023 to 1.79 billion CNY in 2024, reflecting a growth rate of 68.1% [3][6]. - The gross margin is anticipated to improve from 6.2% in 2023 to 7.1% in 2024, indicating a positive trend in profitability [3][6].