盈利能力显著提升，持续受益行业高景气度

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][5] Core Views - The company's profitability has significantly improved and continues to benefit from the high prosperity of the industry [2][4] - The company is a leader in the aerospace composite materials industry and is expected to benefit from the increasing demand for new aerospace materials [4] Financial Performance - In 2023, the company reported revenue of 4.78 billion yuan, a year-on-year increase of 7.5% [3] - The net profit attributable to shareholders was 1.03 billion yuan, up 34.9% year-on-year [3] - The gross margin improved by 5.81 percentage points to 36.75%, and the net margin increased by 4.45 percentage points to 21.71% [4] - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.85, 1.02, and 1.22 yuan, respectively [5][6] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 5.38 billion yuan, 6.37 billion yuan, and 7.56 billion yuan, representing year-on-year growth rates of 12.6%, 18.5%, and 18.6% respectively [5][8] - Net profit forecasts for the same period are 1.18 billion yuan, 1.43 billion yuan, and 1.70 billion yuan, with year-on-year growth rates of 14.3%, 21.0%, and 19.2% respectively [5][8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2024-2026 are 23.3, 19.3, and 16.2 respectively [5][6] - The projected return on equity (ROE) for 2024-2026 is expected to be 16.3%, 17.0%, and 17.3% respectively [6][9]