全年业绩扭亏，涤纶长丝景气改善可期

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company reported a turnaround in its annual performance for 2023, achieving a total revenue of 61.47 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.09 billion yuan, compared to a loss of 210 million yuan in 2022 [2] - The fourth quarter saw a revenue of 17.27 billion yuan, representing a year-on-year growth of 34.5% and a quarter-on-quarter increase of 7.8% [2] - The improvement in performance is attributed to increased sales and a partial improvement in price differentials, driven by the recovery in domestic textile and apparel demand [2] - The polyester filament supply-demand situation is expected to marginally improve, with industry capacity expansion slowing down and domestic consumption projected to continue growing [2] - The company is expanding its integrated operational framework, with plans to increase polyester filament capacity and enhance upstream raw material production [2] Financial Summary - For 2024-2026, the company is projected to achieve revenues of 67.29 billion yuan, 71.89 billion yuan, and 76.97 billion yuan, respectively, with net profits of 1.81 billion yuan, 2.34 billion yuan, and 2.79 billion yuan, reflecting year-on-year growth rates of 66.44%, 29.45%, and 19.08% [5] - The earnings per share (EPS) are expected to be 1.18 yuan, 1.53 yuan, and 1.82 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 11.68, 9.03, and 7.58 [5]