业绩有望持续回暖！

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a significant increase in revenue and net profit for the year 2023, with total revenue reaching 61.469 billion RMB, a year-on-year increase of 21.03%, and a net profit of 1.086 billion RMB, marking a turnaround from loss to profit with a growth of 629.68% [1][8]. - The polyester filament industry is experiencing a cyclical recovery, with improved price spreads for POY, FDY, and DTY products, which are expected to enhance the company's earnings potential as demand recovers [2][9]. - The company has implemented a share buyback program to boost investor confidence, reflecting management's belief in the company's intrinsic value and future prospects [2][13]. Summary by Sections Performance Overview - In Q4 2023, the company achieved revenue of 17.269 billion RMB, a year-on-year increase of 34.45% and a quarter-on-quarter increase of 7.82%. The net profit for Q4 was 199 million RMB, up 140.78% year-on-year but down 51.04% quarter-on-quarter [1][8]. Market Demand and Production - The average operating rate of downstream weaving machines reached 66.73% in Q4 2023, an increase of 12.77 percentage points year-on-year and 2.62 percentage points quarter-on-quarter. This indicates a positive trend in downstream demand [2][10]. - The inventory levels for POY, FDY, and DTY products remained at low to moderate levels, suggesting a healthy market balance [2][10]. Financial Projections - The company is expected to see significant earnings elasticity with continued growth in terminal demand. The projected net profits for 2024-2026 are 2 billion RMB, 3.1 billion RMB, and 4.1 billion RMB, respectively, with corresponding EPS of 1.32 RMB, 2.00 RMB, and 2.66 RMB [3][5].