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Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company achieved a significant turnaround in 2023, reporting a net profit of 1.086 billion, compared to a loss in the previous year [1]. - The polyester filament industry is expected to see continued recovery in 2024, driven by a slowdown in supply growth and increasing market concentration among leading firms [4]. Financial Performance - In 2023, the company reported operating revenue of 61.469 billion, a year-on-year increase of 21.03%, and a net profit attributable to the parent company of 1.086 billion [1][5]. - The company’s sales volumes for various products increased significantly, with POY, FDY, DTY, and short fibers showing year-on-year growth rates of 18.9%, 20.3%, 24.3%, and 149.2% respectively [2]. Capacity Expansion - The company has successfully launched three new filament production lines in 2023, totaling 102,000 tons per year, and plans to add another 40,000 tons in 2024 [3]. - By mid-2026, the company’s PTA production capacity is expected to reach 10 million tons, with ongoing expansion projects [3]. Industry Outlook - The report anticipates a prolonged period of low growth in filament capacity, with a projected net increase of approximately 145,000 tons in 2024, which may be lower due to potential company exits from the market [4]. - The concentration ratio of the top six companies in the filament industry has increased from 41% in 2017 to 65% in 2023, indicating a strengthening of market power among leading firms [4]. Profit Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are projected at 2 billion, 2.475 billion, and 3.086 billion respectively, with corresponding PE ratios of 11, 9, and 7 times [4].