价降量增，盈利能力改善

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth [2][8]. Core Insights - The company is expected to achieve a net profit of 392 million, 486 million, and 606 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 14.0, 11.3, and 9.0 times [2][11]. - The company reported a revenue of 2.606 billion yuan in 2023, a decrease of 3.30% year-on-year, while the net profit increased by 25.90% to 315 million yuan [8][11]. - The company has increased its production capacity for organic silicone sealants by 30,000 tons per year, bringing total production capacity to 210,000 tons per year, with future expansions expected to reach 260,000 tons per year [10]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 3.370 billion, 4.169 billion, and 5.177 billion yuan, respectively, with year-on-year growth rates of 29.3%, 23.7%, and 24.2% [11]. - The company's net profit is projected to grow at rates of 24.5%, 23.9%, and 24.6% for the same years, reaching 392 million, 486 million, and 606 million yuan [11]. - The gross margin is expected to be 25.1%, 24.5%, and 23.9% over the next three years, indicating a slight decline [11].