Q1业绩亮眼，回购股份提振信心

Investment Rating - The report maintains a rating of "Increase" for Tianan New Materials (603725.SH) [1] Core Views - The company reported a Q1 revenue of 526 million yuan, a slight year-on-year decrease of 1.99%, while the net profit attributable to shareholders reached 12.27 million yuan, showing a significant year-on-year increase of 50.98% [12] - The company is focusing on channel expansion and has established a robust network of 1,373 distributors and 1,397 stores, enhancing its market presence [12] - The gross profit margin has slightly improved due to a favorable product mix and stable pricing, with the gross margin reaching 21.25%, an increase of 0.25 percentage points year-on-year [12] Financial Summary - Revenue is projected to grow from 3,142 million yuan in 2023 to 4,836 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 15.2% [1] - The net profit attributable to shareholders is expected to increase from 121 million yuan in 2023 to 246 million yuan in 2026, reflecting a CAGR of 23% [24] - The company's return on equity (ROE) is forecasted to improve from 18.3% in 2023 to 18.9% in 2026 [1] Market Position and Strategy - The automotive interior materials sector is expected to see positive demand, and the company is integrating its subsidiaries to create a comprehensive service platform, enhancing business synergy [24] - The company has initiated a share buyback program to boost investor confidence, with plans to repurchase shares worth between 30 million and 60 million yuan [3]