淡季不淡，公司盈利能力改善

Investment Rating - The report assigns a rating of "Buy" to the company [1] Core Views - The company has shown significant improvement in profitability, with a 42.2% year-on-year revenue growth in Q1 2024, reaching 3.96 billion yuan, and an 84.5% increase in net profit attributable to shareholders, amounting to 380 million yuan [3][4] - The gross margin for Q1 2024 was 25.2%, an increase of 2.1 percentage points year-on-year, indicating enhanced profitability [4] - The company is focusing on the development of packaging substrates, with R&D expenses rising by 103.6% year-on-year to 338 million yuan, reflecting a commitment to innovation and growth [4] - The establishment of a factory in Thailand is expected to help the company seize overseas opportunities, with an estimated investment of 1.27 billion yuan [4] Financial Summary - The company's main revenue for 2022 was 13.992 billion yuan, with projections of 16.172 billion yuan for 2024 and 20.728 billion yuan for 2026 [3][7] - The net profit attributable to shareholders is projected to be 1.728 billion yuan in 2024, increasing to 2.346 billion yuan by 2026 [3][7] - Earnings per share (EPS) are expected to rise from 2.73 yuan in 2023 to 4.57 yuan in 2026 [3][7] - The price-to-earnings (P/E) ratio is projected to decrease from 32.63 in 2023 to 19.45 in 2026, indicating potential for value appreciation [3][7]