归母净利润同比增长46.6%，看好公司长期成长

Investment Rating - The investment rating for the company is "Buy" [1][3][10] Core Views - The company achieved a year-on-year net profit growth of 46.6% in Q1 2024, indicating strong long-term growth potential [1][4] - The company is increasing its R&D investment, with a R&D expense ratio of 4.5% in Q1 2024, up 1.6 percentage points year-on-year [1][4] - The company is a leading integrated producer in the light hydrocarbon industry chain, benefiting from a significant decrease in raw material prices, particularly for ethane and propane [1][7] - New material projects are expected to open up future growth opportunities, with a planned investment of 25.7 billion yuan in a new high-end materials industrial park [1][8] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported operating revenue of 8.81 billion yuan (down 7.0% year-on-year, down 17.0% quarter-on-quarter) and a net profit attributable to shareholders of 1.02 billion yuan (up 46.6% year-on-year, down 26.7% quarter-on-quarter) [1][4] - The gross margin for Q1 2024 was 21.7%, an increase of 5.4 percentage points year-on-year [1][4] - The company forecasts net profits of 6.25 billion yuan, 7.74 billion yuan, and 8.87 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of +30.5%, +23.8%, and +14.7% [1][9] Market Position and Competitive Advantage - The company is the largest producer of acrylic acid and esters in China and has the first set of imported ethane comprehensive utilization facilities [1][7] - The average price of ethane in the U.S. was 19.4 cents per gallon in Q1 2024, down 20.3% year-on-year, while the domestic propane CFR average price was $620.8 per ton, down 10.4% year-on-year [1][7] - The company’s cost structure is more favorable compared to oil-based routes for producing olefins, with expectations for Brent crude oil prices to remain high [1][8] Future Growth Initiatives - The company plans to invest 25.7 billion yuan in a new α-olefin comprehensive utilization high-end materials industrial park, with construction expected to start in 2024 [1][8] - Additional projects include a new materials and new energy integration project in Pinghu, expected to contribute profits in 2024 [1][9]