产品销量提升，产能扩张持续推进

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8]. Core Views - The company has shown an increase in product sales despite a decline in prices, leading to a slight revenue growth in 2023 [2][3]. - The company is expanding its production capacity, which is expected to enhance its competitive edge in the polyurethane industry [2][3]. Financial Performance Summary - In 2023, the company achieved a revenue of 26.298 billion yuan, a year-on-year increase of 1.60%, while the net profit attributable to shareholders was 2.478 billion yuan, a decrease of 12.85% [2][4]. - For Q1 2024, the company reported a revenue of 6.657 billion yuan, up 7.51% year-on-year, and a net profit of 683 million yuan, up 8.24% year-on-year [2]. - The company's three main product categories saw significant sales volume growth: chemical fibers up 32.29%, new chemical materials up 11.31%, and basic chemical products up 23.42% [2]. Capacity Expansion and Competitive Advantage - The company is a leader in the production of spandex, adipic acid, and polyurethane raw materials, with significant production capacity [2][3]. - Current production capacities include 325,000 tons of spandex, 1,355,000 tons of adipic acid, and 520,000 tons of polyurethane raw materials, with ongoing projects expected to further enhance these figures [2][3]. Profit Forecast - The company’s net profit is projected to be 2.984 billion yuan in 2024, 3.472 billion yuan in 2025, and 3.879 billion yuan in 2026, with corresponding EPS of 0.60, 0.70, and 0.78 yuan respectively [3][4].