Q1营收快速修复，全球产能布局推进

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown a rapid recovery in revenue in Q1 2024, with a year-on-year increase of 52.03%, reaching 500 million yuan. This growth is attributed to improved foreign sales and sustained domestic sales growth, alongside the advancement of global production capacity [1][2] - The company is focusing on the development of biodegradable products and expanding its production capacity across various regions, including East China, South China, North China, and Central China, to establish a nationwide production network [1][3] - The company is expected to enter a rapid growth phase in its biodegradable product business due to its technological advantages and the global push for plastic bans, with projected net profits for 2024-2026 showing significant growth [3][4] Financial Performance Summary - In 2023, the company reported total revenue of 1.721 billion yuan, a decrease of 12.9% year-on-year, with a net profit attributable to shareholders of 45 million yuan, down 74.7% year-on-year [1][4] - The gross margin for 2023 was 19.23%, a decline of 3.01 percentage points compared to the previous year, primarily due to reduced foreign sales impacting capacity utilization [1][4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares for 2023 [1] Revenue Breakdown - In 2023, revenue from various product categories included 1.301 billion yuan from plastic products, 262 million yuan from biodegradable products, 94 million yuan from plant fiber products, and 64 million yuan from paper products, with respective year-on-year changes of -21.53%, +87.39%, +4.71%, and -27.64% [1][2] - Revenue from domestic and foreign markets in 2023 was 733 million yuan and 988 million yuan, showing year-on-year growth of 62.5% and a decline of 35.2%, respectively [1][2] Profitability Forecast - The company is projected to achieve net profits of 186 million yuan, 215 million yuan, and 248 million yuan for the years 2024, 2025, and 2026, representing year-on-year growth rates of 311%, 15.4%, and 15.5% respectively [3][4]