24Q1营收复苏，看好外销改善、内销拓展

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company experienced a revenue recovery in Q1 2024, with a year-on-year increase of 52.03% to 499 million yuan, and a net profit increase of 136.01% to 43 million yuan [1]. - The decline in sales in 2023 led to weakened scale effects and significant profit margin reductions due to goodwill impairment [1]. - The biodegradable product segment is growing rapidly, and domestic sales are performing well, with a 62.5% year-on-year increase in domestic sales to 733 million yuan [1]. - The company is positioned as a leader in traditional plastic products, with expectations for continued rapid growth in domestic sales and a gradual recovery in export demand [1]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 1.7216 billion yuan, a decrease of 12.9% year-on-year, and a net profit of 45.36 million yuan, down 74.69% year-on-year [1]. - For Q1 2024, the company reported revenue of 499 million yuan, up 52.03% year-on-year, and a net profit of 43 million yuan, up 136.01% year-on-year [1]. - The gross profit margin for 2023 was 19.23%, a decrease of 3.01 percentage points year-on-year [1]. Product Segmentation - In 2023, plastic products generated 1.301 billion yuan in revenue, down 21.53% year-on-year, while biodegradable products saw revenue of 262 million yuan, up 87.39% year-on-year [1]. - The company is strategically positioned to benefit from global "plastic ban" policies, with significant growth potential in biodegradable and plant fiber products [1]. Regional Performance - Export revenue in 2023 was 988 million yuan, down 35.21% year-on-year, primarily due to weakened overseas market demand [1]. - Domestic sales reached 733 million yuan, reflecting a robust growth strategy and improved customer service [1]. Future Outlook - The company plans to complete production line construction in Thailand, the United States, Ningbo, and Guangxi, while accelerating the establishment of production bases in various regions of China [1]. - The forecast for basic earnings per share is 0.96 yuan for 2024, 1.11 yuan for 2025, and 1.33 yuan for 2026, with corresponding PE ratios of 21X, 18X, and 15X [1].