业绩环比高增，结构优势凸显

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 10.80 and a sector rating of "Outperform" [34]. Core Insights - The company has experienced a year-on-year decline in performance for Q1 2024, but there is a sequential recovery [19]. - The company is expanding its production capacity across its glass fiber and chemical products, enhancing its competitive edge in the industry [20][38]. - The company has a low debt-to-asset ratio of 29.4% in 2023, providing it with financial flexibility for future expansions [21]. Financial Performance Summary - The company's revenue for 2023 is projected at RMB 2,607 million, with a growth rate of 20.4% in 2024 [2]. - The EBITDA for 2024 is estimated at RMB 658 million, with a net profit of RMB 340 million, reflecting a growth rate of 42.8% [2][10]. - The diluted earnings per share (EPS) for 2024 is expected to be RMB 0.83, with a price-to-earnings (P/E) ratio of 13.0 [2][10]. Industry Trends - The glass fiber industry is witnessing a collective price increase among leading companies, with a notable reduction in inventory levels [22][41]. - The export volume of glass fiber products has shown growth, with January and February 2024 exports increasing by 17.2% and 3.7% year-on-year, respectively [23]. - The supply increment in the glass fiber sector is expected to be manageable, with new production lines being gradually introduced [42].