盈利稳定增长

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown stable growth in net profit and revenue in Q1 2024, with a year-on-year revenue increase of 15.53% and a net profit increase of 45.25% [4]. - The production and sales of polyester fibers have also seen significant year-on-year growth, with filament production increasing by 29.1% and short fiber production by 24.9% [4]. - The company is expanding its production capacity steadily, with plans to increase filament capacity by 40,000 tons in 2024 and 65,000 tons in 2025 [4]. - A major integrated refining project in Indonesia is set to be launched, with an expected annual revenue of $10.44 billion and a net profit of$1.33 billion once operational [4]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 14.452 billion yuan, with a net profit of 275 million yuan [4]. - The gross margin improved to 5.90%, up by 0.48 percentage points year-on-year [4]. - The company forecasts EPS of 1.23 yuan for 2024, with a reasonable valuation range of 14.76 to 17.22 yuan based on a PE ratio of 12-14 times [5]. Production and Capacity - The company has a current capacity of 7.4 million tons/year for civil polyester filament, with plans to increase PTA capacity to 10 million tons by mid-2026 [4]. - The production volume for polyester filament in Q1 2024 was 1.85 million tons, with sales of 1.58 million tons [4]. Market Comparison - The company’s stock has shown a relative increase of 2.2% over the last three months compared to the CSI 300 index [2].