24Q1收入利润双位数增长，24全年展望乐观

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.61 CNY per share, corresponding to an estimated P/E ratio of 18 times for 2024 [2][20]. Core Insights - The company reported a double-digit growth in both revenue and net profit for Q1 2024, with revenue reaching 359 million CNY, a year-on-year increase of 10.35%, and net profit of 37 million CNY, up 15.37% year-on-year [3]. - The gross margin showed a slight increase, reaching 32.83% in Q1 2024, with expectations for continued improvement throughout the year due to capacity ramp-up in high-performance polyethylene fiber projects and completion of smart transformation projects [3]. - The company is optimistic about its 2024 performance, focusing on high-tech and high-value-added product transformation, particularly in the new fiber materials sector [3]. - The company has sufficient orders in its fine woolen fabric business and has adjusted its product/customer structure in the apparel sector to enhance order quality [3]. - The company plans to maintain a 30% cash dividend payout ratio, supported by a share buyback of 60 million CNY in 2023 [3]. Financial Summary - Revenue for 2024 is projected at 1.803 billion CNY, with a growth rate of 12.7%. Net profit is expected to reach 248 million CNY, reflecting a growth rate of 22.2% [3][22]. - Earnings per share (EPS) are forecasted to be 0.69 CNY for 2024, increasing to 0.92 CNY by 2026 [3][22]. - The company’s return on equity (ROE) is expected to improve from 10.0% in 2023 to 12.2% by 2026 [3][22].