产销量进一步提升，盈利环比改善

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price of over 15% in the next 6-12 months [8][9]. Core Views - The company reported a revenue of 7.978 billion RMB in Q1 2024, representing a year-on-year growth of 31.80%, and a net profit attributable to shareholders of 1.065 billion RMB, up 36.30% year-on-year [2]. - The performance of the Jingzhou base project continues to contribute to production and sales growth, with significant increases in the sales volumes of acetic acid, fertilizers, and organic amines [2]. - The company is expected to achieve revenues of 32.6 billion RMB, 37.9 billion RMB, and 42 billion RMB for the years 2024, 2025, and 2026 respectively, with net profits of 4.56 billion RMB, 5.83 billion RMB, and 6.83 billion RMB for the same years [2][5]. Summary by Sections Performance Analysis - The Jingzhou base project has significantly improved production and sales, with acetic acid, fertilizer, and organic amine sales volumes increasing by 42%, 15%, and 13% respectively compared to the previous quarter [2]. - The company’s gross margin for Q1 was 21.89%, showing improvement from the previous quarter but still below optimal levels [2]. - The company plans to enhance its competitive edge through continuous project investments and the introduction of new products such as oxalic acid and nylon 66 [2]. Financial Forecast - The company forecasts revenues of 32.6 billion RMB, 37.9 billion RMB, and 42 billion RMB for 2024, 2025, and 2026, respectively, with corresponding net profits of 4.56 billion RMB, 5.83 billion RMB, and 6.83 billion RMB [2][5]. - The earnings per share (EPS) are projected to be 2.15 RMB, 2.74 RMB, and 3.22 RMB for the years 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 13.20, 10.33, and 8.81 respectively [2][5].