一季度业绩符合预期，静待钨丝母线量产

Investment Rating - The report maintains a "Buy" rating for the company, expecting a net profit of 960 million yuan in 2024, corresponding to a PE of 13X [13][28]. Core Viewpoints - The company demonstrated strong performance in Q1 2024, with diamond wire sales reaching 38.61 million km and a net profit of 200 million yuan, aligning with expectations [2][28]. - The production of tungsten wire mother lines is anticipated to enhance the company's competitive edge and profitability in the long term [13][28]. - The company has a robust cash flow and an excellent balance sheet, with a net operating cash flow of 190 million yuan in Q1 2024 and a decrease in the debt ratio to 12.2% [13][28]. Financial Performance Summary - In 2023, the company achieved a revenue of 4.52 billion yuan, a year-on-year increase of 23.3%, and a net profit of 1.59 billion yuan, up 7.9% [28]. - For Q1 2024, the company reported a revenue of 860 million yuan, a quarter-on-quarter decrease of 27.4%, and a net profit of 200 million yuan, a decrease of 1.8% [28]. - The forecast for 2024 indicates a revenue of 3.89 billion yuan, with a projected decline of 13.8% [14][28]. Profitability and Growth Metrics - The company expects a significant increase in net profit in 2025 and 2026, with projected figures of 1.44 billion yuan and 2.05 billion yuan, respectively [14]. - The report highlights a projected EPS of 2.00 yuan for 2024, with a recovery to 3.01 yuan in 2025 and 4.27 yuan in 2026 [14]. - The return on equity (ROE) is expected to decline to 13.52% in 2024 but recover to 20.28% by 2026 [14].