业绩靓丽超预期，期待再生产能释放

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [15]. Core Views - The company reported strong Q1 2024 results, with revenue of 1.472 billion yuan, a year-on-year increase of 51.72%, and a net profit of 150 million yuan, up 101.13% year-on-year. The non-recurring net profit reached 135 million yuan, a significant increase of 377.67% year-on-year, driven by strong demand for products such as sun-protective clothing and nylon filament [1][6]. - The company's nylon 66 filament production capacity is expected to ramp up, contributing to performance growth, while a 100,000-ton recycled nylon project is set to commence production soon, enhancing profitability further [6][7]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 5,094 million yuan in 2023 to 9,896 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16% [1]. - Net profit is expected to increase from 670 million yuan in 2024 to 1,000 million yuan in 2026, reflecting a strong growth trajectory [1]. - Profitability Metrics: - Gross margin improved by 2.82 percentage points year-on-year to 23.4% in Q1 2024, while net profit margin increased by 2.5 percentage points to 10.17% [4]. - The return on equity (ROE) is projected to rise from 10% in 2024 to 16% in 2026 [1]. - Cash Flow and Efficiency: - Operating cash flow was negative 155 million yuan in Q1 2024, compared to negative 54 million yuan in the same period last year, influenced by increased cash payments for goods and services [5]. - Inventory turnover days decreased by 20.4 days year-on-year to 168.48 days, indicating improved operational efficiency [5]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for recycled nylon, with global production currently at only 130,000 tons, suggesting significant growth potential [5]. - The chemical recycling project is nearing completion and is expected to enhance the company's competitive edge in the market, with production capacity ranking among the top globally [5].