公司信息更新报告：Q1业绩同环比大幅增长，看好长丝盈利弹性

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported significant year-on-year growth in Q1 2024, with revenue reaching 14.45 billion yuan, up 15.53% year-on-year, and net profit attributable to shareholders at 275 million yuan, up 45.25% year-on-year [3] - The report maintains profit forecasts for 2024-2026, expecting net profits of 2.05 billion, 2.54 billion, and 2.72 billion yuan respectively, with corresponding EPS of 1.34, 1.66, and 1.78 yuan [3] - The company is expected to benefit from improved profitability in the long filament segment due to a favorable supply-demand balance in the industry [5] Financial Performance Summary - Q1 2024 long filament and short fiber sales were approximately 157.8 and 28.8 million tons, respectively, with year-on-year increases of 17% and 43% [4] - The average selling prices for POY, DTY, and FDY in Q1 2024 were 6,856, 8,727, and 7,815 yuan per ton, showing slight increases compared to Q4 2023 [4] - The gross profit margin is projected to improve, with expected margins of 7.6%, 8.3%, and 8.3% for 2024, 2025, and 2026 respectively [6] Industry Outlook - The long filament industry is expected to see a significant slowdown in capacity growth in 2024, with only 900,000 tons of new capacity anticipated [5] - The supply-demand dynamics are expected to improve, allowing leading companies to benefit from price elasticity in long filament products [5]