2024年一季报点评：新产品研发投入及股份支付费用影响利润，业绩不及预期

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expectation of relative outperformance against the benchmark index by more than 5% over the next six months [5][12][16]. Core Views - The company's Q1 2024 performance was below expectations, with revenue of 110 million yuan, a year-on-year decrease of 3% and a quarter-on-quarter increase of 7%. The net profit attributable to the parent company was a loss of 18 million yuan, with a significant decline in net profit margin [1][16]. - The report highlights ongoing investments in new product development, particularly in high-purity quartz sand and electronic materials, which are expected to contribute to future growth [6][16]. - Despite the current challenges, the company is projected to improve its profitability in Q2 2024 as production capacity utilization increases [16]. Summary by Sections Financial Performance - Q1 2024 revenue was 110 million yuan, with a gross margin of 15%, reflecting a decrease of 13 percentage points year-on-year [1]. - Operating expenses for Q1 were 40 million yuan, with a significant increase in the expense ratio to 37% [2]. - The company reported a net cash outflow from operating activities of 34 million yuan, which is a 136% increase in outflow year-on-year [2]. Inventory and Production - As of the end of Q1 2024, inventory was 100 million yuan, a decrease of 14% from the beginning of the year, with a normal inventory cycle maintained for key materials [2]. - The company is expected to launch new products throughout 2024, including a new production line for thermal conductive materials and high-purity quartz sand [6]. Future Outlook - The report projects that the company will achieve a sales volume of 30,000 tons of key materials in 2024, representing a 30% year-on-year increase [16]. - Profitability is expected to improve as production capacity utilization increases, with a forecasted recovery to slight profitability in Q2 2024 [16].