稼动率好于预期，期待高盈利新品起量

Investment Rating - The investment rating for the company is "Buy" and it is maintained [20]. Core Insights - The company reported a revenue of 542 million yuan for Q1 2024, representing a year-on-year growth of 27.45%. The net profit attributable to the parent company was 31 million yuan, up 151.55% year-on-year, and the net profit after deducting non-recurring items reached 36 million yuan, showing an impressive growth of 883.58% [10][18]. - The company achieved the same revenue level in Q1 2024 as in the peak season of Q3 2023, indicating a significant market share increase despite a seasonal decline in demand from downstream panel manufacturers. This was primarily due to the company's ability to transfer orders and maintain high capacity utilization thanks to sufficient inventory amid upstream material shortages [10][18]. - The company is expected to see improved profitability from new products, including a new TV polarizer production project in Hefei, which is anticipated to start production within the year. Additionally, breakthroughs in high-value OLED polarizers have positioned the company as the first domestic supplier for small batch deliveries to clients [21]. Financial Summary - The company forecasts earnings per share (EPS) of 0.93, 1.99, and 2.69 for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 27.16, 12.71, and 9.41 [11]. - The current stock price is 25.29 yuan, with a total share capital of 17.388 million shares and a net asset value per share of 13.54 yuan [12]. - The company’s revenue is projected to grow from 2.068 billion yuan in 2023 to 5.251 billion yuan by 2026, with a gross profit margin expected to improve from 15% to 18% over the same period [35].