Q1业绩同比增长，公司战略平稳发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [40][41]. Core Insights - The company reported a Q1 revenue of 710 million yuan, representing a year-on-year increase of 14.4% and a quarter-on-quarter increase of 7.6%. The net profit attributable to the parent company was 150 million yuan, up 57.8% year-on-year but down 1.8% quarter-on-quarter [11][38]. - The company is a leading supplier of lubricant additives in China and a major global supplier of carbon-free paper color developers, with a comprehensive range of single-agent products and key raw material R&D capabilities [40]. - The company has been transitioning towards higher value-added composite agents since 2013, with its product technology being nationally leading and continuously passing third-party testing [40]. - The company expects net profits attributable to the parent company to reach 760 million yuan, 960 million yuan, and 1.28 billion yuan for the years 2024, 2025, and 2026, respectively [40]. Summary by Sections Financial Performance - Q1 revenue was 710 million yuan, with a year-on-year growth of 14.4% and a quarter-on-quarter growth of 7.6%. The net profit attributable to the parent company was 150 million yuan, reflecting a year-on-year increase of 57.8% [11][38]. - The gross profit margin for Q1 was 35.5%, up 4.4 percentage points year-on-year, primarily due to a higher proportion of composite agents in the product mix [21]. Production Capacity - As of the end of 2023, the company had a designed annual production capacity of 200,000 tons for lubricant additives, an increase of 30,000 tons from 2022. The current construction capacity is 550,000 tons, with ongoing projects expected to be operational by the end of 2025 [15]. Strategic Development - The company is steadily promoting the adoption of composite agent products and has made breakthroughs in core customer access, with composite agent revenue accounting for 66.5% of total revenue [22]. - The company is focused on enhancing its product line, which includes a complete range of mainstream additive single agents, providing a solid foundation for entering mainstream markets [39].