需求偏弱TPU业绩短期承压，聚氨酯一体化项目加速推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [14] Core Views - The company reported a revenue of 1.475 billion yuan in 2023, with a year-on-year growth of 0.01%. The net profit attributable to the parent company was 88 million yuan, a decrease of 21.04% [14][15] - In the first quarter of 2024, the company achieved a revenue of 386 million yuan, an increase of 21.47% year-on-year and a 7.82% increase quarter-on-quarter. The net profit attributable to the parent company was 12 million yuan, a decrease of 47.91% year-on-year and a 32.97% decrease quarter-on-quarter [14] - The company expects rapid growth in net profit from 2024 onwards, with projections of 229 million yuan, 394 million yuan, and 566 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 160.7%, 72.2%, and 43.6% [15] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 2.941 billion yuan, 4.869 billion yuan, and 6.541 billion yuan respectively, with year-on-year growth rates of 99.4%, 65.5%, and 34.3% [3][17] - The gross profit margin is expected to improve from 15.7% in 2024 to 19.8% in 2026 [3][11] - The return on equity (ROE) is projected to increase from 15.2% in 2024 to 23.0% in 2026 [3][11] - The price-to-earnings (P/E) ratio is expected to decrease from 30.88 in 2024 to 12.49 in 2026, indicating potential undervaluation [3][11] Cash Flow Analysis - Operating cash flow is projected to be 230 million yuan, 333 million yuan, 1.105 billion yuan, and 550 million yuan for 2024, 2025, and 2026 respectively [4] - The net cash increase is expected to be 348 million yuan, 529 million yuan, 1.39 billion yuan, and 840 million yuan for the respective years [4] Project Developments - The company is advancing its polyurethane integration projects, with a 100,000-ton HDI new capacity expected to be operational by mid-year, which will become the largest single-unit HDI facility globally [14][15] - The company has launched an 8,000-ton foamed TPU project and established a subsidiary in Fujian to plan for future foamed TPU projects, contributing new profit sources [14][15]