芳纶聚合单体盈利能力优秀，PEKK成长可期

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][15]. Core Views - The profitability of aramid polymer monomers is excellent, and the growth potential for PEKK (Polyetherketoneketone) is promising [1][15]. - The company reported a Q1 revenue of 240 million yuan, a year-on-year decrease of 3.3%, and a net profit of 25.7 million yuan, down 49.3% year-on-year but up 5.5% quarter-on-quarter [13][15]. - The revenue from carboxylic oxides increased by 20.6% year-on-year, and the net operating cash flow rose by 125.6% [13][15]. Financial Data and Valuation - The company achieved a revenue of 990 million yuan in 2023, a decrease of 2.3% year-on-year, with a net profit of 160 million yuan, down 32.6% [15][16]. - The projected revenues for 2024, 2025, and 2026 are 1.206 billion yuan, 1.640 billion yuan, and 1.857 billion yuan, respectively, with corresponding net profits of 175 million yuan, 269 million yuan, and 311 million yuan [15][16]. - The estimated P/E ratios for 2024, 2025, and 2026 are 42.3, 27.6, and 23.9, respectively [15][16]. - The company’s net profit margin is projected to be 14.5% in 2024, 16.4% in 2025, and 16.7% in 2026 [15][16].