底部已现，复价明确盈利望修复

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 12.65 CNY [2][3]. Core Views - The company has shown signs of recovery with a clear path to profitability, as indicated by the increase in sales volume and the industry's price recovery [2]. - The company achieved a revenue of 14,876 million CNY in 2023, a decrease of 26.3% year-on-year, but is expected to recover with projected revenues of 17,152 million CNY in 2024, reflecting a growth rate of 15% [2][4]. - The gross yarn sales volume increased significantly, with a year-on-year growth of 17.6% in 2023, driven by downstream replenishment and market share gains [2][4]. Financial Projections - Revenue and profit forecasts indicate a gradual recovery, with expected revenues of 20,135 million CNY in 2025 and 23,674 million CNY in 2026 [2][9]. - The net profit attributable to the parent company is projected to recover to 2,644 million CNY in 2024, with further increases to 3,366 million CNY in 2025 and 4,158 million CNY in 2026 [2][9]. - Earnings per share (EPS) are expected to rise from 0.76 CNY in 2023 to 1.04 CNY in 2026 [2][9]. Market Dynamics - The report highlights that the industry is experiencing a recovery in demand, particularly in sectors such as wind power and thermoplastics, which are expected to drive growth [2][4]. - The company is expanding its production capacity, with new projects expected to come online, enhancing its competitive position in the market [2][4]. - The overall industry inventory levels are low, suggesting a favorable supply-demand balance that could support price recovery [2][4].