一季度业绩大幅改善，未来景气度有望提升

Investment Rating - The report maintains a "Buy" rating for the company [16][27]. Core Insights - The company has successfully established a comprehensive C3 industrial chain, including 700,000 tons/year of PDH, 300,000 tons/year of propylene oxide, and 80,000 tons/year of acrylic acid, which opens up growth opportunities [2]. - The company is a leader in the C4 industrial chain, with significant advantages in product scale and cost, and is expected to see a substantial increase in net profit from 580 million yuan in 2024 to 1.28 billion yuan in 2026 [15][16]. - The company reported a 9.7% year-on-year decline in total revenue for 2023, amounting to 26.918 billion yuan, and a net profit attributable to shareholders of -384 million yuan, a decrease of 160.53% [24][27]. Summary by Sections Company Overview - The company focuses on deep processing of raw material carbon four, forming four product lines including butene, isobutylene, butane, and isobutane, with a strong market position in the industry [15]. Financial Performance - In 2023, the company reported total revenue of 26.918 billion yuan, a 9.7% decrease year-on-year, and a net profit of -384 million yuan, down 160.53% [24][27]. - The first quarter of 2024 showed a revenue of 5.48 billion yuan, a 10.79% decline year-on-year, but a net profit of 32 million yuan, reflecting a 140.55% increase [27]. Market Dynamics - The company is expected to benefit from the growing demand for MMA, which is used in various high-demand applications, including organic glass and high-end displays [28]. - The report highlights the significant potential for growth in the PMMA market, driven by the rapid expansion of the LCD display market [28].