下游市场复苏，销量稳中有增

Investment Rating - The report maintains a "Buy" rating for the company [10][30]. Core Views - The company has shown a significant decrease in its asset-liability ratio, dropping to 24.7% as of Q1 2024 from 33.3% at the end of 2022, indicating improved financial stability [26]. - The company has achieved record sales volumes in aluminum plate and foil, with 1.25 million tons sold in 2023, an increase of 80,000 tons year-on-year, and a monthly sales peak of over 120,000 tons in March 2024 [18][8]. - The company is expected to see revenue growth in the coming years, with projected revenues of 31.3 billion, 34.5 billion, and 37.8 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 18.4%, 10.3%, and 9.3% [30]. Financial Summary - In 2023, the company reported revenues of 26.44 billion yuan, a decrease of 4.8% year-on-year, and a net profit of 1.35 billion yuan, down 15.7% from the previous year [4][8]. - For Q1 2024, the company achieved revenues of 7.19 billion yuan, representing a year-on-year increase of 17.9%, and a net profit of 360 million yuan, up 2.3% year-on-year [4][8]. - The company's earnings per share (EPS) are projected to be 1.21 yuan, 1.33 yuan, and 1.46 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 11.1, 10.1, and 9.1 [30].