下游市场复苏，销量稳中有增

Investment Rating - The investment rating for the company is "Buy" [5][46]. Core Views - The company achieved a revenue of 26.44 billion yuan in 2023, a decrease of 4.8% year-on-year, with a net profit attributable to the parent company of 1.35 billion yuan, down 15.7% year-on-year [2][3]. - In Q1 2024, the company reported a revenue of 7.19 billion yuan, representing a year-on-year increase of 17.9% and a quarter-on-quarter increase of 2.8% [2][3]. - The company’s aluminum plate and foil sales reached a record high of 1.25 million tons in 2023, an increase of 80,000 tons year-on-year, with a monthly sales volume exceeding 120,000 tons in March 2024 [4][6]. - The company maintains strong cost control capabilities, allowing it to sustain high profitability levels despite industry pressures [7][46]. Financial Summary - The company's projected revenues for 2024, 2025, and 2026 are estimated to be 31.3 billion yuan, 34.5 billion yuan, and 37.8 billion yuan, respectively, with year-on-year growth rates of 18.4%, 10.3%, and 9.3% [7][46]. - The net profit attributable to the parent company for the same years is projected to be 1.499 billion yuan, 1.652 billion yuan, and 1.815 billion yuan, with growth rates of 11.3%, 10.2%, and 9.9% [7][46]. - The company's earnings per share (EPS) are expected to be 1.21 yuan, 1.33 yuan, and 1.46 yuan for 2024, 2025, and 2026, respectively [7][46]. Balance Sheet Overview - As of Q1 2024, the company's debt-to-asset ratio was 24.7%, a significant decrease from 33.3% at the end of 2022 [8][29]. - Accounts receivable and notes receivable amounted to 4.36 billion yuan, an increase of 1.14 billion yuan compared to the end of 2022, primarily due to increased sales and extended customer payment terms [8][29]. - Inventory stood at 4.58 billion yuan, up 700 million yuan from the end of 2022 [8][29].