Q1毛利率同比改善，期待新品突破

Investment Rating - The report does not provide a clear investment rating, stating "we cannot give a definite investment rating" [9] Core Views - The company has shown improvement in gross margin year-on-year, with expectations for breakthroughs in new products [3] - The company is expanding its advantageous products, particularly in the mid-borosilicate glass sector, and is also entering the upstream production of glass tubes [3] - Market competition is intensifying, with new product expansion not meeting expectations due to uncertainties related to customer acceptance, regulatory approvals, and product quality [6][31] Financial Performance Summary - In Q1 2024, the company achieved revenue of 267 million, a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 25 million, up 8.22% year-on-year [14][25] - The gross margin for Q1 2024 was 20.7%, an increase of 1.0 percentage points year-on-year, marking the first year-on-year increase in nearly a year [15] - The company reported a net profit margin of 9.3% in Q1 2024, a decrease of 0.9 percentage points year-on-year [15] Market Outlook - The report anticipates rapid growth in the mid-borosilicate glass market, driven by the implementation of consistency evaluations and national procurement policies, which are expected to accelerate industry concentration [28] - The company is projected to achieve net profits of 150 million and 240 million in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 27 and 17, leading to a "buy" rating [38]