TKGF(SH:601233) INDUSTRIAL SECURITIES·2024-05-17 10:02Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][9]. Core Views - The company has achieved significant revenue growth due to rapid capacity expansion in 2023, resulting in a year-on-year increase of 32.66% in Q1 2024 revenue, reaching 21.11 billion yuan [5][7]. - The company successfully turned around its profitability in Q1 2024, reporting a net profit of 580 million yuan, compared to losses in the previous periods [5][7]. - The integration of upstream and downstream operations, particularly through the investment in Zhejiang Petrochemical, enhances the company's competitive position and profitability [4][8]. Financial Summary - Revenue for 2023 is projected at 82.64 billion yuan, with a year-on-year growth of 33.3% [3]. - The net profit attributable to shareholders is expected to reach 797 million yuan in 2023, reflecting a substantial increase of 539.1% [3]. - The gross margin is forecasted to improve from 5.1% in 2023 to 7.6% in 2024 [3]. - Earnings per share (EPS) are projected to be 0.33 yuan for 2023, increasing to 1.31 yuan in 2024 and 1.95 yuan in 2025 [3][9].