壹石通：单位盈利底部确认，静待材料化平台逻辑兑现

Investment Rating - The investment rating for the company is "Buy" and is maintained [12]. Core Views - The report indicates that the company's gross margin for Q1 2024 is 15%, which represents a 14 percentage point decrease quarter-on-quarter. This decline is attributed to product price adjustments and a drop in production despite increased shipments. The operating cash flow for Q1 2024 shows a net outflow of 0.34 billion [3][21]. - The company reported a net loss attributable to shareholders of 0.18 billion in Q1 2024, a significant decline of 241% year-on-year [20]. - The report highlights that the company's revenue for Q1 2024 reached 1.14 billion, marking a year-on-year growth of 6.87% [20]. Summary by Sections Financial Performance - In Q1 2024, the company experienced a gross margin of 15%, with a quarter-on-quarter decrease of 14 percentage points. The period expense ratio increased by 8 percentage points to 38%, driven by higher management and R&D expenses [3]. - The company’s revenue for Q1 2024 was 1.14 billion, reflecting a year-on-year increase of 6.87%. However, the net profit attributable to shareholders was a loss of 0.18 billion, down 241% year-on-year [20]. Operational Insights - The report notes that the shipments of the company's main product, Bome Stone, remained stable quarter-on-quarter but showed year-on-year growth. The first two months of 2024 saw lower-than-expected shipments due to maintenance and weak demand, but March saw a recovery with shipments doubling [12]. - The company is expected to see a recovery in production in Q2 2024, with an anticipated increase in output and stabilization of product prices due to large customer price adjustments [21]. Future Outlook - The report anticipates that new materials such as low-alpha alumina and high-purity quartz sand will begin to generate substantial orders in Q2 2024, contributing to the company's growth [21]. - Long-term prospects are positive, with expectations for breakthroughs in new technologies that could provide incremental growth in the future [21].