Investment Rating - The report maintains a "Buy" rating for the company [9][8]. Core Insights - The company reported a revenue of 605 million yuan for Q1 2025, representing a year-on-year increase of 15.05%, but a quarter-on-quarter decrease of 18.44%. The net profit attributable to the parent company was 16 million yuan, down 56.32% year-on-year and down 217.18% quarter-on-quarter [2][6]. - The report highlights that the short fiber industry is stabilizing, with the average prices of PTA and MEG in Q1 2025 being 4951 yuan/ton and 4670 yuan/ton, respectively, showing year-on-year changes of -15.67% and +2.10% [13]. - The company has a strong focus on differentiated and functional products, with a rich product series and excellent quality, which has led to rapid growth in recent years, particularly with the increase in low-melting-point fiber production [13]. Financial Performance - The company expects net profits attributable to the parent company for 2025-2027 to be 140 million yuan, 180 million yuan, and 220 million yuan, respectively, with corresponding PE ratios of 15.5X, 12.1X, and 10.0X [8]. - The operating cash flow for Q1 2025 was -95 million yuan, showing a year-on-year increase of 21.41% but a quarter-on-quarter decrease [2][6]. - The report provides a detailed financial forecast, projecting total revenue to grow from 2.355 billion yuan in 2024 to 3.284 billion yuan in 2027 [17].