成本上升影响短期利润，业务发展势头良好

Investment Rating - The report maintains a "Buy" rating for the company [6][18]. Core Insights - The company's gross margin decreased to 23.9% in Q1 2024, down 12.5 percentage points year-over-year, primarily due to reduced profits despite increased revenue [2][15]. - Operating cash flow showed significant improvement, with a net cash flow from operating activities of 10.776 million yuan, up 97.9% year-over-year, attributed to a slight decrease in cash expenditures [2]. - The company is focusing on hazardous waste treatment projects, with a notable project in Guangdong that is expected to enhance revenue and profit [5][6]. Financial Performance - In Q1 2024, the company achieved revenue of 300 million yuan, a year-over-year increase of 23.6%, driven by new project operations and increased sales of resource products [15]. - The net profit attributable to the parent company was 20.536 million yuan, down 43.2% year-over-year, influenced by competitive pricing in the catalyst industry and increased operational costs [15]. - The company expects revenues of 1.33 billion yuan, 2.07 billion yuan, and 2.66 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 240 million yuan, 430 million yuan, and 540 million yuan [6][7]. Business Development - The company has made significant advancements in its proprietary technology for deep cracking of mixed waste plastics, with a demonstration project in Guangdong expected to contribute to future profit growth [16]. - The hazardous waste treatment project, which began production in 2023, is projected to generate substantial revenue and profit for the company [5][6].