GON(002768)2024-04-28 00:00Investment Rating - The report maintains a "Recommended" rating for the company [18]. Core Insights - The company reported a revenue of 17.439 billion yuan in 2023, a year-on-year increase of 30.08%, while the net profit attributable to shareholders was 466 million yuan, a decrease of 29.67% [5]. - In Q1 2024, the company achieved a revenue of 4.422 billion yuan, up 22.35% year-on-year, with a net profit of 123 million yuan, an increase of 19.70% [5]. - The company is expanding its revenue scale in both the large chemical and health sectors, leveraging its vertically integrated industrial platform to enhance product structure and market share [5]. - The large chemical sector saw significant revenue growth in modified materials (28.26%), composite materials (38.19%), and green petrochemical materials (155.83%), driven by substantial increases in sales volume [5]. - The health sector's revenue grew by 3.47%, with a gross margin increase of 0.91 percentage points, supported by a 2.98% rise in hollow capsule sales [5]. - The company is enhancing its vertical integration by extending upstream operations, with major projects like the 600,000 tons/year PS project in Zhejiang and the 200,000 tons/year PP resin project in Jiangsu now fully operational [5]. - The hollow capsule production capacity is set to increase significantly, with plans to expand to nearly 70 billion capsules per year, positioning the company as a leading producer in China [5]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 21.31 billion yuan, 23.94 billion yuan, and 27.05 billion yuan, respectively, with corresponding net profits of 635 million yuan, 814 million yuan, and 1.072 billion yuan, reflecting year-on-year growth rates of 36.30%, 28.17%, and 31.68% [19]. - The expected EPS for the same years is 2.34 yuan, 3.00 yuan, and 3.95 yuan, with PE ratios of 9.17, 7.15, and 5.43, respectively [19].