业绩略低于预期，废塑料裂解项目推进顺利

Investment Rating - The investment rating for the company is "Buy" with a target price of 70.20 CNY, maintaining the rating from previous assessments [21][20]. Core Insights - The company reported significant growth in 2023, achieving an operating revenue of 1.1 billion CNY, a year-on-year increase of 195%, and a net profit attributable to shareholders of 140 million CNY, up 5500% [2][7]. - In Q1 2024, the company achieved an operating revenue of 300 million CNY, a year-on-year increase of 24% and a quarter-on-quarter increase of 4%. However, the net profit attributable to shareholders decreased by 43% year-on-year but increased by 818% quarter-on-quarter [2][3]. - The company has successfully launched new projects that have increased the sales volume of resource products, although it faces challenges from intense industry competition, declining sales prices, and rising operational costs [3][7]. Financial Data and Valuation - The projected operating revenues for 2024, 2025, and 2026 are 1.519 billion CNY, 2.515 billion CNY, and 3.291 billion CNY, respectively, with growth rates of 41.87%, 65.55%, and 30.86% [5]. - The net profit attributable to shareholders is expected to be 245 million CNY in 2024, 441 million CNY in 2025, and 592 million CNY in 2026, with corresponding growth rates of 76.71%, 80.30%, and 34.22% [5][20]. - The company’s earnings per share (EPS) are projected to be 1.76 CNY in 2024, 3.16 CNY in 2025, and 4.25 CNY in 2026, indicating a compound annual growth rate (CAGR) of 62% over three years [20]. Industry Position and Technological Development - The company is focused on technological innovation and has made progress in the industrialization of waste plastic recycling projects, which are expected to address significant industry pain points and have high commercial value [8][19]. - The company is actively advancing a 200,000 tons/year mixed waste plastic resource utilization demonstration project and has received feasibility recognition for its innovative technologies [8][19].