收入增长，盈利回升

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company achieved a revenue of 660 million in Q1 2024, representing a year-on-year growth of 19.69%. The net profit attributable to shareholders was 40 million, up 23.43% year-on-year, with a non-recurring profit of 40 million, increasing by 25.90% [5] - The company is entering a new phase of development in vehicle sealing, leveraging its customer resources accumulated from sunroof sealing strips to expand into complete vehicle sealing systems for several major automotive manufacturers [6] - The company is expanding its production capacity significantly to adapt to the growing demand in various sectors, including rail transit, automotive, construction, and shipping [7] - The company is expected to see a substantial rebound in demand for container products due to the recovery of global trade and the need for replacing old containers [21] Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 17.7%, an increase of 1.8 percentage points year-on-year. The operating expense ratio was 10.6%, up 0.4 percentage points year-on-year, with management and financial expense ratios decreasing [40] - The company forecasts net profits of 190 million and 230 million for 2024 and 2025, respectively, corresponding to PE ratios of 22 and 17 [8] Market Opportunities - The company is benefiting from the recovery in the shipping industry, being one of the early developers of rubber sealing components for ocean-going vessels and containers, establishing strong relationships with leading clients [21] - Continuous technological innovation is a focus, with the company being recognized as one of the top ten enterprises in the rubber products industry for nine consecutive years [22] Production Capacity - The company has completed the construction of a new 49,000 square meter factory to enhance its production capabilities, which will support its various sealing and damping product lines [7]