公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 告 台华新材（603055）深度研究 锦纶产业链布局继续延伸，强化差异化 竞争壁垒 2026 年 03 月 24 日 【投资要点】 产业链继续延伸且新产能陆续落地，差异化壁垒有望进一步强化。我 们认为公司后续增长动能主要来自新产能的爬坡释放及高端化、差异 化产品的进一步商业化。1）公司研发费用率领先同业，且淮安及海外 新产能有序推进，投产后可进一步强化高附加值产品的竞争优势，增 强市场覆盖率。同时，目前公司已具备完整产品开发能力，产业链一 体化综合实力较强，盈利空间有望持续提升。2）公司再生锦纶已具备 国际认证优势（获全球首个化学法 GRS 认证），回收纯度最高可达 100%且能源节省能力较强。3）公司 PA66 产品客户数量实现较大幅 增长，销量持续增长，对公司的经营业绩贡献持续提升。我们认为行 业扩产背景下，公司积极打造产业链升级，差异化、高端化产品预计 也可帮助公司更好对冲行业周期。 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证书编号：S1160524100003 联系人：金叶羽 相对指数表现 基本数据 总市值（百万元） 8,048 ...

公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 告 台华新材（603055）深度研究 锦纶产业链布局继续延伸，强化差异化 竞争壁垒 2026 年 03 月 24 日 【投资要点】 产业链继续延伸且新产能陆续落地，差异化壁垒有望进一步强化。我 们认为公司后续增长动能主要来自新产能的爬坡释放及高端化、差异 化产品的进一步商业化。1）公司研发费用率领先同业，且淮安及海外 新产能有序推进，投产后可进一步强化高附加值产品的竞争优势，增 强市场覆盖率。同时，目前公司已具备完整产品开发能力，产业链一 体化综合实力较强，盈利空间有望持续提升。2）公司再生锦纶已具备 国际认证优势（获全球首个化学法 GRS 认证），回收纯度最高可达 100%且能源节省能力较强。3）公司 PA66 产品客户数量实现较大幅 增长，销量持续增长，对公司的经营业绩贡献持续提升。我们认为行 业扩产背景下，公司积极打造产业链升级，差异化、高端化产品预计 也可帮助公司更好对冲行业周期。 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：韩欣 证书编号：S1160524100003 联系人：金叶羽 相对指数表现 基本数据 总市值（百 ...

浙江台华新材料集团股份有限公司 关于对外担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603055 证券简称：台华新材 公告编号：2026-018 重要内容提示： 担保对象及基本情况 | | | 次担保金额） | | 额度内 | 反担保 | | --- | --- | --- | --- | --- | --- | | 被担保人名称 嘉华再生尼龙（江 苏）有限公司 | 本次担保金额 11,000.00 万元 | 实际为其提供的 担保余额（不含本 135,500.00 | 万元 | 是否在前期预计 是 | 本次担保是否有 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 477,600.00 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 94.49 | | 特别风险提示（如有请勾选） | □担保金额（含本次）超过上市公司最近一 | | | 期经审计净资产 50% | ...

| 分析师： [Tabl | 糜韩杰 | 分析师： | 左琴琴 | 分析师： | 董建芳 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260521050001 | | SAC 执证号：S0260525060002 | | | SFC CE.no: BPH764 | | SFC CE.no: BSE791 | | | | | 021-38003650 | | 021-38003540 | | | | | mihanjie@gf.com.cn | | zuoqinqin@gf.com.cn | | dongjianfang@gf.com.cn | | | 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] [Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 20 日 证券研究报告 [Table_Title] 纺织服 ...

[Table_ReportType] 公司点评报告 [台Ta华bl新e_材Sto(c6k0A3n0d5Ra5n.kS]H) [姜Ta文b镪le_新Au消th费o行r]业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 公司研究 [Table_Title] 台华新材：产业链涨价关注盈利恢复，PA66 放量可期 [Table_ReportDate] 2026 年 3 月 19 日 投资评级 买入 上次评级 买入 事件：受地缘冲突带动原油走高影响，锦纶产业链上游己内酰胺、PA6 切 片价格大幅拉涨，锦纶长丝报价同步上调。根据同花顺截止 3 月 17 日的数 据，3 月以来，己内酰胺、PA6、锦纶 POY 涨幅分别为 23%、29%、29%， 年初至今涨幅 30%、38%、36%，整体上呈现纱线涨幅高于上游原材料。 原材料至纱线差价有所修复，长丝产品利润有望修复。"锦纶长丝-己内酰 胺"差价在 2025 ...

[Table_ReportType] 公司点评报告 [台Ta华bl新e_材Sto(c6k0A3n0d5Ra5n.kS]H) 证券研究报告 公司研究 [Table_Title] 台华新材：产业链涨价关注盈利恢复，PA66 放量可期 [Table_ReportDate] 2026 年 3 月 19 日 投资评级 买入 上次评级 买入 事件：受地缘冲突带动原油走高影响，锦纶产业链上游己内酰胺、PA6 切 片价格大幅拉涨，锦纶长丝报价同步上调。根据同花顺截止 3 月 17 日的数 据，3 月以来，己内酰胺、PA6、锦纶 POY 涨幅分别为 23%、29%、29%， 年初至今涨幅 30%、38%、36%，整体上呈现纱线涨幅高于上游原材料。 原材料至纱线差价有所修复，长丝产品利润有望修复。"锦纶长丝-己内酰 胺"差价在 2025 年下半年呈现明显下行，长丝环节的企业利润被压缩，经 营利润承压。近期随着产业链整体价格上涨，且锦纶长丝涨幅超过成本涨幅 有助于长丝企业利润修复。台华新材长丝产品中的 PA6 长丝利润修复可期， 且我们推测公司凭借原料配套优势利润情况好于行业。2025 年前三季度， 台华新材锦纶长丝销量 15.1 ...

Market Review - The A-share textile and apparel index has underperformed the broader market since March, with brand apparel performing better than textile manufacturing, showing declines of -1.8% and -3.2% respectively. The Hong Kong textile and apparel index has dropped by 10.9% during the same period [1][14]. Brand Apparel Insights - Retail sales of clothing in January-February grew by 10.4% year-on-year, with a notable acceleration in growth compared to previous months. The strong performance in February was attributed to the Spring Festival season, with sports retailer BaoSheng International reporting an 81.5% increase in operating income [2]. - International brand forecasts indicate Adidas expects high single-digit revenue growth by 2026, while PUMA anticipates a mid-single-digit decline. Bloomberg's projections for Nike suggest a 2.2% revenue increase, while Converse and Vans are expected to decline by 13.6% and 0.5% respectively. HOKA and UGG are projected to grow by 11.8% and 3.1%, while Uniqlo expects a 13.5% increase [2]. - E-commerce growth rebounded in January-February, driven by strong consumer demand during the Spring Festival. Outdoor apparel led growth with categories like sportswear, outdoor wear, and leisurewear showing year-on-year increases of 11%, 25%, and 10% respectively [2]. - The fan growth on Xiaohongshu for sports and outdoor brands is notable, with Adidas, Li Ning, and Anta leading with growth rates of 27.0%, 22.6%, and 18.8% respectively [2]. Textile Manufacturing Insights - On a macro level, Vietnam's textile exports increased by 1.2% year-on-year in January-February, while China's textile, apparel, and footwear exports rose by 20.5%, 14.8%, and 6.1% respectively. The PMI for Indonesia, India, and Vietnam has also shown increases [3]. - Domestic cotton prices have risen by 8.5% to 16,884 RMB/ton, while foreign cotton prices have decreased by 0.1% to 12,962 RMB/ton. Wool prices have surged by 24.6% to 12.72 USD/kg, marking a significant increase from last year's lows [3]. - In February, Taiwanese companies faced revenue pressure due to reduced working days during the Lunar New Year, but the outlook remains optimistic with clear growth momentum. Companies like Zhiqiang and Ruhong reported revenue declines of 24.9% and 7.4% respectively, while others like Weihong and Yuqi showed positive growth [4]. Investment Recommendations - The report recommends focusing on brands with high domestic demand and high dividend yields, particularly in the sports and outdoor segments. Brands like Anta Sports and Li Ning are highlighted for their strong sales recovery in Q1, while home textile leader Luolai Life and luxury brand Jiangnan Buyi are also recommended [7]. - In textile manufacturing, attention is drawn to companies benefiting from rising raw material prices and high order visibility. Companies like Bailong Oriental and Xin'ao are expected to perform well due to their strong order books and low-cost raw material inventories [8].

Core Insights - The textile and apparel industry is experiencing a positive trend with a 1.88% increase in the SW index during the period from March 7 to March 13, 2026, ranking 9th among 31 primary industries [11] - Key companies to watch include Haimin Co., benefiting from rising dyeing costs and inventory appreciation, and New Australia Co., which is expected to benefit from favorable wool supply and demand dynamics [5] - The report highlights the potential for recovery in home furnishing consumption due to improved real estate policies and marginally better home decoration demand [5] Industry Performance Review - The Shanghai Composite Index rose by 0.75%, while the ChiNext Index increased by 2.55% during the same period [11] - The textile and apparel sector's performance is ranked 10th among 31 primary industries, while the light industry sector is ranked 13th [11] - The textile and apparel industry has a current PE ratio of 20.57X, with historical highs and lows of 57.80X and 14.44X, respectively [14][15] Data Tracking in Textile and Apparel - Prices for PA66 and PA6 have increased by 3.09% and 24.52% year-on-year, respectively, with significant month-on-month increases of 13.56% and 30.11% [5] - The average cotton price index in China from November 2025 to March 2026 was 15,570 [5] - Exports of textiles and apparel from China increased by 20.5% and 14.8% year-on-year in January and February 2026, respectively [5] Light Industry Performance Review - The home furnishing sector is expected to recover as real estate policies improve, with leading companies likely to benefit from their channel and brand advantages [5] - The paper packaging industry is in an upward cycle, with improving profitability expected due to ongoing supply optimization [5] - The light industry export sector shows resilience, with potential for recovery following previous demand disruptions [5] Key Company Valuation and Financial Analysis - Companies such as Mercury Home Textiles and Fuanna are rated as "Buy," with expected EPS growth and favorable PE ratios for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating their market performance and potential for investment [6] - Notable companies include Anta Sports, with a current price of HKD 84.10 and a target value of HKD 102.91, reflecting a strong investment outlook [6]

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 9.92 CNY and a fair value of 13.35 CNY [6]. Core Views - The rebound in nylon prices and the expansion of fabric production are expected to lead to a recovery in the company's profitability. The average prices of key raw materials and products have shown significant fluctuations, with nylon filament prices declining less than raw material prices due to the increasing proportion of differentiated products [6]. - The company is anticipated to benefit from the gradual recovery of profitability as raw material prices stabilize and the demand in the industry improves. The production of differentiated nylon filament products is expected to enhance the company's market position and profitability [6]. - The company has ongoing projects that are expected to contribute to revenue growth, including high-end nylon fabric projects that are in trial production [6]. Financial Summary - Revenue projections for the company are as follows: - 2023: 5,094 million CNY - 2024: 7,120 million CNY (growth rate of 39.8%) - 2025: 6,599 million CNY (decline of 7.3%) - 2026: 7,767 million CNY (growth rate of 17.7%) - 2027: 8,499 million CNY (growth rate of 9.4%) [5][10] - Net profit forecasts are: - 2023: 449 million CNY - 2024: 726 million CNY (growth rate of 61.6%) - 2025: 492 million CNY (decline of 32.2%) - 2026: 792 million CNY (growth rate of 61.1%) - 2027: 922 million CNY (growth rate of 16.3%) [5][10] - The company's EPS (Earnings Per Share) is projected to be: - 2023: 0.50 CNY - 2024: 0.82 CNY - 2025: 0.55 CNY - 2026: 0.89 CNY - 2027: 1.04 CNY [5][10] Market Performance - The company has shown a relative performance against the market, with a notable price rebound expected in the textile season, which is anticipated to positively impact profitability [6].

Core Insights - The textile and apparel industry is currently rated as "Buy" with a focus on price increases in upstream textile manufacturing and potential growth in downstream apparel and home textile sectors [2][5]. Textile and Apparel Industry Overview - The textile and apparel sector experienced a decline of 2.96% during the period from February 28 to March 6, ranking 17th among 31 primary industries [11]. - The Shanghai Composite Index fell by 0.93%, while the ChiNext Index dropped by 3.21% during the same period [11]. Upstream Textile Manufacturing Insights - Key companies to watch include: - Hangmin Co., benefiting from rising printing and dyeing fees and low-cost dye inventory appreciation. - Xin'ao Co., optimistic about the Australian wool market's supply-demand dynamics. - Bailong Dongfang, which may benefit from a rebound in foreign cotton prices. - Taihua New Materials, expected to see price increases in nylon 6 products due to rising crude oil prices [5]. Downstream Apparel and Home Textile Insights - Companies to focus on include: - Li Ning, which is expected to leverage the Los Angeles Olympic cycle for brand and performance enhancement. - Leading home textile brands like Luolai Life, Mercury Home Textile, and Fuanna, which are capitalizing on the rise of the sleep economy [5]. - Jin Hong Group and Hailan Home, which are seeing a recovery in traditional businesses and high growth in new consumer segments [5]. Light Industry Manufacturing Overview - The light industry export fundamentals remain relatively strong, with potential improvements in external environments such as U.S. real estate transactions. Key companies include: - Jiangxin Home, Yuanfei Pet, and Yiyi Co. [5]. - The new consumer segment in light industry is experiencing a high valuation correction, with companies like Baiya Co., Simor International, and Dengkang Dental continuing to show growth potential [5]. Industry Data Tracking - As of March 6, 2026, the price of dispersed black was 25.00 CNY/kg, up 47.06% year-on-year, while Vietnam's footwear exports in February amounted to 1.414 billion USD, down 10.02% year-on-year [5]. - The cotton price difference in China was 3413.58 CNY/ton, and the Australian wool price was 1716 AUD/kg, reflecting a 43.6% year-on-year increase [5]. Company Valuation and Financial Analysis - The textile and apparel industry has a current PE ratio of 20.59X, with historical highs of 57.80X and lows of 14.44X [14]. - Notable companies and their valuations include: - Mercury Home Textile (20.42 CNY, Buy, target price 23.08 CNY) - Fuanna (6.94 CNY, Buy, target price 8.17 CNY) - Semir Apparel (5.48 CNY, Buy, target price 8.02 CNY) [6].