Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2]. Core Insights - The company reported a strong performance in 2024, achieving total revenue of 7.168 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 300 million yuan, up 53% year-on-year [7]. - The growth in 2024 is primarily driven by increased sales volume and profit margins of PA6 products, with a projected increase in demand for nylon in various applications [7]. - The company is strategically positioned in the PA66 market through a partnership with China Tianchen, aiming to enhance its production capacity and market share in the future [7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 6.018 billion yuan in 2023 to 9.284 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 29.5% [6]. - Net profit attributable to shareholders is expected to rise from 197 million yuan in 2023 to 410 million yuan in 2025, with a significant year-on-year growth rate of 36.7% [6]. - The earnings per share (EPS) is forecasted to increase from 0.62 yuan in 2023 to 1.30 yuan in 2025, indicating strong profitability growth [6]. Company Performance - In 2024, the company achieved a sales volume of 565,000 tons of nylon chips, a year-on-year increase of 18%, with an average price of 12,685 yuan per ton [7]. - The gross profit margin for 2024 is projected to be 8.1%, with a return on equity (ROE) of 15.6% [6][7]. - The company is expanding its production capacity, with plans to build an additional 80,000 tons of PA66 capacity, which is expected to contribute to future growth [7].

Core Viewpoint - The company reported a strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, driven by increased demand in the PA6 segment and ongoing project developments [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 7.17 billion yuan, a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 300 million yuan, up 52.7% year-on-year [1]. - The fourth quarter saw operating revenue of 1.84 billion yuan, reflecting an 11.8% year-on-year increase and a 1.1% quarter-on-quarter increase, with a net profit of 66.68 million yuan, up 43.2% year-on-year but down 17.5% quarter-on-quarter [1]. Product Demand and Production - The demand for PA6 downstream products, including film-grade packaging materials, engineering plastics, and civilian fibers, is expected to grow, with engineering plastics and fiber-grade PA6 slice demand increasing by 28% and 22% year-on-year, respectively [1]. - The company produced 577,000 tons of PA6 slices in 2024, a 22.2% year-on-year increase, with sales volume reaching 565,000 tons, up 18.2% year-on-year, and an average selling price of 12,685 yuan per ton, a 0.8% increase year-on-year [1]. Project Development - Ongoing projects are progressing steadily, with the second phase of the polyamide 6 new materials project expected to reach operational status by the end of 2024, contributing to future revenue growth [2]. - Additional projects in Hangzhou and Changde are anticipated to gradually come online, further supporting sustained performance growth [2]. Market Outlook - The outlook for nylon products is promising, with expected growth in applications for engineering plastics in sectors like electric vehicles and smart home products, projected to achieve a 20% growth rate [2]. - The company currently has a low proportion of export revenue, with 94.4% of revenue from domestic sales, but aims to expand its international presence as older production facilities in the industry exit the market [2]. Profit Forecast and Valuation - Based on production capacity and sales volume adjustments, the company’s net profit forecasts for 2025-2027 are 403 million yuan, 523 million yuan, and 616 million yuan, respectively, with corresponding price-to-earnings ratios of 8.1, 6.3, and 5.3 [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 7.168 billion yuan for 2024, representing a year-on-year growth of 19.11%. The net profit attributable to shareholders was 300 million yuan, up 52.66% year-on-year, while the net profit excluding non-recurring items was 291 million yuan, reflecting a growth of 51.62% [2][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 1.835 billion yuan, which is an increase of 11.85% year-on-year and a slight increase of 1.10% quarter-on-quarter. The net profit for this quarter was 67 million yuan, showing a year-on-year growth of 43.23% but a quarter-on-quarter decline of 17.51%. The net profit excluding non-recurring items was 65 million yuan, with a year-on-year increase of 44.15% and a quarter-on-quarter decrease of 17.65% [2][6]. Production and Market Position - The company focuses on the mid-to-high-end nylon chip market, with a production capacity of over 570,000 tons in 2024, marking a year-on-year increase of 22.17%. Sales volume reached over 560,000 tons, up 18.24% year-on-year. The production capacity is distributed across four major bases: Hangzhou, Changde, Tengzhou, and Zibo [12]. Demand and Supply Dynamics - The demand for PA6 (polyamide 6) has significantly increased in 2024, driven by trends in outdoor economy and sports, as well as the automotive industry's push for lightweight materials. The supply side is also expanding, with PA6 capacity reaching 7.87 million tons, a 24% year-on-year increase. The company anticipates a balanced supply-demand situation for PA6 in the long term [12]. Future Growth Prospects - The company is expected to see continued rapid expansion in its PA6 business, while the PA66 (polyamide 66) segment is anticipated to become a second growth curve due to its demand potential. The company is investing in R&D and innovative production techniques to maintain its competitive edge [12]. Financial Forecast - The projected net profits for the company from 2025 to 2027 are estimated to be 420 million yuan, 530 million yuan, and 590 million yuan, respectively. The corresponding price-to-earnings ratios (PE) for these years are expected to be 7.9X, 6.3X, and 5.7X [12].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 7.168 billion yuan in 2024, representing a year-on-year growth of 19.11%, and a net profit attributable to shareholders of 300 million yuan, up 52.66% year-on-year [1][4]. - The nylon fiber-grade slice is the main revenue contributor, with domestic sales accounting for 94.35% of total revenue, indicating a low proportion of direct exports [2][3]. - The demand for high-end nylon products is expected to grow steadily, driven by applications in various industries such as new energy vehicles and smart home products [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.835 billion yuan, a year-on-year increase of 11.85%, and a net profit of 67 million yuan, up 43.23% year-on-year [1]. - The gross margin for 2024 was 8.07%, an increase of 1.37 percentage points compared to the previous year [2]. Business Segmentation - The nylon fiber-grade slice accounted for 66.34% of total revenue, while engineering plastics contributed 32.32% [2]. - The company has a strong domestic market presence, with plans to expand into overseas markets as industry dynamics change [2][3]. Capacity Expansion and Future Outlook - The company is expanding its high-end production capacity, with several projects expected to come online between 2025 and 2026, which will enhance its competitive advantage in the nylon 6 segment [3][4]. - Forecasted net profits for 2025, 2026, and 2027 are 403 million yuan, 495 million yuan, and 600 million yuan, respectively, with corresponding PE ratios of 8, 7, and 6 [4][5].

聚合顺（605166.SH）2024 年年报点评 业绩稳健兑现预期，特种尼龙开辟增长新蓝海 2025 年 04 月 11 日 分析师 刘海荣 执业证书： S0100522050001 邮箱： liuhairong@mszq.com 分析师 李金凤 执业证书： S0100524070003 邮箱： lijinfeng@mszq.com ➢ 纤维级切片贡献主要收入，海外直接出口占比低。据公司公告，24 年公司 尼龙切片合计产销量分别为 57.65 万吨、56.50 万吨，营业收入实现 71.67 亿 元，同比增长 19.17%；毛利率实现 8.07%，同比增加 1.37 个百分点。从业务拆 分来看，2024 年尼龙纤维级切片系公司的重要收入组成部分，工程塑料紧随其 后，占比分别为 66.34%、32.32%；从销售区域划分来看，2024 年公司实现内 销 67.62 亿元，占比 94.35%，外销金额 4.05 亿元，占比 5.65%，其中公司外 销客户主要集中于东南亚、欧洲、南美及大洋洲，未来随着行业海外装置逐步退 出市场，公司凭借积累的规模及成本优势将逐步打开海外市场的成长空间。 ➢ 高端产能稳步扩容，行业需 ...

聚合顺 20250410 2025-04-11 摘要 • 2024 年聚合顺营收 71.67 亿元，同比增长 51.62%，归母净利润 2.91 亿元，净资产收益率达 16.53%，提升 4.5 个百分点，显示出较强的盈利 能力。 • 聚合顺 2024 年分红方案为每 10 股派发现金红利 1.33 元（含税），共计 4,197 万元，占当年可分配利润的 15.05%，体现了公司对股东的回报。 • 公司在全国拥有四大产能基地，包括杭州本部、常德基地、滕州厂区和淄 博双键生产线，总产能扩张迅速，为未来增长奠定基础。 • 2024 年四季度毛利率有所回落，主要受原材料价格波动、审计政策调整 及新产线试运行影响，预计 2025 年一季度将趋于平稳。 • 公司海外业务占比不高，直接对美国出口为零，下游核心纺织客户海外业 务收入占比不到 10%，受贸易战直接影响较小。 • 公司通过提升品质和降低成本应对竞争压力，采取国际品质、国内价格策 略，与高端客户捆绑合作，稳定价格体系，确保高端产品优势。 • 2024 年经营性现金流下降主要由于行业结算模式、合约客户结算方式及 新建投产导致保证金增加，公司将通过资源整合优化现金流 ...

公募基金方面，本期较上一期持股增加的公募基金共计2个，包括建信新材料精选股票发起A、兴银先 进制造智选混合发起A，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计7个，主要 包括交银瑞元三年定期开放混合、交银启信混合发起A、兴银稳惠180天持有混合A、兴银收益增强A、 农银瑞益一年持有混合A等，持股减少占比达0.52%。本期较上一季度新披露的公募基金共计199个，主 要包括招商量化精选股票发起式A、博时凤凰领航混合A、东方红新动力混合A、国泰君安君得鑫2年持 有混合A、东方红中国优势混合等。本期较上一季未再披露的公募基金共计4个，包括宏利睿智成长混 合A、西部利得价值回报混合A、中金中证500ESG指数增强A、汇添富熙和混合A。 2025年4月10日，聚合顺(605166.SH)发布2024年年度报告。截至2025年4月09日，共有213个机构投资者 披露持有聚合顺A股股份，合计持股量达1.47亿股，占聚合顺总股本的46.73%。其中，前十大机构投资 者包括温州永昌控股有限公司、海南永昌新材料有限公司、中国工商银行股份有限公司-交银施罗德趋 势优先混合型证券投资基金、中信银行股份有限公司-交银施罗德 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 提请股东大会授权董事会根据《中华人民共和国公司法》、《中华人民共和 国证券法》、《上市公司证券发行注册管理办法》等法律、法规、规范性文件以 及《公司章程》的规定，对公司实际情况及相关事项进行自查论证，并确认公司 是否符合以简易程序向特定对象发行股票的条件。 聚合顺新材料股份有限公司 关于提请股东大会授权董事会 全权办理以简易程序向特定对象发行股票的公告 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。 聚合顺新材料股份有限公司（以下简称"公司"或"聚合顺"）于2025年4 月9日召开了第三届董事会第三十八次会议，审议并通过了《关于提请股东大会 授权董事会全权办理以简易程序向特定对象发行股票的议案》。 根据《上市公司证券发行注册管理办法》、《上海证券交易所上市公司证券 发行上市审核规则》、 ...

国泰海通证券股份有限公司 关于聚合顺新材料股份有限公司 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所上市 公司自律监管指引第 11 号——持续督导》等相关规定，保荐机构对公司 2024 年度 信息披露文件进行了事前审阅或事后及时审阅，对信息披露文件的内容及格式、履 行的相关程序进行了检查：审阅公司信息披露文件的内容及格式，确信其内容真实、 准确、完整，不存在虚假记载、误导性陈述和重大遗漏，格式符合相关规定；审查 公司临时股东大会、董事会、监事会的召集与召开程序，确信其合法合规；审查股 东大会、董事会、监事会的出席人员资格、提案与表决程序，确信其符合相关规定 和公司章程等。 2024 年持续督导年度报告书 根据《证券法》《证券发行上市保荐业务管理办法》《上海证券交易所股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律、法规的规定，国泰海通证券股份有限公司（以下简称"保荐机构"）作为聚 合顺新材料股份有限公司（以下简称"聚合顺"、"上市公司"、"公司"或"发行人"） 持续督导保荐机构，对聚合顺进行持续督导，现就 2024 年度持续督导工作总结如 下： ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | | | | 审 计 报 告 天健审〔2025〕3284 号 聚合顺新材料股份有限公司全体股东： 一、审计意见 我们 ...