Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest CNY 11 billion in an integrated high-performance paper-based new material project in Sichuan, which includes the construction of 400,000 tons of bamboo pulp and 600,000 tons of paper, contributing a total of 800,000 tons of bamboo pulp and 1.2 million tons of paper [1] - The first phase is expected to achieve an annual output value of approximately CNY 5.15 billion, with production anticipated to commence within three years from the start of construction [1] - The investment aims to seize high-quality bamboo forest resources in China, with the bamboo pulp production line expected to be the first to commence operations [1][2] Summary by Sections Market Potential - The bamboo pulp market is expected to expand significantly, with 2023 production at 2.54 million tons, accounting for only 2.9% of total pulp production [2] - Government initiatives, such as the "Replace Plastic with Bamboo" action plan, are set to boost the bamboo pulp paper industry, with an anticipated 200,000 to 250,000 tons of new capacity to be launched in the next three years [2] Financial Performance - The company is projected to achieve a revenue growth rate of over 30% for the year, with a net profit forecast of CNY 1.31 billion in 2025, reflecting a 30% year-on-year increase [3][4] - The gross profit margin is expected to improve from 11.6% in 2023 to 15.8% in 2025, indicating a positive trend in profitability [4] - The company's earnings per share (EPS) is projected to increase from CNY 0.94 in 2023 to CNY 1.85 in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 21.90 to 11.14 [4]

行业研究 [Table_ReportType] 点评报告 证券研究报告 [Table_StockAndRank] 煤炭开采 | 投资评级 | 看好 | | --- | --- | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,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 [Table_Title] 新《矿产资源法》核心要点及对煤炭行业影 响分析 [Table_ReportDate] 2025 年 7 月 3 日 [Table_S ➢ 事件ummar ：2024y] 年 11 月 8 日，《中华人民共和国矿产资源法（修订草 案）》经十四届全国人大常委会第十二 ...

稳态环境下资金中枢的合理水平在何处？ ——2025 年 7 月流动性展望 [Table_ReportTime] 2025 年 7 月 2 日 3稳态环境下资金中枢的合理水平在何处？ ——2025 年 7 月流动性展望 [Table_ReportDate] 2025 年 7 月 2 日 信达证券股份有限公司 CINDASECURITIESCO.,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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com [➢Table_Summary] 5 月超储率较 4 月上升约 0.1pct 至 1.0%，低于我们此前预期的 1.2%，仍处 2019 年以来同期的最低水平 ...

[李一爽 Table_ First固定Author 收益]首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱：liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 甜蜜中不再畏高？ —— 7 月转债投资策略与关注个券 [Table_ReportTime] 2025 年 07 月 02 日 债券研究 [T债券able_ReportType] 专题 [Table_A 李一爽 uthor固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+86 18817583889 邮 箱： liyishuang@cindasc.com 张 弛 固定收益分析师 执业编号：S1500524090002 联系电话：+86 18817872149 邮 箱：zhangchi3@cindasc.com 信达证券股份有限公司 ...

航运港口 2025 年 6 月专题 集装箱吞吐量稳增，干散货吞吐量企稳 [Table_Industry] 航运港口专题 [Table_ReportDate] 2025 年 7 月 1 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | 交通运输 | [Table_StockAndRank] | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 黄安 交运行业分析师 执业编号：S1500524110001 邮 箱：huangan@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 [Table_Author] [Table_S [➢Table_Summary 一、ummar 综述：全国进出口总额及货物吞吐量情况 y] ] ◼ 进出口总额：2025 年 1～5 月，全国进出口总额实现 17.94 万亿 元，同比增长 2.5%，其中，全国进口总额实现 7.28 万亿 ...

[Table_StockAndRank] 影石创新(688775) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | | | | | | 发布马克·马奎斯联名款 Ace Pro2 相机，加速骑行群体产品渗透。公司发 布与 8 冠王摩托车手马克·马奎斯联名的运动相机 Ace Pro2，机身镌刻"93" 铭文及标志性红色元素，限定礼盒包括收藏级签名照及全套骑行配件。针对 摩托骑行者用户额外升级"MM93"数据仪表盘 UI、定制关机动画，并突出 夜景、防风收音、157°广角镜头等功能。我们认为公司延续深度绑定垂类 代言人的营销打法，此次联名款发布能有效实现人群破圈，增强骑行人群中 的品牌势能。 618 总口径 GMV 同增 160%，维持强劲增长势能。公司 618 全周期 GMV 超 4 亿元，同增 160%，其中天猫/京东/抖音分别增长 136%/155%/248%， 并霸榜运动相机销售榜 TOP1。我们认为在公司新一轮推新周期中，创意产 品+高效营销均有助于维持公司增长势能，预计以 ONE X5 为代表的新机型 仍将保持优异销售表现。 智能影像稀缺标的，持续享受渗透率提升红利。公司 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 涛涛车业(301345) 投资评级 无评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com [Table_OtherReport] 涛涛车业：电动高尔夫球车持续放量， 海外供应链布局领先 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 [Table_Title] 涛涛车业：电动高尔夫持续放量，规模效应凸 显 [Table_ReportDate] 2025 年 07 月 01 日 [Table_S 事件：公司ummar发布y] 2025 年 ...

基础化工月报：油价驱动部分化工品价格上涨 [Table_ReportDate] 2025 年 7 月 1 日 [Table_ReportDate] 本期内容提要: 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@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 [基础化工月报： Table_Title] 油价驱动部分化工品价格上涨 [Table_ReportDate] 2025 年 7 月 1 日 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] PMI 小幅回升背后的逻辑 [Table_ReportDate] 2025 年 6 月 30 日 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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 一、制造业企业"反直觉"的补库行为 制造业 PMI 小幅改善，新订单和采购量是最大的亮点。6 月制造业 PMI 为 49.7%，较前值提升 0.2 个百分点（图 2），除了从业人员和经营活动预期外，制造业的全部分项指标都出现了不同程度的改善， ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company has a significant competitive advantage in the nylon industry, driven by a comprehensive vertical integration strategy that enhances profitability and market position [4][12] - The company is expected to benefit from the increasing demand for high-end nylon products, with a projected compound annual growth rate (CAGR) of 7-10% in nylon demand from 2025 to 2027 [4][12] - The company is positioned to capitalize on the growing trend of sustainable materials, with its PRUECO chemical recycling technology gaining recognition and certification [4][12] Summary by Sections Company Overview - The company has established a complete industrial chain from nylon spinning, weaving, dyeing, to finishing, with a production capacity of 345,000 tons of nylon yarn, 716 million meters of grey fabric, and 610 million meters of finished fabric [4][19] - The company has deep partnerships with leading brands such as Decathlon and Li Ning, enhancing its customization capabilities and market reach [4][23] Market Dynamics - The nylon industry is experiencing accelerated capacity expansion, with a clear distinction between high-end and low-end products, where the company is expected to benefit from the increasing concentration of high-end products [4][12] - The demand for nylon products is anticipated to rise due to favorable consumption policies and structural upgrades in consumer preferences, particularly in outdoor sports [4][12] Financial Performance - The company has shown steady revenue growth, with projected revenues of 7,812 million yuan in 2025, reflecting a year-on-year growth rate of 9.7% [5] - The net profit attributable to the parent company is expected to reach 855 million yuan in 2025, with a year-on-year growth of 17.8% [5] - The company's gross margin is projected to improve, reaching 23.0% in 2025, supported by its focus on high-end products [5] Growth Drivers - The company is in the process of ramping up production at its Huai'an project, which is expected to add significant capacity and profitability once fully operational [4][12] - The introduction of recycled nylon products is anticipated to open a new growth curve for the company, with a potential global demand for recycled nylon fibers exceeding 200,000 tons by 2030 [4][12]