聚合顺(605166)：盈利如期高增 在建逐步投产

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].