台华新材(603055)：Q1毛利率环比改善 差异化占比将逐步提升

Core Viewpoint - The company has shown strong profit performance in Q1 2025, benefiting from government subsidies, with a notable increase in net profit despite a decline in non-recurring profit [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 1.478 billion yuan, a year-on-year increase of 0.38% [1]. - The net profit attributable to shareholders was 163 million yuan, up 8.92% year-on-year, while the non-recurring net profit decreased by 22.62% to 105 million yuan [1]. - Government subsidies amounted to 70.68 million yuan in Q1 2025, an increase of 45.69 million yuan year-on-year [1]. - Gross margin decreased by 1.07 percentage points year-on-year to 22.33%, but improved by 2.13 percentage points quarter-on-quarter [1]. - The net profit margin increased by 1.06 percentage points year-on-year to 11.23%, with a quarter-on-quarter increase of 5.7 percentage points [1]. Cost and Efficiency - The operating expense ratio rose by 1.22 percentage points year-on-year to 12.2%, with sales expenses increasing by 0.28 percentage points to 1.16% [1]. - R&D expenses decreased by 0.92 percentage points to 4.52%, while financial expenses increased by 0.66 percentage points to 2.23% [1]. - The company sold 47,200 tons of nylon filament at an average price of 21,300 yuan, a year-on-year price decrease of 8.5% [1]. - The average price of nylon chips in Q1 2025 was 12,100 yuan per ton, down 16.08% year-on-year [1]. Cash Flow and Inventory - The company reported operating cash flow of 73 million yuan, a significant increase of 147.35% year-on-year [2]. - The ratio of operating cash flow to net operating income was 66.11% [2]. - Inventory turnover days increased by 27.17 days year-on-year to 195.65 days, while accounts receivable turnover days rose by 6.07 days to 67.57 days [2]. - Accounts payable turnover days decreased by 22.78 days to 66.45 days [2]. Investment Outlook - The company's PURECO product, made from chemical recycling of nylon, has received GRS certification, with potential for significant growth as customer engagement and production capacity ramp up in 2025 [2]. - The long-term growth path appears clear with a continuous increase in the proportion of differentiated products and ample new capacity [2]. - Profit forecasts for 2025-2027 have been slightly adjusted downwards due to potential impacts from trade friction, with expected net profits of 880 million, 1.05 billion, and 1.22 billion yuan respectively [2].