海利得(002206)：工业丝价差修复明显 越南基地业务向好

Core Viewpoint - The company maintains a "buy" rating due to significant recovery in the price spread of polyester industrial yarn and positive performance from its Vietnam operations [1][2]. Summary by Sections Investment Highlights - The company maintains a "buy" rating, projecting EPS for 2025, 2026, and newly added 2027 to be 0.44, 0.47, and 0.52 yuan respectively [2]. - The target price has been raised to 6.59 yuan from the previous 4.61 yuan, based on a 15 times PE ratio for 2025 [2]. - The average price of polyester industrial yarn reached 8400 yuan/ton as of May 23, reflecting a month-on-month increase of 2.44% [2]. - The gross profit for polyester industrial yarn in April was 538 yuan/ton, a year-on-year increase of 185.46%, with a gross margin of 6.15%, marking the highest monthly gross profit in the past year [2]. - The company holds a significant market share and brand influence in the polyester filament industry, with a production capacity of 320,000 tons expected in 2024, benefiting from the recovery in product price spreads [2]. - The company’s polyester filament products include non-automotive yarns and automotive yarns, with the latter being recognized for their superior performance compared to domestic peers [2]. Vietnam Operations - The Vietnam subsidiary is operating at full capacity, projecting a net profit of 100 million yuan for 2024 [3]. - In Q1 2025, the sales structure of the Vietnam subsidiary improved, leading to a significant increase in profitability compared to the same period last year [3]. - The company aims to leverage the "Belt and Road" initiative to enhance its "technology + capacity + market" strategy, focusing on global expansion to mitigate external risks and capture high-end market opportunities [3]. - The construction of a high-performance tire cord fabric project with an annual capacity of 18,000 tons in Vietnam is progressing smoothly [3]. Product Development - The company is committed to developing new products based on customer needs, aiming for industry-leading innovations [3]. - The company has established production capabilities for LCP fibers, while PEEK fibers are in the sample testing phase, targeting applications in environmental materials and clean energy [3]. - The company's seawater polyester industrial yarn products are widely used in marine applications and have passed ABS testing certification [3].