聚合顺：德邦证券、大成基金等多家机构于5月27日调研我司

Core Viewpoint - The company, 聚合顺, is actively expanding its production capacity in the nylon new materials sector, with several projects underway that are expected to enhance its market share and competitiveness in the industry [1][2][3]. Production Capacity and Projects - As of the end of 2024, the company has four projects under construction, including a technical transformation project in 常德 with a designed annual capacity of 92,000 tons for nylon 6 [2][3]. - The 滕州基地二期 project aims for an annual production of 220,000 tons of nylon 6 new materials, with some production lines already operational [2]. - The 杭州基地 and 淄博基地 projects are also progressing steadily, with designed capacities of 124,000 tons and 80,000 tons of nylon new materials, respectively [2]. Competitive Advantages - The 常德技改项目 is a core component of the company's nylon 6 production capacity, featuring advanced imported equipment and a focus on high-performance nylon 6(P) products [3]. - The project is expected to significantly boost the company's market share and competitiveness in the nylon new materials sector [3]. Market Demand and Consumption - The company anticipates that the growth in domestic nylon 6 chip market demand will be driven by exports, overall macroeconomic growth, and consumption upgrades in key application areas [4][5]. - The nylon 6 chips are increasingly competitive in international markets, with applications spanning various industries including electronics, military, automotive, and textiles [5]. Product Segmentation - Nylon 6 chips are categorized into three main types: fiber-grade, engineering plastic-grade, and film-grade, with fiber-grade chips seeing significant demand in high-value textile applications [5]. - The engineering plastic segment benefits from the durability and versatility of modified nylon products, while the film segment primarily utilizes nylon 6 for packaging applications [5]. Entry into Nylon 66 Market - The company is set to enter the nylon 66 market, which involves a different production process and offers superior properties compared to nylon 6, making it suitable for a wider range of industrial applications [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 1.563 billion yuan, a year-on-year decrease of 4.63%, while net profit attributable to shareholders increased by 15.04% to 80.79 million yuan [7]. - The company’s debt ratio stands at 65.07%, with a gross margin of 8.17% [7]. Earnings Forecast - Various institutions have provided earnings forecasts for the company, with projected net profits for 2025 ranging from 396 million yuan to 421 million yuan, indicating a positive outlook for future performance [8].