信达证券：首次覆盖台华新材给予买入评级

Core Viewpoint - The report on Taihua New Materials highlights its significant competitive advantages in the nylon industry, driven by a comprehensive vertical integration strategy and a focus on high-end products, leading to a "buy" rating for the company [1][2]. Company Overview - Taihua New Materials is a leading player in the nylon industry with a complete supply chain from spinning, weaving to dyeing and finishing, achieving a production capacity of 345,000 tons of nylon yarn, 716 million meters of grey fabric, and 710 million meters of finished fabric [2]. - The company has established strong partnerships with major brands like Decathlon and BERSHKA, enhancing its customized service capabilities for high-end market expansion [2]. Industry Dynamics - The nylon industry is experiencing accelerated capacity expansion, with a clear differentiation between high-end and low-end products. Companies with high-end and customized production capabilities are expected to benefit from increased concentration in high-end products [3]. - The demand for nylon is projected to grow at a compound annual growth rate (CAGR) of 7-10% from 2025 to 2027, with a potential 36% increase in demand by 2030 due to rising participation in outdoor sports [3]. Growth Drivers - The company's growth is supported by the ramp-up of its Huai'an project, which is expected to add significant production capacity, and the commercialization of its recycled nylon technology, PRUECO, which has received global certification [4]. - The Huai'an project is anticipated to generate profits of 329 million, 123 million, 411 million, and 411 million yuan upon full production [4]. Financial Projections - The company forecasts net profits of 855 million, 1.066 billion, and 1.288 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.8%, 24.7%, and 20.8% [5]. - The estimated earnings per share (EPS) for the same years are projected to be 0.96, 1.20, and 1.45 yuan, with price-to-earnings (PE) ratios of 9.51, 7.62, and 6.31, indicating a valuation below the average of comparable companies [5].