聚合顺：上半年业绩大幅增长，尼龙龙头扩产PA6、切入PA66

Investment Rating - The report assigns an "Accumulate" rating to the company [22]. Core Views - The company is a leader in the nylon industry, with a significant increase in production capacity and a focus on high-end nylon products. The company is expected to benefit from strong downstream market demand and has multiple projects under construction that will enhance its production capabilities [16][25]. - The company reported a substantial increase in net profit for the first half of 2024, with a year-on-year growth of approximately 51.70% [22]. - The company is actively investing in research and development, which is expected to drive long-term growth and innovation in its product offerings [19][59]. Financial Summary - The company achieved a revenue of 6.018 billion yuan in 2023, with a slight decrease of 0.3% year-on-year. However, it is projected to grow to 6.965 billion yuan in 2024, representing a year-on-year increase of 15.7% [26]. - The net profit for 2023 was 197 million yuan, down 18.8% from the previous year, but is expected to rebound to 299 million yuan in 2024, reflecting a growth of 51.8% [26]. - The company's gross margin is projected to improve from 6.7% in 2023 to 8.3% in 2024 [26]. Production Capacity and Projects - As of the end of 2023, the company has a total production capacity of 510,000 tons for PA6, with plans to increase this to 934,000 tons by 2026 through various projects [16][24]. - Key projects include a 124,000-ton nylon new materials project in Hangzhou and an 80,000-ton nylon 66 project, both of which are expected to contribute significantly to future production [16][24]. Market Demand and Trends - The overall demand for nylon products is strong, with a reported consumption of 4.3491 million tons in 2023, primarily driven by applications in nylon fibers and engineering plastics [22]. - The domestic consumption of PA6 is expected to continue growing, with a year-on-year increase of 7% in 2023 and 20% in the first five months of 2024 [22]. Research and Development - The company has consistently prioritized R&D, with a focus on developing new technologies and products. As of the end of 2023, it holds 61 patents, including 11 invention patents [19][59]. - R&D expenses for 2023 were 158 million yuan, accounting for 2.63% of total revenue, indicating a commitment to innovation and product development [59].