台华新材：业绩靓丽，锦纶迎合户外潮流预计需求旺盛

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 20% within the next six months [11][19]. Core Insights - The company is expected to see significant growth in net profit, with projections for 2024-2026 being 810.14 million, 1,020.14 million, and 1,220.24 million respectively, reflecting a growth rate of 80.39%, 25.92%, and 19.62% [12][13]. - The company is actively promoting the integration of green multifunctional nylon new material projects, enhancing its competitive advantage in differentiated products [11]. - The report highlights the company's strong performance in the nylon market, driven by increasing demand in outdoor apparel and functional textiles [11]. Financial Summary - Revenue is projected to grow from 4,008.56 million in 2022 to 8,966.42 million by 2026, with growth rates of -5.83%, 27.07%, 22.95%, 21.39%, and 17.94% respectively [12][13]. - The company's EBITDA is expected to rise significantly, from 235.67 million in 2022 to 2,108.17 million in 2026 [12]. - The net profit attributable to the parent company is forecasted to increase from 268.68 million in 2022 to 1,220.24 million in 2026, with corresponding EPS rising from 0.45 to 1.37 [12][13]. Valuation Metrics - The report indicates a P/E ratio decreasing from 26.20 in 2022 to 8.60 in 2026, suggesting improved valuation as earnings grow [12]. - The P/B ratio is projected to decline from 2.57 in 2022 to 1.59 in 2026, indicating a potential undervaluation as the company expands [12]. - The EV/EBITDA ratio is expected to decrease from 41.47 in 2022 to 6.86 in 2026, reflecting a more favorable valuation over time [12].