神马股份：尼龙66行业龙头，产业链双向延伸夯实公司一体化优势

Investment Rating - The report maintains a "Buy" rating for the company based on anticipated growth in revenue and net profit from 2024 to 2026 [2]. Core Views - The company is expected to achieve revenues of 153.80 billion, 177.54 billion, and 203.01 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth of 19.0%, 15.4%, and 14.3% [2]. - The net profit attributable to the parent company is projected to be 3.42 billion, 5.75 billion, and 7.62 billion yuan for the same years, with growth rates of 177.4%, 68.0%, and 32.5% [2]. - The earnings per share (EPS) are forecasted to be 0.33, 0.55, and 0.73 yuan, with corresponding price-to-earnings (PE) ratios of 18, 11, and 8 times [2]. - Key drivers for growth include increased demand for nylon 66 due to automotive lightweighting and expansion in the civil silk sector, as well as the domestic production of key raw materials like adiponitrile [2]. Summary by Sections Revenue and Profit Forecast - Revenue projections for 2024-2026 are 153.80 billion, 177.54 billion, and 203.01 billion yuan, with respective growth rates of 19.0%, 15.4%, and 14.3% [2]. - Net profit forecasts are 3.42 billion, 5.75 billion, and 7.62 billion yuan, with growth rates of 177.4%, 68.0%, and 32.5% [2]. - EPS estimates are 0.33, 0.55, and 0.73 yuan, with PE ratios of 18, 11, and 8 times [2]. Industry Demand and Trends - The demand for nylon 66 is expected to rise due to automotive lightweighting initiatives and the expansion of applications in the civil silk sector [2][50]. - The domestic production of adiponitrile is anticipated to drive a new development cycle in the nylon 66 industry [2][50]. Company Strategy and Advantages - The company is focusing on vertical integration to secure raw material supply and enhance production stability [93]. - The expansion of the product matrix includes advancements in nylon 6 and nylon 66 civil silk sectors, which will further solidify the company's market position [99].