Huafon Spandex(002064) 西部证券·2024-08-13 01:10Investment Rating - The report maintains a "Buy" rating for Huafon Chemical (002064 SZ) [2][4] Core Views - Huafon Chemical's Q2 2024 profitability showed sequential improvement, with net profit increasing by 22% QoQ to 835 million yuan [1] - The company's integrated advantages are being strengthened through capacity expansion projects [2] - Despite weak spandex industry conditions in H1 2024, Huafon achieved revenue growth of 9% YoY to 13 744 billion yuan and net profit growth of 12% YoY to 1 518 billion yuan [1] Financial Performance H1 2024 Results - Revenue: 13 744 billion yuan (+9% YoY) [1] - Net profit: 1 518 billion yuan (+12% YoY) [1] - Gross margin: 16 52% (-0 97pct YoY) [1] - Net margin: 11 06% (+0 29pct YoY) [1] Q2 2024 Highlights - Revenue: 7 087 billion yuan (+10% YoY, +6% QoQ) [1] - Net profit: 835 million yuan (+15% YoY, +22% QoQ) [1] - Gross margin: 16 88% (+0 76pct QoQ) [1] - Net margin: 11 83% (+1 58pct QoQ) [1] Business Segments - Chemical fiber: 4 654 billion yuan revenue (-0 11% YoY), 14 97% gross margin (-0 71pct YoY) [1] - Chemical new materials: 3 036 billion yuan revenue (-0 11% YoY), 21 78% gross margin (-3 52pct YoY) [1] - Basic chemical products: 5 261 billion yuan revenue (+42 38% YoY), 15 45% gross margin (-1 87pct YoY) [1] Industry Conditions - Spandex industry faced oversupply with 105 000 tons/year new capacity added in H1 2024 [1] - Average spandex price: 27 994 yuan/ton (-16% YoY) [1] - PTMEG (spandex raw material) average price: 15 611 yuan/ton (-21% YoY) [1] - Adipic acid average price: 9 696 yuan/ton (-1% YoY) [1] Capacity Expansion - 1 15 million tons/year adipic acid expansion project (Phase VI) reached 92 06% of budget [2] - 300 000 tons/year differentiated spandex project reached 39 83% of budget [2] - PTMEG capacity adjustment: increased from 120 000 tons/year to 240 000 tons/year [2] Financial Projections 2024-2026 Estimates - Revenue: 29 255/33 093/35 506 billion yuan [3] - Net profit: 3 107/3 666/4 003 billion yuan [3] - EPS: 0 63/0 74/0 81 yuan [3] - PE ratio: 11 8/10 0/9 2x [3] Key Ratios - ROE: 11 7%/12 3%/11 9% [5] - Gross margin: 17 2%/17 7%/17 7% [5] - Net margin: 10 6%/11 1%/11 3% [5]