台华新材：上半年收入增长56%，坯布面料子公司盈利同比改善

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Views - The company has experienced a significant revenue growth of 55.6% year-on-year in the first half of 2024, reaching 3.42 billion yuan, driven by increased sales and improved profitability in its fabric business [1][11] - The net profit attributable to shareholders increased by 131.5% year-on-year to 420 million yuan, with a non-recurring net profit growth of 202.7% to 370 million yuan [1][11] - The gross margin improved by 2.9 percentage points to 24.1%, primarily due to enhanced margins in the fabric business [1][11] - The company is well-positioned for long-term growth, supported by high demand in downstream markets and the ramp-up of nylon 66 production capacity [1][11] Financial Performance Summary - Revenue for 2024 is projected to be 6.364 billion yuan, with a year-on-year growth of 24.9% [2][11] - Net profit is expected to reach 659 million yuan in 2024, reflecting a growth of 46.8% [2][11] - Earnings per share (EPS) is forecasted to be 0.74 yuan in 2024, with a net profit margin of 10.4% [2][11] - The company maintains a target price range of 12.5 to 13.2 yuan, corresponding to a price-to-earnings (PE) ratio of 17 to 18 times for 2024 [1][11] Business Segment Performance - The revenue from nylon filament increased by 68.5% year-on-year to 1.94 billion yuan, with a gross margin of 20.9% [1][11] - The fabric segment's revenue grew by 51.6% to 750 million yuan, with a gross margin of 33.1%, indicating strong profitability improvements [1][11] - The company’s subsidiaries in fabric and grey cloth have shown significant profit improvements, with combined profits of 160 million yuan in the first half of 2024 [1][11]