台华新材2024年中报业绩点评：锦纶龙头优势显著，H1业绩靓丽高增

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 13.76 CNY, reflecting an increase from the previous target of 12.74 CNY [4][5]. Core Insights - The company has experienced significant revenue and profit growth in the first half of 2024, driven by strong downstream demand and product orders, particularly in nylon products. The company is expected to continue its rapid growth in the second half of the year [3][4]. - The revenue for H1 2024 reached 34.2 billion CNY, representing a year-on-year increase of 55.6%, while the net profit attributable to shareholders was 4.2 billion CNY, up 131.5% year-on-year [4]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.86, 1.02, and 1.18 CNY, respectively, reflecting the strong performance and favorable market conditions [4]. Financial Summary - The company's revenue for 2024 is projected to be 6.543 billion CNY, with a year-on-year growth of 28.4%. The net profit attributable to shareholders is expected to reach 766 million CNY, a growth of 70.6% [5]. - The gross profit margin for H1 2024 improved by 2.2 percentage points year-on-year, with significant contributions from various product segments, including nylon filament, grey fabric, and finished fabric [4]. - The company’s net profit margin increased by 4 percentage points to 12.4% in H1 2024, indicating improved profitability across its business segments [4]. Business Outlook - The company is well-positioned to benefit from the growing demand for outdoor and sun-protective products, with expectations for steady growth in its core business in the second half of 2024 [4]. - A new equity incentive plan was announced in July 2024, aimed at motivating key personnel and enhancing confidence in the company's growth trajectory [4].