台华新材：行业需求景气带动业绩增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.5 CNY [1]. Core Views - The company's revenue for Q2 2024 reached 1.95 billion CNY, a year-on-year increase of 59%, while the net profit attributable to the parent company was 270 million CNY, up 152% year-on-year [1]. - The significant revenue growth is attributed to the gradual production of the "Green Multifunctional Nylon New Material Integration Project," leading to increased product sales [1]. - The company aims to enhance its competitive advantage in differentiated products such as Nylon 66 and recycled nylon, leveraging its position as a leader in the nylon textile industry [1]. Financial Performance - For the first half of 2024, the company reported a total revenue of 3.42 billion CNY, a 55.64% increase year-on-year, with a net profit of 420 million CNY, reflecting a 132% year-on-year growth [1]. - The gross profit margin for H1 2024 was 24.1%, an increase of 2.9 percentage points year-on-year, while the net profit margin was 12.4%, up 4.1 percentage points year-on-year [1]. - The company’s revenue breakdown shows that nylon filament contributed 1.94 billion CNY (56.9% of total revenue), polyester finished fabric contributed 750 million CNY (21.9%), and grey fabric contributed 640 million CNY (18.7%) [1]. Product and Regional Performance - Domestic sales accounted for 3.04 billion CNY, a 57.9% increase year-on-year, while export sales were 380 million CNY, up 39.6% year-on-year [1]. - The company’s product gross margins for H1 2024 were 20.9% for nylon filament, 33.1% for polyester finished fabric, and 22.6% for grey fabric [1]. Future Outlook - The company plans to actively promote the construction of the Huai'an Taihua Green Multifunctional Nylon New Material Integration Project and enhance its global supply capabilities [1]. - The earnings forecast for 2024-2026 estimates net profits of 810 million CNY, 1.02 billion CNY, and 1.25 billion CNY, respectively, with corresponding EPS of 0.91 CNY, 1.15 CNY, and 1.41 CNY [2][3].