泰和新材：2024年中报点评：Q2毛利率环比改善

Investment Rating - The investment rating for Taihe New Materials (002254) is upgraded to "Buy" [1] Core Views - The report highlights that the company's revenue for H1 2024 reached 1.95 billion yuan, a slight increase of 0.55% year-on-year, while the net profit attributable to shareholders was 117 million yuan, a significant decrease of 45.4% [1] - In Q2 2024, the company achieved revenue of 990 million yuan, representing a year-on-year increase of 6.1% and a quarter-on-quarter increase of 2.0%, with a net profit of 92 million yuan, up 16.2% year-on-year and 267% quarter-on-quarter [1] - The report notes that while the spandex industry is experiencing a recovery in demand, it is also facing a peak in production capacity, leading to a decline in profitability for some companies [1] - The report indicates that the company's gross margin improved to 18.1% in the reporting period, despite a decline in the spandex business gross margin due to falling product prices [1] Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of 1.95 billion yuan and a net profit of 117 million yuan, with basic EPS of 0.13 yuan and a non-recurring net profit of 40 million yuan [1] - In Q2 2024, the company recorded a revenue of 990 million yuan and a net profit of 92 million yuan, with a gross margin of 18.1% [1][4] Industry Analysis - The spandex industry is at a peak production capacity, with an increase of 55,000 tons in capacity in H1 2024 and additional capacity expected in H2 2024 [1] - The report mentions that the price of upstream raw material PETMG has declined, leading to a downward trend in spandex prices [1] Future Outlook - The report projects that the company will achieve revenues of 4.22 billion yuan in 2024, 5.04 billion yuan in 2025, and 6.04 billion yuan in 2026, with year-on-year growth rates of 2.5%, 19.8%, and 39.8% respectively [4] - The net profit attributable to shareholders is expected to be 314 million yuan in 2024, 409 million yuan in 2025, and 572 million yuan in 2026, with growth rates of -5.77%, 30.42%, and 39.76% respectively [4]