富恒新材深度报告：改性塑料翘楚布局PEEK，业绩增长确定性强

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][2]. Core Insights - The company, a leader in modified plastics, is expected to see strong performance growth driven by its strategic focus on PEEK materials and robust market demand [1][2]. - The company has a solid operational foundation with continuous improvement in profitability, evidenced by a significant increase in revenue and net profit over the years [9][18]. - The controlling shareholders possess extensive management experience, contributing to a concentrated ownership structure that supports strategic decision-making [18]. Summary by Sections 1. Company Overview - The company has over 30 years of experience in the modified plastics industry, establishing itself as a leading player and a national "specialized and innovative" small giant [7]. - Its main products include styrenic, modified engineering plastics, and polyolefins, which are widely used in key sectors such as home appliances, consumer electronics, and automotive components [7][9]. 2. Market Overview - The modified plastics market in China is expected to grow significantly, driven by demand from the home appliance and automotive sectors [4][7]. - The industry has a low concentration level, providing the company with a competitive advantage due to its strong innovation capabilities and customer relationships [4][7]. 3. PEEK Material Strategy - The company is strategically positioning itself in the PEEK materials market, which is anticipated to experience rapid growth due to its superior performance and expanding applications [4][7]. - The competitive landscape shows that foreign companies currently dominate the PEEK market, but domestic production capacity is expanding [4][7]. 4. Financial Performance and Forecast - Revenue is projected to grow from 580 million yuan in 2023 to 1.281 billion yuan by 2026, with a compound annual growth rate (CAGR) of 34% [1][2]. - Net profit is expected to increase from 58 million yuan in 2023 to 106 million yuan by 2026, reflecting a CAGR of 24% [1][2]. - The company's profitability has improved significantly, with gross margins rising from 7% in 2018 to 20% in 2023 [13][14]. 5. Ownership Structure - The controlling shareholders, Yao Xiuzhu and Zheng Qingliang, hold a combined 45.29% of the company, providing a stable governance framework [18][19].