Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6][12][8]. Core Viewpoints - The company is a leading player in the modified plastics sector, with significant growth potential driven by technological advancements and market demand. The report highlights the company's strategic focus on expanding its modified plastics, improving its green petrochemical operations, and growing its new materials business [3][4][5][6]. Summary by Sections Company Overview - The company, Jinfa Technology, is one of the most comprehensive enterprises in the global chemical new materials industry, focusing on modified plastics, green petrochemicals, new materials, and healthcare [2][22]. Modified Plastics Growth - The modified plastics sector is experiencing continuous growth, supported by advancements in automotive, home appliances, electronics, and new energy industries. The current modification rate in China is only 23%, significantly lower than the global average of 50%, indicating substantial growth potential [3][39]. - The company aims to achieve a sales target of 3 million tons of modified plastics and increase the proportion of engineering plastics to 30% as part of its "333 strategy" [3][4]. Green Petrochemicals - The green petrochemical segment has faced losses due to industry downturns and operational challenges, with a reported loss of 1.884 billion yuan in 2023. However, the company is implementing multi-faceted measures to reduce losses, showing early signs of improvement in 2024 [4][5][6]. New Materials Expansion - The company is actively expanding its new materials business, which includes special engineering plastics, fully biodegradable materials, and high-performance carbon fibers. The demand for these materials is growing rapidly due to their superior performance and increasing environmental awareness [5][24]. Financial Forecast and Valuation - The company is expected to see revenue growth from 55.22 billion yuan in 2024 to 71.53 billion yuan in 2026, with net profits projected to rise from 970 million yuan to 2.11 billion yuan over the same period. The current price-to-earnings ratios are 22.94, 13.95, and 10.57 for the years 2024, 2025, and 2026, respectively [6][12][11].
金发科技深度报告:改性塑料龙头持续成长,绿色石化效益加速改善