泰和新材：氨纶运行依然承压，行业运行承压

Investment Rating - The investment rating for Taihe New Materials is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 2.923 billion yuan for the first three quarters, a year-on-year increase of 0.43%, while the net profit attributable to shareholders decreased by 45.75% to 151 million yuan [1]. - The company is facing significant pressure in the spandex and aramid fiber sectors, with supply pressures leading to a decline in product prices [1]. - The company has established four major business groups to seek long-term development, focusing on advanced textiles, new energy materials, safety protection, information technology, and chemicals [1]. Summary by Sections Performance Review - In Q3, the company achieved a revenue of 971 million yuan, a year-on-year increase of 0.2%, while the net profit attributable to shareholders was 34 million yuan, down 47.01% year-on-year [1]. - The average selling price of spandex 40D in Q3 was approximately 25,580 yuan/ton, a decrease of 6.3% from Q2 and down 16.8% year-on-year [1]. Business Analysis - The spandex industry continues to face pressure, with many companies operating at a loss due to insufficient demand [1]. - The aramid fiber sector is experiencing intense competition, particularly in the para-aramid segment, while the meta-aramid segment remains relatively stable [1]. - The company's gross margin in Q3 was 14.68%, down approximately 4 percentage points from Q2, indicating increased pressure [1]. Investment Recommendations - Due to the pressure in the spandex and aramid fiber industries, the company has slowed down its new capacity expansion plans, leading to a downward revision of earnings expectations for 2024 by 72% [2]. - The projected revenues for 2024-2026 are 3.947 billion, 4.990 billion, and 6.290 billion yuan, with net profits of 226 million, 319 million, and 380 million yuan respectively [2]. - The current stock price corresponds to a PE valuation of 39, 28, and 23 times for the years 2024, 2025, and 2026 [2].