华峰化学：全球氨纶+己二酸龙头，打造规模成本领先优势

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company is a global leader in the production of spandex, adipic acid, and polyurethane raw materials, with significant scale advantages that reduce unit costs and enhance cost competitiveness [2] - Spandex demand is expected to maintain high growth, driven by increasing applications in sportswear, yoga wear, and other markets, with the company benefiting from its cost leadership in raw materials, electricity, and depreciation [2] - Adipic acid production capacity in China is expected to increase globally, with PA66 localization accelerating demand for adipic acid, potentially adding 580,000 tons of demand by 2025 [3] - The company's profitability remains robust despite price pressures, with projected revenues of 26.4/29.0/32.2 billion yuan and net profits of 2.6/3.8/4.4 billion yuan for 2024-2026, respectively [3] Company Overview - The company is a pioneer in China's spandex industry, with a mature technology base and a leading position in spandex, adipic acid, and polyurethane raw materials production [11] - It has a stable and concentrated ownership structure, with experienced management, and has consistently grown its revenue and profitability across its three core businesses [14][16] - The company has expanded its production capacity significantly, with spandex capacity reaching 32.5 million tons/year and an additional 20 million tons/year under construction [13] Spandex Business - The company holds a dominant position in the global spandex market, with production capacity ranking second globally and first in China [12] - Spandex demand is driven by the growth of sportswear, yoga wear, and other applications, with the company benefiting from its cost advantages in raw materials, electricity, and depreciation [2][21] - The company has optimized its spandex production costs, with significant reductions in labor, energy, and depreciation costs, further enhancing its competitive edge [43][44][45] Adipic Acid Business - The company is a leading producer of adipic acid in China, with a capacity of 1.355 million tons/year, accounting for over 40% of the domestic market share [57] - Adipic acid demand is expected to grow due to the localization of PA66 production, with potential demand exceeding 4.7 million tons in the long term [64][65] - Despite industry-wide losses, the company has maintained profitability in its adipic acid business, showcasing its cost advantages and technological leadership [68][69] Polyurethane Business - The company is the largest producer of polyurethane raw materials in China, with a capacity of 520,000 tons/year, contributing stable revenue and profits [74][75] - Polyurethane applications are expanding into new areas such as automotive parts, shared bicycles, and medical devices, providing significant growth potential [71][72] Financial Projections - The company is expected to achieve revenues of 26.4/29.0/32.2 billion yuan and net profits of 2.6/3.8/4.4 billion yuan for 2024-2026, with PE ratios of 15.30/10.69/9.08x, respectively [3][4]