泰和新材：氨纶芳纶短期承压，芳纶涂覆逐步放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.923 billion yuan for Q3 2024, a year-on-year increase of 0.43%, but the net profit attributable to shareholders decreased by 45.75% to 151 million yuan [1] - The company is facing pressure in the spandex market, with the average market price for spandex in Q3 2024 at 25,591 yuan per ton, down 6.25% quarter-on-quarter [1] - The company is actively expanding its aramid production capacity and has initiated research and production of aramid-coated lithium battery separators, which is expected to open a second growth curve [1] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 4.547 billion yuan, with a year-on-year growth of 15.8% [3] - The net profit attributable to shareholders is projected to be 201 million yuan in 2024, reflecting a decrease of 39.7% [3] - The gross margin is expected to decline to 14.0% in 2024, down from 24.2% in 2023 [6] - The return on equity (ROE) is forecasted to be 2.8% in 2024, down from 4.6% in 2023 [6] Industry Insights - The spandex industry is currently under pressure, with limited room for further decline in prices due to ongoing supply pressures and industry losses [1] - The aramid industry is experiencing increased production capacity, but demand recovery is anticipated to be slow [1] - The company is leveraging its first-mover advantage in the aramid-coated separator market, targeting the power battery and energy storage sectors [1]