YANTAI TAYHO(SZ:002254) Great Wall Securities·2024-11-01 01:44Investment Rating - The report maintains a "Buy" rating for Taihe New Materials (002254.SZ) [1][4]. Core Views - The report highlights that the spandex industry is awaiting recovery, and it is optimistic about the progress of the company's aramid-coated diaphragm project in downstream validation [1][3][4]. - The company has reported a decline in revenue and net profit for the third quarter of 2024, attributed to falling spandex prices and impairment losses [1][3]. - The aramid-coated diaphragm business is progressing well, with small-scale commercial orders already received, and the company expects to achieve profitability next year as new production capacity comes online [3][4]. Financial Summary - Revenue for 2022 was 3,750 million yuan, with a projected increase to 4,132 million yuan in 2024, reflecting a year-on-year growth rate of 5.3% [1][4]. - The net profit attributable to the parent company is expected to decline from 333 million yuan in 2023 to 242 million yuan in 2024, representing a year-on-year decrease of 27.5% [1][4]. - The report projects earnings per share (EPS) to be 0.28 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 35.7 times [1][4]. Industry Insights - The spandex market is currently experiencing a downward price trend, but there are expectations for stabilization in the fourth quarter due to supply adjustments and cost support [2][3]. - The company is focusing on expanding its aramid-coated diaphragm business, which is seeing rapid validation progress in the energy storage sector [3][4].