台华新材：业绩符合预期，化学再生获GRS认证

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 5.18 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 47%, and a net profit attributable to shareholders of 620 million yuan, up 89% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 1.77 billion yuan, a 34% increase year-on-year, with a net profit of 190 million yuan, reflecting a 35% year-on-year growth but a 29% decline quarter-on-quarter [2][6] - The company benefits from a differentiated strategy that continues to drive growth, particularly in the nylon market, which has seen increased demand due to trends in outdoor products [6] - The company has received GRS certification for its chemical recycling products, which is expected to enhance its growth potential [6] Financial Performance Summary - For 2024, the company forecasts revenues of 6.71 billion yuan, 8.37 billion yuan, and 10.27 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 32%, 25%, and 23% [6][7] - The net profit attributable to shareholders is projected to be 840 million yuan, 1.03 billion yuan, and 1.29 billion yuan for the same years, with growth rates of 87%, 23%, and 25% respectively [6][7] - The earnings per share (EPS) are expected to be 0.94 yuan, 1.16 yuan, and 1.45 yuan for 2024, 2025, and 2026, indicating a compound annual growth rate (CAGR) of 42% over three years [6][7] Market Position and Strategy - The company is positioned to benefit from the domestic production wave of adiponitrile, which is expected to further enhance its growth prospects in the nylon 66 segment [6] - The company’s differentiated nylon products and its focus on sustainable practices through chemical recycling are key components of its growth strategy [6]