台华新材：季报点评：锦纶需求延续景气

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 11.54 CNY [4][3]. Core Views - The company reported a revenue of 1.8 billion CNY for Q3 2024, representing a 34% year-on-year increase, driven primarily by sales volume growth. The net profit attributable to the parent company was 190 million CNY, up 35% year-on-year, attributed to revenue growth and improved gross margin [1]. - For the first three quarters of 2024, the company achieved a total revenue of 5.2 billion CNY, a 47% increase year-on-year, with a net profit of 620 million CNY, reflecting an 89% year-on-year growth [1]. - The company has established an integrated industrial chain that includes nylon spinning, weaving, dyeing, and finishing, which enhances resource sharing and reduces production costs, thereby improving profitability [2]. - The company has a strong R&D team and collaborates with universities and international firms to enhance its competitive edge and product development [2]. Financial Performance Summary - The company’s gross margin for the first three quarters of 2024 was 24.01%, an increase of 2.25 percentage points year-on-year, while the net profit margin was 11.93%, up 2.64 percentage points year-on-year [1]. - The earnings per share (EPS) for 2024 is projected to be 0.89 CNY, with subsequent years expected to be 1.09 CNY in 2025 and 1.35 CNY in 2026 [3][6]. - The company’s total revenue is forecasted to grow from 5.1 billion CNY in 2023 to 7.4 billion CNY in 2024, reflecting a growth rate of 45% [6][9]. Industry Overview - The company operates within the textile and apparel manufacturing industry, which is currently experiencing a favorable demand environment for nylon products, particularly in outdoor apparel [2][3]. - The report highlights the importance of maintaining a competitive advantage through an integrated supply chain and strong customer feedback mechanisms to adapt to market demands [2].