海利得：业绩同比正增，积极布局PPS长丝等特种高分子材料

Investment Rating - The investment rating for the company is upgraded to "Buy-A" [2] Core Views - The company has shown positive year-on-year growth in its performance, with a revenue of 4.368 billion yuan for the first three quarters of 2024, representing a 2.5% increase year-on-year, and a net profit of 296 million yuan, which is an 8.94% increase year-on-year [1] - The company is actively expanding into the special high-performance fiber sector, particularly focusing on PPS long fibers, which have already begun to be produced [1][2] - The company is expected to achieve revenues of 6.058 billion yuan, 6.377 billion yuan, and 6.602 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.74%, 5.28%, and 3.51% [2][3] Financial Performance Summary - For the third quarter, the company reported a revenue of 1.491 billion yuan, a slight decrease of 0.05% year-on-year, and a net profit of 107 million yuan, which is a 6.45% increase year-on-year [1] - The gross margin for the third quarter was 15.8%, down 1.11 percentage points year-on-year, while the net margin was 7.18%, up 0.41 percentage points year-on-year [1] - The company’s earnings per share (EPS) for 2024 is projected to be 0.34 yuan, with a price-to-earnings (P/E) ratio of 13.3 [2][3] Market Data - The company’s stock closed at 4.48 yuan, with a year-to-date high of 5.51 yuan and a low of 3.42 yuan [1] - The market for PPS fibers is expected to grow at a compound annual growth rate (CAGR) of 9% from 2023 to 2032, indicating significant potential for the company in this sector [1]