华鲁恒升：20万吨己二酸装置投产，尼龙66项目推进

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2][24] Core Views - The company's nylon 66 high-end new material project has commenced trial production of the adipic acid unit, which is expected to produce 200,000 tons per year, thereby expanding the company's chemical new materials segment and enhancing its overall competitiveness [1][2][4] - The project is estimated to require a total investment of 3.078 billion yuan, funded through the company's own resources and bank loans [4] - After the completion of the nylon 66 project, the company is projected to produce 80,000 tons of nylon 66 and 200,000 tons of adipic acid annually, with an expected annual revenue of 3.356 billion yuan and a profit of 534 million yuan [4][5] Summary by Sections Company Overview - The company is advancing its nylon 66 high-end new materials project, which includes the construction of two 40,000 tons/year nylon 66 production lines, one 200,000 tons/year adipic acid production line, and one 42,000 tons/year hexamethylenediamine production line [1][4][5] Market Conditions - The domestic market for adipic acid and nylon 66 is currently facing oversupply, with capacity utilization rates of 64% and 65% respectively in 2023 [2][9] - The demand for adipic acid is expected to grow primarily due to developments in nylon 66 and thermoplastic biodegradable plastics (PBAT) [2][9] Financial Projections - The company's net profit forecasts for 2024-2026 have been cautiously adjusted to 4.0 billion, 4.59 billion, and 4.95 billion yuan respectively, with corresponding EPS of 1.88, 2.16, and 2.33 yuan [2][24] - The current price-to-earnings (PE) ratios are projected to be 12.2, 10.6, and 9.8 for the years 2024, 2025, and 2026 respectively [2][24] Competitive Position - The company maintains a relatively stable cost advantage and is continuously advancing new project developments, although it faces challenges from weak downstream demand and oversupply pressures [2][24]