台华新材：锦纶产品优势突出

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.8 to 1.4 billion yuan in Q4 2024, representing a year-on-year change of -33.6% to +15.6% [1]. - For the full year 2024, the company anticipates a net profit of 7 to 7.6 billion yuan, indicating a year-on-year growth of 55.9% to 69.2% [1]. - The company is focusing on transforming its industrial chain into a value chain, emphasizing innovation, cost reduction, and market expansion [2]. - The successful launch of the P4 polymer line marks a significant milestone in the company's nylon project, enhancing its integrated supply chain capabilities [3]. - The company has achieved global recognition for its chemical recycling technology, receiving the GRS certification for its PRUECO product, which supports sustainability in the textile industry [4]. - The earnings forecast has been adjusted, with expected EPS for 2024-2026 being 0.85 yuan, 1.09 yuan, and 1.35 yuan respectively [5]. Financial Data Summary - The company's revenue is projected to grow from 4,008.56 million yuan in 2022 to 11,912.28 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 26% [6]. - The net profit attributable to shareholders is expected to increase from 268.68 million yuan in 2022 to 1,200.51 million yuan in 2026, reflecting a significant growth trajectory [6]. - The company's EBITDA is forecasted to rise from 235.67 million yuan in 2022 to 2,136.76 million yuan in 2026, indicating improved operational efficiency [6]. - The projected P/E ratios for 2024, 2025, and 2026 are 12.72, 9.95, and 8.05 respectively, suggesting a favorable valuation trend [6].