聚合顺：聚耕合砺，顺势擎霄——尼龙切片龙头崛起-20250225

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9]. Core Viewpoints - The company focuses on high-end nylon chip products, establishing a development strategy centered on import substitution, which has led to strong competitiveness in the market [2][20]. - The company has rapidly expanded its production capacity, with a compound annual growth rate of over 20% from 2019 to 2023, and aims to further enhance its position in the PA6 segment while entering the PA66 market [6][24]. - The demand for PA6 is expected to grow significantly in 2024, driven by various applications in textiles, automotive, and packaging industries [6][53]. Summary by Relevant Sections Company Overview - The company specializes in high-end nylon chips, with a market share of approximately 10%. It has established multiple production bases across China, enhancing its leading position in the PA6 segment [6][20]. - The company has received several accolades, including being recognized as a "National High-tech Enterprise" and a "National Specialized and New Small Giant" [23][24]. PA6 Market - PA6 has a wide range of applications, including textiles, automotive parts, and packaging, with a projected consumption of 569 million tons in 2024, reflecting a 25% year-on-year growth [53][57]. - The company anticipates that the demand for PA6 will be supported by trends in outdoor activities and the automotive industry's shift towards lightweight materials [6][57]. PA66 Market - The company is entering the PA66 market, which has seen a breakthrough in raw material production processes, leading to increased supply and potential price reductions [7][20]. - The PA66 segment is expected to complement the existing PA6 business, creating a second growth curve for the company [8][9]. Financial Performance - The company reported a significant recovery in performance in 2024, with a 22% increase in revenue and a 56% increase in net profit for the first three quarters compared to the previous year [6][33]. - The projected net profit for 2024 is estimated to be between 290 million and 320 million yuan, representing a year-on-year increase of 47% to 63% [6][9]. Investment Outlook - The company is expected to achieve net profits of 310 million yuan, 440 million yuan, and 540 million yuan from 2024 to 2026, with corresponding price-to-earnings ratios of 12.3X, 8.7X, and 7.1X [9].