同益中：全年纤维和无纬布产销创新高，2024Q4盈利水平明显提升-20250228

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved record high production and sales of fiber and non-woven fabrics, leading to a significant increase in profitability in Q4 2024 [3][4]. - The company reported total revenue of 649 million yuan for 2024, a year-on-year increase of 1.41%, while net profit attributable to shareholders was 130 million yuan, down 15.25% year-on-year [3][4]. - The company’s Q4 2024 revenue reached 222 million yuan, with a quarter-on-quarter increase of 82.46% and a year-on-year increase of 28.04% [3][4]. Financial Performance - The company’s gross profit margin remained high, with a slight year-on-year increase in the main business gross profit [4]. - The estimated net profit margin for Q4 2024 was approximately 21.96%, reflecting a significant improvement [4]. - The company’s EPS for 2024-2026 is projected to be 0.58, 0.88, and 1.19 yuan, respectively, with corresponding P/E ratios of 27, 18, and 13 times [6][7]. Market Position and Growth Potential - The company has increased its production capacity, with UHMWPE fiber and non-woven fabric capacities reaching 5,320 tons and 1,550 tons, respectively, by the end of 2023 [5]. - The global high-performance fiber market is expected to grow from 131.9 billion yuan in 2023 to 238.9 billion yuan by 2029, with a CAGR of 10.41% [5]. - The company is actively engaging in the robotics sector, aiming to leverage its high-performance fiber products in emerging applications [5].