同益中：第四季度归母净利润同比+130%，收购超美斯完善纤维布局-20250303

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company reported a 130% year-on-year increase in net profit attributable to shareholders in the fourth quarter, exceeding expectations for 2024 [1][7]. - The company is benefiting from new production capacity and cost reduction efforts, which are expected to drive revenue growth despite industry challenges [2][8]. - The acquisition of a leading aramid fiber company, ChaoMeiSi, aims to enhance the company's high-performance fiber industry system and improve product value [3][9]. Financial Performance - In 2024, the company achieved total revenue of 650 million yuan, a year-on-year increase of 1.4%, while net profit attributable to shareholders was 130 million yuan, a decrease of 15.3% [1][7]. - The fourth quarter alone saw revenue of 220 million yuan, up 82.5% year-on-year, and net profit of 50 million yuan, up 130.5% year-on-year [1][7]. - The company expects net profits for 2024-2026 to be 130 million, 190 million, and 220 million yuan, respectively, with corresponding growth rates of -15.5%, 46.4%, and 15.5% [3][10]. Production Capacity and Cost Efficiency - The company has a total production capacity of 7,960 tons/year for ultra-high molecular weight polyethylene fibers and 2,800 tons/year for non-woven fabrics and related bulletproof products [2][8]. - In 2024, the company plans to add 2,640 tons/year of ultra-high molecular weight polyethylene fiber capacity and 1,250 tons/year of non-woven fabric capacity [2][8]. - The company is actively phasing out high-cost old production capacity while benefiting from the release of new capacity, which is expected to lead to record sales volumes in 2024 [2][8]. Strategic Acquisition - The company announced the acquisition of 75.8% of ChaoMeiSi for 240 million yuan, which was completed by the end of January 2025 [3][9]. - ChaoMeiSi is a leader in the meta-aramid fiber industry with a production capacity of 5,000 tons/year, which will complement the company's existing product offerings [3][9]. - This acquisition is expected to enhance the company's overall solution capabilities in the protective field and improve cost efficiency [3][9].