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-20250304

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 Summary - For 2024, the company expects total revenue of 649 million yuan, a 1.4% increase year-on-year, and a net profit of 130 million yuan, a 15.5% decrease year-on-year [4][10]. - The fourth quarter revenue reached 220 million yuan, representing an 82.5% year-on-year increase, while net profit for the quarter was 50 million yuan, up 130.5% year-on-year [1][7]. - The company anticipates a recovery in industry demand and profitability in the second half of 2024, driven by new capacity and improved market conditions [2][8]. Production Capacity and Growth - The company has a current production capacity of 7,960 tons/year for ultra-high molecular weight polyethylene fibers and 2,800 tons/year for non-woven fabrics [2][8]. - New production capacity of 2,640 tons/year for ultra-high molecular weight polyethylene fibers and 1,250 tons/year for non-woven fabrics is expected to come online in 2024 [2][8]. - The company aims to achieve record sales volumes for both fibers and non-woven fabrics in 2024 [2][8]. Acquisition and Strategic Development - The company completed the acquisition of ChaoMeiSi for 240 million yuan, which will enhance its capabilities in the aramid fiber market [3][9]. - The integration of ChaoMeiSi is expected to create synergies in production technology and downstream applications, strengthening the company's overall solution offerings in protective materials [3][9]. Earnings Forecast - The company forecasts net profits of 130 million yuan in 2024, 190 million yuan in 2025, and 219 million yuan in 2026, with corresponding growth rates of -15.5%, 46.4%, and 15.5% respectively [4][10][12]. - The expected diluted EPS for the same period is projected to be 0.58 yuan, 0.85 yuan, and 0.98 yuan, with PE ratios of 27.1, 18.5, and 16.0 [4][10][12].