同益中（688722）：快报点评：产能释放驱动业绩修复，2024Q4业绩超预期

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][16]. Core Views - The company's performance is driven by capacity release and structural optimization, leading to a recovery in earnings, with Q4 2024 net profit showing a significant year-on-year increase of 130.5% [5][7]. - The company achieved a revenue of 649 million yuan in 2024, a year-on-year growth of 1.4%, while the net profit for the same year was 136 million yuan, reflecting a decline of 15.3% [4][5]. - The acquisition of Chaomeisi for 240 million yuan is expected to enhance the company's capabilities in emerging fields such as low-altitude economy and humanoid robotics [6][7]. Financial Summary - The company’s annual production capacity for UHMWPE fibers reached 8,560 tons by the end of 2024, with a utilization rate of 111.43%, while composite material capacity increased to 2,175 tons with a utilization rate of 78.27% [5]. - Revenue projections for 2024-2026 are 649 million yuan, 984 million yuan, and 1,250 million yuan, respectively, with corresponding net profits of 136 million yuan, 195 million yuan, and 224 million yuan [9][12]. - The expected EPS for 2024, 2025, and 2026 are 0.60 yuan, 0.87 yuan, and 1.00 yuan, respectively, with a projected PE ratio decreasing from 27.41 in 2024 to 16.61 in 2026 [9][12].