Sanlian Hope(300384) 华泰证券·2025-03-08 13:25Investment Rating - The investment rating for the company is "Buy" with a target price of 25.20 RMB [8][9]. Core Views - Recent advancements in AI technology are expected to accelerate the development and iteration of AI applications, which could bring new growth opportunities for the company's industrial AI business [2]. - The release of domestic adiponitrile capacity is likely to lead to a new round of expansion for PA66, benefiting the company as a leading provider of PA66 and recycled material processing solutions [3]. - The inclusion of recycled materials in the government work report for 2025 indicates a potential acceleration in the development of the recycling industry, which the company is well-positioned to benefit from [4]. - The company’s revenue from new materials and synthetic materials processing solutions reached 440 million RMB in the first half of 2024, reflecting a year-on-year growth of 17.4% [3]. Summary by Sections AI Applications - The company has partnered with a leading domestic ICT service provider to create the first digital intelligent manufacturing solution in the chemical fiber industry based on industrial internet, achieving sales of 20 million RMB in the first half of 2024 [2]. - Breakthroughs in algorithm optimization and multi-modal data processing are expected to enhance AI application development, positioning AI as a new growth driver for the company [2]. PA66 and Recycled Materials - The domestic adiponitrile production capacity is set to increase, leading to lower production costs for PA66, which is anticipated to enter a new expansion phase [3]. - The government’s focus on promoting the use of recycled materials is expected to drive higher quality development in the recycling industry, benefiting the company as a leading player in this sector [4]. Financial Forecasts - The company’s projected net profits for 2024, 2025, and 2026 are 334.18 million RMB, 402.75 million RMB, and 484.45 million RMB respectively, with a target price based on a 20x PE for 2025 [5]. - Revenue is expected to grow from 1,464 million RMB in 2024 to 2,178 million RMB in 2026, reflecting a compound annual growth rate of approximately 22.03% [7].