同益中（688722）：UHMWPE+芳纶双轮驱动，看好公司长期发展

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential price increase of over 15% relative to the benchmark index [4][11]. Core Views - The company is positioned as a leading domestic player in ultra-high molecular weight polyethylene (UHMWPE) fiber, benefiting from rapid growth in both defense and civilian downstream demand [4][3]. - The company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.41%, while the net profit attributable to shareholders decreased by 15.25% to 130 million yuan [1][5]. - The company has a strategic focus on expanding its product applications in the medical field and has successfully obtained ISO13485 certification for its medical device quality management system [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 222 million yuan, a year-on-year increase of 82.46%, and a net profit of 49 million yuan, up 130.62% year-on-year [1]. - The revenue from UHMWPE fiber and composite materials in 2024 was 355 million yuan and 283 million yuan, respectively, with year-on-year growth rates of 20.97% and a decline of 11.90% [2]. Product and Market Development - The company has a production capacity of 8,560 tons for UHMWPE fiber and 2,175 tons for composite materials, with significant projects achieving production in 2024 [3]. - The acquisition of 75.80% of Supermes is expected to enhance the company's capabilities in the aramid fiber sector, contributing to a diversified "3+X" fiber industry system [3]. Future Projections - The company is projected to achieve net profits of 190 million yuan, 218 million yuan, and 251 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.85 yuan, 0.97 yuan, and 1.12 yuan [4][5]. - Revenue forecasts for 2025, 2026, and 2027 are 903 million yuan, 1,042 million yuan, and 1,203 million yuan, reflecting growth rates of 39.0%, 15.4%, and 15.4% [5][9].