Huafon Spandex(002064) 华鑫证券·2025-04-01 13:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched its 115,000 tons/year adipic acid expansion project, leading to a year-on-year increase in the production and sales of basic chemical products [5] - Despite a decline in profits due to falling prices of major products, the company is expected to see strong performance growth driven by new capacity releases [9] - The company aims to achieve integration in the polyurethane industry and become a world-class leader in polyurethane materials [7][8] Summary by Sections Market Performance - The company's stock price is currently at 7.74 yuan, with a total market capitalization of 38.4 billion yuan [1] Financial Performance - In 2024, the company achieved total revenue of 26.931 billion yuan, a year-on-year increase of 2.41%, and a net profit attributable to shareholders of 2.220 billion yuan, a year-on-year decrease of 10.43% [4] - The fourth quarter of 2024 saw a revenue of 6.559 billion yuan, a year-on-year decrease of 0.87%, and a net profit of 205 million yuan, a year-on-year decrease of 62.66% [4] Production and Sales - Chemical fiber production in 2024 was 357,400 tons, up 5.26% year-on-year, with sales of 368,200 tons, up 12.29% year-on-year [5] - Chemical new materials production was 657,100 tons, up 1.92% year-on-year, with sales of 425,500 tons, up 2.43% year-on-year [5] - Basic chemical products saw production of 1,681,000 tons, up 31.14% year-on-year, and sales of 1,365,700 tons, up 28.52% year-on-year, attributed to the new adipic acid expansion project [5] Cost Structure and R&D - The company optimized its cost structure, with R&D expenses contributing to maintaining its technological leadership and product competitiveness [6] Future Outlook - The company plans to strengthen its main business, pursue moderate diversification, and drive innovation to enhance its integrated operations in the polyurethane industry [7][8] Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.636 billion yuan, 3.234 billion yuan, and 3.658 billion yuan respectively, with corresponding P/E ratios of 14.6, 11.9, and 10.5 [9]