Huafon Spandex(002064) 开源证券·2025-04-02 06:27Investment Rating - The investment rating for Huafeng Chemical is maintained as "Buy" [1] Core Views - The report indicates clear signals of bottoming out in performance, with expectations for the recovery of the spandex and adipic acid sectors [6] - In 2024, the company achieved 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% [6] - The report forecasts net profits for 2025, 2026, and 2027 to be 2.474 billion yuan, 3.110 billion yuan, and 3.822 billion yuan respectively, with corresponding EPS of 0.50 yuan, 0.63 yuan, and 0.77 yuan [6] Financial Summary - In Q4 2024, the company reported 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% [6][7] - The average price of adipic acid in Q4 2024 was 8,247 yuan/ton, down 6.49% from the previous quarter, while the average price of spandex was 24,120 yuan/ton, down 5.71% [7] - The company has a total production capacity of 325,000 tons for spandex and 1,355,000 tons for adipic acid as of the end of 2024 [7] Industry Outlook - The report highlights that the expansion of the nylon 66 industry is expected to drive demand for adipic acid, while the spandex industry is nearing the end of its capacity expansion phase [8] - The anticipated recovery in the adipic acid and spandex markets is expected to benefit the company significantly due to its dual business model [8]