泰达新材（430372）：新三板公司研究报告：2025Q1偏苯三酸酐维持高位，2024公司归母净利润同比+1112%

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected performance that will exceed the market by over 20% [34]. Core Insights - The company achieved a revenue of 1.167 billion yuan in 2024, representing a year-on-year increase of 146.02%, and a net profit attributable to shareholders of 600 million yuan, reflecting a staggering growth of 1112.41% [9][12][13]. - The significant increase in performance is attributed to the supply-demand imbalance in Terephthalic Acid (TMA), which led to a substantial rise in product prices [12][22]. - The company is a key player in the production of TMA, which is essential for producing environmentally friendly plasticizers, high-end powder coatings, and advanced insulation materials [9][10]. Summary by Sections Company Performance - In 2024, the company reported a gross margin of 64.89% and a net profit margin of 51.37%, indicating a rapid improvement in profitability [13][16]. - The overseas revenue reached 312 million yuan, marking a year-on-year increase of 1033.96% [9]. Industry Dynamics - The report highlights a continuous exit of overseas TMA production capacity, with China's share of global TMA production capacity increasing to 83.78% following the exit of 70,000 tons of capacity from the U.S. company INEOS [17][19]. - The global TMA demand is projected to be around 200,000 to 210,000 tons in 2024, while the actual supply is expected to be only 140,000 tons, resulting in a supply-demand gap of 60,000 tons [19][22]. Competitive Advantages - The company plans to invest in expanding its production capacity by 30,000 tons of TMA and 1,500 tons of Isophthalic Acid, with a total investment of approximately 232.61 million yuan [24]. - The company utilizes a segmented oxidation method for TMA production, which offers advantages in yield, cost, and operational ease compared to traditional continuous oxidation methods [24][28].