Zhejiang Hailide New Material (002206) 华鑫证券·2025-04-06 02:05Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Insights - The company achieved a stable growth in performance, with a full production and sales of 110,000 tons of differentiated polyester industrial yarn in Vietnam, contributing to profit growth in 2024 [4]. - The company reported a total revenue of 5.901 billion yuan in 2024, a year-on-year increase of 4.96%, and a net profit attributable to shareholders of 411 million yuan, up 17.58% year-on-year [3][10]. - The company is focusing on expanding its international production capacity and optimizing its global supply chain, with ongoing projects in Vietnam [6][7]. Financial Performance - In 2024, the company’s polyester industrial filament production reached 311,600 tons, an increase of 8.24% year-on-year, while sales were 246,000 tons, up 7.74% year-on-year [4]. - The financial expense ratio increased due to a decrease in exchange gains and interest income, with the sales/management/financial/R&D expense ratios showing slight changes [5]. - The company forecasts net profits of 443 million yuan, 482 million yuan, and 518 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.7, 11.6, and 10.8 [8][10]. Production Capacity and Future Outlook - The first phase of the 110,000-ton polyester industrial filament project in Vietnam has been fully operational, and the company is accelerating the development of a 18,000-ton high-performance tire cord project [6]. - The company aims to establish a global R&D center to enhance its competitive edge and maintain high-quality, high-performance differentiated products [7]. Earnings Forecast - The company’s revenue is projected to grow from 5.901 billion yuan in 2024 to 6.696 billion yuan in 2027, with a compound annual growth rate of approximately 3.1% [10]. - The net profit is expected to grow at a CAGR of around 7.4% from 2024 to 2027, reflecting a strong outlook for profitability [10].