海利得（002206）：工业丝盈利逐季改善，帘子布需求保障，主业稳健增长，新材料布局持续推进

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Insights - The company's revenue for 2024 is projected to be 5.901 billion yuan, representing a year-on-year growth of 5% [7]. - The net profit attributable to the parent company for 2024 is expected to reach 411 million yuan, reflecting a year-on-year increase of 17.6% [7]. - The company has shown a strong performance in Q4 2024, achieving a record high revenue of 15.33 billion yuan, with a year-on-year growth of 12.7% [7]. - The demand for tire fabric remains robust, with a capacity utilization rate of approximately 115% [7]. - The company is actively expanding its new materials segment, with significant advancements in R&D and production capabilities [7]. Financial Data and Profit Forecast - Total revenue is projected to grow from 5.622 billion yuan in 2023 to 7.109 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 4.9% [6][8]. - The net profit attributable to the parent company is expected to increase from 349 million yuan in 2023 to 577 million yuan in 2027, indicating a strong growth trajectory [6][8]. - The gross margin is forecasted to improve slightly from 16.2% in 2023 to 17.3% in 2027 [6]. - The company’s return on equity (ROE) is projected to remain stable, increasing from 9.5% in 2023 to 10.7% in 2027 [6]. Industry Position and Market Trends - The company holds a solid position in the polyester industrial yarn market, with a revenue of approximately 2.754 billion yuan in 2024, marking a year-on-year increase of 5.65% [7]. - The average selling price of polyester industrial yarn has slightly decreased by 1.9% to 11,200 yuan per ton due to raw material price fluctuations [7]. - The company’s Vietnam facility is expected to enhance profitability, especially in light of increasing tariffs on Chinese polyester industrial yarn in the EU and the US [7]. - The overall industry is experiencing a gradual recovery, with the operating rate projected to reach nearly 80% by the end of 2024 [7].