海利得（002206）：全年业绩同比高增，新材料持续突破

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company achieved a revenue of 5.901 billion yuan in 2024, representing a year-on-year growth of 4.96%, and a net profit of 411 million yuan, which is a 17.58% increase year-on-year [3][9]. - The strong performance is driven by the growth in automotive exports, overseas tire inventory replenishment, and full production and sales at the Vietnam base [4][6]. - The company is expected to continue its growth trajectory with projected revenues of 6.055 billion yuan, 6.326 billion yuan, and 6.570 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 446 million yuan, 494 million yuan, and 534 million yuan [6][9]. Financial Performance - In 2024, the company reported a gross margin of 16.04%, a slight decrease of 0.14 percentage points year-on-year, while the net margin improved by 0.74 percentage points to 6.98% [3][9]. - The fourth quarter of 2024 saw a revenue of 1.533 billion yuan, a year-on-year increase of 12.68%, and a net profit of 114 million yuan, marking a year-on-year growth of 48.11% [3][4]. - The company’s diluted earnings per share (EPS) for 2024 was 0.35 yuan, with projections of 0.38 yuan, 0.43 yuan, and 0.46 yuan for the years 2025, 2026, and 2027 respectively [6][9]. Market Dynamics - The company benefits from a significant increase in automotive exports, which reached 6.41 million units in 2024, a 23% year-on-year growth [4]. - The demand for differentiated polyester industrial yarns is strong, particularly in the context of the rapid growth of the new energy vehicle market and the replenishment needs of overseas tire manufacturers [4][5]. - The company’s production capacity in Vietnam, which reached full production and sales with an annual output of 110,000 tons of differentiated polyester industrial yarn, has contributed to its international market expansion [4].