Zhejiang Hailide New Material (002206) 山西证券·2025-04-11 00:25Investment Rating - The report maintains an "Accumulate-A" rating for the company [3][5] Core Views - The company achieved a year-on-year revenue growth of 4.96% in 2024, reaching 5.901 billion yuan, with a net profit increase of 17.58% to 411 million yuan [3][4] - The fourth quarter of 2024 saw a revenue increase of 12.68% year-on-year, totaling 1.533 billion yuan, and a net profit growth of 48.11% year-on-year, amounting to 114 million yuan [3][4] - The company benefits from strong demand in the new energy vehicle market and overseas tire manufacturers' restocking needs, leading to significant sales growth in automotive silk and tire fabric [4] Financial Performance - The company’s gross margin for 2024 was 16.04%, a slight decrease of 0.14 percentage points year-on-year, while the net profit margin increased by 0.74 percentage points to 6.98% [3][4] - The projected revenues for 2025, 2026, and 2027 are 6.055 billion yuan, 6.326 billion yuan, and 6.570 billion yuan, respectively, with year-on-year growth rates of 2.61%, 4.47%, and 3.86% [5][8] - The expected net profits for the same years are 446 million yuan, 494 million yuan, and 534 million yuan, reflecting growth rates of 8.74%, 10.66%, and 8.10% [5][8] Market Dynamics - In 2024, China's automotive exports reached 6.41 million units, a year-on-year increase of 23%, contributing to the company's performance [4] - The company’s differentiated advantages in polyester industrial silk have led to a 19.99% increase in domestic polyester tire fabric exports, totaling 164,900 tons in 2024 [4] Research and Development - The company made significant breakthroughs in high-performance fibers such as PPS and LCP, with small batch shipments of PPS special fibers and advancements in LCP production processes [4]