Hangzhou Juheshun New Material (SH:605166) Minsheng Securities·2025-04-11 03:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 7.168 billion yuan in 2024, representing a year-on-year growth of 19.11%, and a net profit attributable to shareholders of 300 million yuan, up 52.66% year-on-year [1][4]. - The nylon fiber-grade slice is the main revenue contributor, with domestic sales accounting for 94.35% of total revenue, indicating a low proportion of direct exports [2][3]. - The demand for high-end nylon products is expected to grow steadily, driven by applications in various industries such as new energy vehicles and smart home products [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.835 billion yuan, a year-on-year increase of 11.85%, and a net profit of 67 million yuan, up 43.23% year-on-year [1]. - The gross margin for 2024 was 8.07%, an increase of 1.37 percentage points compared to the previous year [2]. Business Segmentation - The nylon fiber-grade slice accounted for 66.34% of total revenue, while engineering plastics contributed 32.32% [2]. - The company has a strong domestic market presence, with plans to expand into overseas markets as industry dynamics change [2][3]. Capacity Expansion and Future Outlook - The company is expanding its high-end production capacity, with several projects expected to come online between 2025 and 2026, which will enhance its competitive advantage in the nylon 6 segment [3][4]. - Forecasted net profits for 2025, 2026, and 2027 are 403 million yuan, 495 million yuan, and 600 million yuan, respectively, with corresponding PE ratios of 8, 7, and 6 [4][5].