聚合顺（605166）：业绩稳步提升，新项目打开成长空间

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 7.168 billion yuan for 2024, representing a year-on-year growth of 19.11%. The net profit attributable to shareholders was 300 million yuan, up 52.66% year-on-year, while the net profit excluding non-recurring items was 291 million yuan, reflecting a growth of 51.62% [2][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 1.835 billion yuan, which is an increase of 11.85% year-on-year and a slight increase of 1.10% quarter-on-quarter. The net profit for this quarter was 67 million yuan, showing a year-on-year growth of 43.23% but a quarter-on-quarter decline of 17.51%. The net profit excluding non-recurring items was 65 million yuan, with a year-on-year increase of 44.15% and a quarter-on-quarter decrease of 17.65% [2][6]. Production and Market Position - The company focuses on the mid-to-high-end nylon chip market, with a production capacity of over 570,000 tons in 2024, marking a year-on-year increase of 22.17%. Sales volume reached over 560,000 tons, up 18.24% year-on-year. The production capacity is distributed across four major bases: Hangzhou, Changde, Tengzhou, and Zibo [12]. Demand and Supply Dynamics - The demand for PA6 (polyamide 6) has significantly increased in 2024, driven by trends in outdoor economy and sports, as well as the automotive industry's push for lightweight materials. The supply side is also expanding, with PA6 capacity reaching 7.87 million tons, a 24% year-on-year increase. The company anticipates a balanced supply-demand situation for PA6 in the long term [12]. Future Growth Prospects - The company is expected to see continued rapid expansion in its PA6 business, while the PA66 (polyamide 66) segment is anticipated to become a second growth curve due to its demand potential. The company is investing in R&D and innovative production techniques to maintain its competitive edge [12]. Financial Forecast - The projected net profits for the company from 2025 to 2027 are estimated to be 420 million yuan, 530 million yuan, and 590 million yuan, respectively. The corresponding price-to-earnings ratios (PE) for these years are expected to be 7.9X, 6.3X, and 5.7X [12].