聚合顺（605166）：滕州投产带动销量增长，盈利能力环比提升，25Q1业绩符合预期

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 1.563 billion yuan, a year-over-year decrease of 4.6%, but a quarter-over-quarter increase of 15% [6] - The production at the Tengzhou base has driven sales growth and improved profitability, with nylon chip sales reaching 142,700 tons in Q1 2025, an 18% year-over-year increase [6] - The company is positioned to benefit from the high demand for nylon, particularly in the textile and automotive sectors, as it continues to replace polyester in various applications [6] Financial Data and Profit Forecast - Projected total revenue for 2025 is 9.284 billion yuan, with a year-over-year growth rate of 29.5% [5] - Expected net profit attributable to the parent company for 2025 is 410 million yuan, reflecting a 36.7% year-over-year increase [5] - Earnings per share (EPS) is forecasted to be 1.30 yuan for 2025, with a projected price-to-earnings (PE) ratio of 9 [5] Production and Market Position - The company has a current production capacity of 582,000 tons per year for PA6 chips, with an additional 364,000 tons under construction [6] - The company is collaborating with China Tianchen to develop PA66, aiming for a long-term capacity of 500,000 tons [6] - The company’s product quality is leading in the domestic market, allowing for premium pricing and a competitive edge [6]