聚合顺（605166）：一季度业绩环比改善，尼龙项目打开成长空间

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 1.563 billion yuan in Q1 2025, a year-on-year decrease of 4.63% and a quarter-on-quarter decrease of 14.85%. However, the net profit attributable to the parent company was 81 million yuan, showing a year-on-year increase of 15.04% and a quarter-on-quarter increase of 21.16% [2][6]. - The company is focused on the mid-to-high-end nylon chip market, with rapid growth in capacity and performance. The production capacity is distributed across four major bases, with several new projects expected to come online in the next two years [11]. - The price difference for PA6 products improved year-on-year in Q1 2025, despite a decline compared to the previous quarter. The average market price of caprolactam in East China was 10,521 yuan per ton, down 21.83% year-on-year and 3.80% quarter-on-quarter [11]. - The demand for PA6 is expected to grow significantly due to trends in outdoor economy and lightweight automotive applications. The supply side is also entering a new round of rapid capacity expansion, with PA6 capacity expected to reach 7.87 million tons, a year-on-year increase of 24% [11]. - The company is also looking to expand into the PA66 market, which has potential demand growth due to technological breakthroughs and is expected to complement its existing PA6 product line [11]. - The projected net profits for the company from 2025 to 2027 are 410 million yuan, 520 million yuan, and 580 million yuan, respectively, with corresponding PE ratios of 8.6X, 6.8X, and 6.1X [11]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.563 billion yuan, down 4.63% year-on-year and down 14.85% quarter-on-quarter. Net profit attributable to the parent company was 81 million yuan, up 15.04% year-on-year and up 21.16% quarter-on-quarter [2][6]. Company Overview - The company specializes in the mid-to-high-end nylon chip market, with production capacity distributed across four bases. New projects are expected to contribute to growth in the next two years [11]. Market Dynamics - The price difference for PA6 products improved year-on-year, with significant changes in raw material prices impacting profitability. The demand for PA6 is expected to rise due to various industry trends [11]. Future Outlook - The company anticipates continued growth in net profits and is strategically positioning itself in the PA66 market to leverage potential demand [11].