泰和新材（002254）：芳纶继续放量，价格略有下跌，氨纶盈利继续承压

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported a Q1 2025 revenue of 1.058 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to the parent company was 12 million yuan, a year-on-year decrease of 54% [7] - The decline in net profit is primarily due to the drop in aramid prices and the continued pressure on spandex profitability [7] - The company is adjusting its product structure and enhancing its upstream supply chain to cope with intense competition in the aramid market [7] - The subsidiary, Minshida, experienced a 27% year-on-year revenue increase, indicating growth opportunities in the aramid paper sector [7] - The spandex market remains under pressure, but demand is expected to grow as production capacity stabilizes [7] Financial Data and Profit Forecast - Total revenue is projected to reach 4.778 billion yuan in 2025, with a year-on-year growth rate of 21.6% [6] - The net profit attributable to the parent company is forecasted to be 212 million yuan in 2025, reflecting a significant recovery from the previous year [6] - The company aims to maintain a gross margin of around 17% in 2025, with an expected increase in return on equity (ROE) to 2.9% [6][9]