同益中（688722）：深耕超高分子量聚乙烯纤维，进军芳纶双主业快速发展

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company specializes in ultra-high molecular weight polyethylene (UHMWPE) fibers and has entered the aramid fiber market, experiencing rapid growth in both sectors. It has been a key player in the UHMWPE fiber industry for over 20 years and is positioned as a new materials platform under the State Investment Group [8][19]. - The company reported a revenue of 649 million yuan in 2024, a year-on-year increase of 1.41%, while the net profit attributable to shareholders was 130 million yuan, down 15.25% year-on-year. The revenue from composite materials accounted for 43.6% of total sales in 2024 [27][32]. - The demand for UHMWPE fibers is expected to grow significantly, driven by both military and civilian applications, with a projected CAGR of 10.4% in China from 2024 to 2028. The global demand for UHMWPE fibers increased from 30,800 tons in 2018 to 54,800 tons in 2023, reflecting a CAGR of 12.2% [40][54]. Summary by Sections 1. Company Overview - The company is a leading player in the UHMWPE fiber industry, focusing on research, production, and sales of UHMWPE fibers and their composite materials, which include non-woven fabrics and ballistic products [19][27]. - Established in 1999, the company has developed a full industrial chain for UHMWPE fibers and has been recognized as a national high-tech enterprise [19][24]. 2. Financial Performance - The company’s revenue structure has shifted towards composite materials, with a notable increase in their contribution to total revenue. In 2024, the sales revenue from UHMWPE fibers accounted for 54.6%, while composite materials contributed 43.6% [32][33]. - The company’s gross margin was reported at 37.7% in 2024, with a net margin of 20.8%, indicating improved profitability due to the rising share of higher-margin composite materials [33][34]. 3. Market Demand and Supply - The demand for UHMWPE fibers is expected to reach 41,200 tons in China by 2025, with further growth anticipated to 55,400 tons by 2028. The increasing defense budget in China is a significant driver for this demand [8][40]. - The global production capacity for UHMWPE fibers reached 67,100 tons in 2023, with China accounting for 45,000 tons. However, the high-end market remains underdeveloped, presenting opportunities for growth [8][40]. 4. Capacity Expansion and Technological Development - The company has a current production capacity of 7,960 tons for UHMWPE fibers and 2,175 tons for non-woven fabrics, with plans for further expansion through both internal growth and acquisitions [9][19]. - The acquisition of a 75.8% stake in a company specializing in aramid fibers marks the company's strategic move to diversify its product offerings and enhance its competitive position in the high-performance fiber market [8][9].