Zhejiang Hailide New Material (SZ:002206) Minsheng Securities·2025-07-11 05:09Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][13]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 280-310 million yuan for the first half of 2025, representing a year-on-year growth of 47.65%-63.47%. The net profit after deducting non-recurring items is projected to be 325-355 million yuan, with a growth of 74.07%-90.14% [1]. - The growth in the company's main business is attributed to the increase in gross margins for industrial yarn and tire cord products, particularly due to the optimization of the sales structure of its Vietnamese subsidiary [1][2]. - The company is actively expanding its production capacity in Vietnam, with a new project planned to produce 100,000 tons of differentiated polyester filament and 20,000 tons of differentiated nylon filament, alongside 250,000 tons of polyester chips over a five-year construction period [2][3]. - The company is also making strides in R&D, with breakthroughs in core technologies and the commercialization of high-performance fibers, indicating a strong commitment to becoming a technology-driven new materials enterprise [3]. Financial Projections - The company is projected to achieve net profits of 426 million yuan, 475 million yuan, and 532 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.37 yuan, 0.41 yuan, and 0.46 yuan [5][10]. - Revenue is expected to grow from 5,901 million yuan in 2024 to 6,760 million yuan in 2027, with a steady growth rate of approximately 4.5%-5% annually [5][11]. - The company's PE ratio is projected to decrease from 16 in 2024 to 12 in 2027, indicating an attractive valuation as earnings grow [5][11].