Huading Nylon(SH:601113) Minsheng Securities·2025-08-20 03:15Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance and market conditions [4][6]. Core Viewpoints - The company's revenue for the first half of 2025 was 2.411 billion yuan, a decrease of 45.76% year-on-year, while the net profit attributable to shareholders was 153 million yuan, down 6.14% year-on-year [1]. - The report highlights that the nylon 6 filament business is under short-term pressure, but there is long-term potential in the nylon 66 and recycling sectors [3]. - The company is actively expanding its production capacity and focusing on R&D to enhance its competitive strength in the high-end nylon market [3]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.255 billion yuan, a year-on-year decrease of 46.85%, with a net profit of 58 million yuan, down 29.07% year-on-year [1]. - The average selling price of nylon 6 filament decreased by 14.59% year-on-year to 17,100 yuan per ton, while the procurement price of nylon chips fell by 23.61% to 10,300 yuan per ton [2]. Production and Market Position - The company produced 148,600 tons of nylon 6 filament in the first half of 2025, a slight increase of 2.27% year-on-year, while sales decreased by 3.36% to 138,000 tons [2]. - Ongoing projects include a 65,000-ton high-quality differentiated PA6 filament project and a 60,000-ton high-quality nylon PA66 filament project, which are expected to enhance market competitiveness [3]. Future Outlook - The company forecasts net profits of 388 million yuan, 458 million yuan, and 494 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11X, 10X, and 9X [4][5]. - The report emphasizes the company's strong position in the nylon fiber industry and its potential for rapid growth due to industry demand and capacity expansion [4].