海利得（002206）：工业丝盈利逐季改善，主业稳健增长，新材料布局持续

Investment Rating - The report maintains an "Outperform" rating for the company [2][8] Core Insights - The company has shown steady growth in its main business, with improving profitability in industrial yarns and ongoing advancements in new materials [8] - The financial performance for the first half of 2025 includes total revenue of 2.92 billion yuan, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 296 million yuan, reflecting a significant year-on-year growth of 56.2% [8] - The company is expanding its production capacity in Vietnam, which is expected to double its output, enhancing its competitive edge in the international market [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 6.12 billion yuan, with a year-on-year growth rate of 3.7% [7] - The net profit attributable to shareholders is forecasted to be 521 million yuan in 2025, representing a year-on-year increase of 26.8% [7] - The gross profit margin is expected to be 18.9% in 2025, with a return on equity (ROE) of 12.1% [7] Business Performance - The industrial yarn segment reported revenue of approximately 1.468 billion yuan in the first half of 2025, a year-on-year increase of 11.3%, driven by differentiated product positioning and tax advantages from the Vietnam base [8] - The curtain fabric segment generated revenue of about 621 million yuan, with a year-on-year decline of 4.6%, but the gross margin improved to 25.1% [8] - The company is actively developing new environmentally friendly products, with ongoing projects in high-performance fibers [8] Future Outlook - The company has announced a stock incentive plan for 2025, aiming to motivate employees and align their interests with the company's performance [8] - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of approximately 5.2 billion, 5.5 billion, and 6.0 billion yuan respectively [8]