2023年净利润预增66%，新材料稳步拓展

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market [5][11][34]. Core Views - The company is expected to see a significant increase in net profit for 2023, projected at approximately 445 million yuan, representing a year-on-year growth of about 66% [12][32]. - The fourth quarter of 2023 is anticipated to show a strong performance, with net profit reaching 118 million yuan, marking the best quarterly result since the company's listing [32]. - The growth is attributed to the rising demand for outdoor sports apparel and the successful expansion into the nylon 66 fiber market, alongside a decrease in raw material costs [5][17][32]. - The company is optimistic about the long-term demand for nylon 66 and recycled nylon, supported by its competitive advantages and proactive expansion strategies [5][17]. Financial Forecasts and Valuation - The company forecasts net profits of 450 million yuan, 660 million yuan, and 800 million yuan for 2023, 2024, and 2025 respectively, with year-on-year growth rates of 66%, 47%, and 23% [5][17]. - The target price has been adjusted to 12.5-13.2 yuan, down from the previous 15.0-15.7 yuan, reflecting a price-to-earnings ratio (PE) of 17-18x for 2024 [5][17]. - Revenue is expected to grow from 4.845 billion yuan in 2023 to 5.595 billion yuan in 2024, and further to 6.175 billion yuan in 2025, indicating a compound annual growth rate [24][34]. Industry Context - The report highlights a positive trend in the outdoor sports apparel market, which is expected to sustain demand for the company's products [5][17]. - The company is also set to benefit from the ramp-up of new nylon 66 production capacity and the launch of chemical recycling projects in 2024, which are anticipated to enhance profitability [5][17].