YANTAI TAYHO(SZ:002254) Shanghai Securities·2024-05-05 02:00Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 20% over the next six months [6][30]. Core Views - The company is focusing on expanding its aramid fiber production capacity, aiming to become a global leader in the aramid industry by 2030, with a target of 26,000 tons of new capacity under construction [1]. - The aramid business has a gross profit margin exceeding 40% in 2023, contributing significantly to the company's overall profitability [1]. - The company is also investing in green dyeing technology, which is expected to provide new profit growth points as the textile industry increasingly demands environmentally friendly solutions [5]. Financial Summary - In 2023, the company achieved a revenue of 3.925 billion yuan, a year-on-year increase of 4.67%, but the net profit attributable to shareholders decreased by 23.59% to 333 million yuan [10][11]. - For the forecasted years 2024 to 2026, the net profit is expected to grow to 491 million yuan, 563 million yuan, and 709 million yuan, respectively, with corresponding P/E ratios of 19, 17, and 13 [6][22]. - The company is projected to see a revenue increase from 4.609 billion yuan in 2024 to 6.896 billion yuan in 2026, reflecting a compound annual growth rate of approximately 17.4% [22].