Zhejiang Hailide New Material (002206) Haitong Securities·2024-05-09 00:02Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected relative performance above the market benchmark over the next six months [15][19][30]. Core Viewpoints - The company is strategically positioning itself in the photovoltaic new energy sector, leveraging its existing coating material technology to innovate reflective film materials. The company maintains an optimistic outlook on the market prospects for photovoltaic reflective materials and is actively pursuing project and market collaborations with key clients both domestically and internationally [2][33]. - The company achieved a revenue of 56.22 billion yuan in 2023, representing a year-on-year growth of 2.00%, with a net profit attributable to the parent company of 3.49 billion yuan, up 5.14% year-on-year. The main products, polyester industrial filament and tire cord fabric, accounted for 46.37% and 21.05% of total revenue, respectively [39][38]. - The company plans to invest approximately 52 million USD to establish a production capacity of 18,000 tons per year for high-performance tire cord fabric in Vietnam, with expectations for full production and sales starting in the second half of 2023 [32][40]. Summary by Sections Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 are 61.27 billion yuan, 66.05 billion yuan, and 69.93 billion yuan, with net profits of 4.39 billion yuan, 5.11 billion yuan, and 5.52 billion yuan, respectively. The corresponding EPS is projected to be 0.38 yuan, 0.44 yuan, and 0.47 yuan [19][41]. - The gross margin is expected to improve from 16.2% in 2023 to 18.1% by 2026, reflecting operational efficiency and cost management [41][46]. Production Capacity - As of 2023, the company has a production capacity of 320,000 tons/year for polyester industrial filament, 60,000 tons/year for tire cord fabric, and 300,000 tons/year for polyester chips. The company is also expanding its production capacity for high-performance tire cord fabric in Vietnam [32][40]. Market Position - The company is recognized as a leader in differentiated polyester industrial filament and has established long-term partnerships with major global tire manufacturers, enhancing its competitive edge in the market [39][17].