聚合顺：业绩增长显著，受益锦纶需求提振

Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for investment in the next six months [20][18]. Core Views - The company is expected to benefit from the structural increase in demand for nylon, with significant growth projected in revenue and net profit from 2024 to 2026 [20][24]. - The company focuses on the production and sales of nylon 6 chips and plans to expand into nylon 66 products, which will support revenue growth [20][24]. Financial Forecasts and Business Breakdown - Revenue projections for the company are as follows: 2024 at 69.90 billion, 2025 at 88.45 billion, and 2026 at 104.05 billion, reflecting year-on-year growth rates of 16.1%, 26.5%, and 17.6% respectively [20][21]. - Net profit forecasts are 2.85 billion for 2024, 3.80 billion for 2025, and 4.86 billion for 2026, with growth rates of 44.9%, 33.2%, and 28.1% respectively [20][21]. - The gross margin is expected to improve from 7.72% in 2024 to 8.46% in 2026 [20][21]. - The company’s nylon chip revenue is projected to be 69.85 billion in 2024, 88.40 billion in 2025, and 104.00 billion in 2026, with corresponding gross margins of 7.72%, 8.08%, and 8.46% [12][23]. Valuation Comparison - The company’s projected P/E ratios are 12.3x for 2024, 9.3x for 2025, and 7.2x for 2026, which are lower than the average P/E ratios of comparable companies in the industry [24][20]. - The average P/E ratios for comparable companies are 16.2x for 2024, 12.0x for 2025, and 10.0x for 2026, indicating that the company is currently undervalued [24][20].