Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing pressure in its bottle chip segment while making targeted advancements in new materials [1] - The polyester bottle chip industry is experiencing a significant increase in production capacity, leading to challenges and opportunities [7] - The company is optimizing its new materials business layout, focusing on special polyester PETG and recycled PET products [7] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 18.055 billion yuan, a year-on-year increase of 4.82%, but reported a net loss of 569.56 million yuan, a significant decline from profitability [7] - The first quarter of 2025 saw revenue drop by 16.20% to 3.036 billion yuan, with a net loss of 19.43 million yuan, an improvement from the previous year's loss [7] - The company's capacity utilization rate remained high at 103.54% in 2024, with a sales rate of 106.47% [7] Industry Outlook - The polyester bottle chip production capacity in China is projected to increase from 16.61 million tons at the end of 2023 to 20.43 million tons, a year-on-year increase of nearly 23% [7] - The supply increase is outpacing demand growth, leading to further declines in industry profitability [7] - The company is expected to benefit from a limited increase in new production capacity in 2025, potentially leading to higher industry concentration [7] New Materials Business - The company has a current PETG production capacity of 50,000 tons, with sales revenue increasing by 10.4% year-on-year and gross profit rising by 111.65% [7] - The company has successfully developed international brand clients and is a key supplier in the domestic PETG market [7] - The company has commercialized its recycled PET products at a scale of 20,000 tons [7] Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 0.19 billion yuan, 1.16 billion yuan, and 3.92 billion yuan, respectively, with corresponding EPS of 0.01, 0.08, and 0.26 yuan [7] - The PE ratios for 2025, 2026, and 2027 are projected to be 560.67X, 92.52X, and 27.38X, respectively [7] - The company is backed by the state-owned enterprise China Resources Group, providing a solid foundation for its polyester bottle chip business [7]

万凯新材（301216.SZ）发布2024年年报显示，公司以"产业链优化、海外拓展、研发创新"三大战略方 向，以高质量发展应对行业周期挑战。 核心业务仍保持增长韧性 2024年，公司全年实现营业收入172.32亿元，同比小幅下滑1.71%，但若剔除其他业务收入影响，其核 心主营业务收入达171.48亿元，同比增长3.27%，表明公司核心业务仍保持增长韧性。 然而，受行业供需失衡、原材料价格波动及市场竞争加剧等因素影响，公司净利润出现亏损，归属于母 公司净利润为-3.00亿元，扣非净利润-2.14亿元，较2023年由盈转亏。这一业绩表现与国内聚酯瓶片行 业整体承压的趋势相符。 东方证券认为，目前瓶片行业扩张已进入尾声，公司通过向上游延伸产业链、加大海外业务布局来积极 应对行业周期，有望率先走出盈利底部。 2024年，国内聚酯瓶片行业仍处于产能集中投放期。据行业统计机构CCF数据，2024年国内新增聚酯瓶 片产能417万吨，总产能从2023年末的1661万吨增长至2043万吨，同比增幅高达28%。与此同时，2024 年国内聚酯瓶片产量约1556万吨，同比增长18.8%，产能增速远超需求增长，导致行业竞争加剧，产品 ...