11月27日，延江股份涨5.1%，截至发稿，报11.12元/股，成交1.69亿元，换手率6.94%，总市值37.00亿 元。 资料显示，厦门延江新材料股份有限公司位于福建省厦门市翔安区内厝工业集中区后堤路666号，成立 日期2000年4月3日，上市日期2017年6月2日，公司主营业务涉及一次性卫生用品面层材料的研发、生产 和销售。主营业务收入构成为：热风无纺布34.37%，打孔无纺布32.79%，PE打孔膜及复合膜23.16%， 其他主营业务6.30%，销售无纺布腰贴2.46%，其他(补充)0.92%。 从基金十大重仓股角度 数据显示，摩根基金旗下1只基金重仓延江股份。摩根汇智优选混合A（023780）三季度持有股数149.42 万股，占基金净值比例为1.79%，位居第七大重仓股。根据测算，今日浮盈赚取约80.69万元。 摩根汇智优选混合A（023780）成立日期2025年7月22日，最新规模3.78亿。成立以来收益5.29%。 摩根汇智优选混合A（023780）基金经理为胡迪、韩秀一。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指 ...

资料显示，厦门延江新材料股份有限公司位于福建省厦门市翔安区内厝工业集中区后堤路666号，成立 日期2000年4月3日，上市日期2017年6月2日，公司主营业务涉及一次性卫生用品面层材料的研发、生产 和销售。主营业务收入构成为：热风无纺布34.37%，打孔无纺布32.79%，PE打孔膜及复合膜23.16%， 其他主营业务6.30%，销售无纺布腰贴2.46%，其他(补充)0.92%。 11月20日，延江股份盘中下跌2.02%，截至10:06，报10.18元/股，成交8069.16万元，换手率3.46%，总 市值33.88亿元。 资金流向方面，主力资金净流出320.16万元，特大单买入133.98万元，占比1.66%，卖出278.37万元，占 比3.45%；大单买入1905.97万元，占比23.62%，卖出2081.74万元，占比25.80%。 延江股份今年以来股价涨98.79%，近5个交易日涨4.95%，近20日涨18.65%，近60日涨42.98%。 分红方面，延江股份A股上市后累计派现2.41亿元。近三年，累计派现4428.09万元。 机构持仓方面，截止2025年9月30日，延江股份十大流通股东中，财通优势行 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future growth and profitability [3][7]. Core Insights - The company is positioned as a global innovative manufacturer of disposable materials, focusing on the personal care sector, with significant growth potential driven by the upgrade of hygiene materials in overseas markets [6][7]. - The company has established strong relationships with major clients, which enhances its market position and revenue stability [6][28]. - The financial projections indicate a substantial increase in net profit, with a CAGR of +94% expected from 2025 to 2027, reflecting the anticipated growth in demand for its products [7][9]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,485 million yuan in 2024 to 2,700 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.3% [2]. - The net profit attributable to the parent company is expected to rise from 27 million yuan in 2024 to 198 million yuan in 2027, with a significant increase of 119.6% in 2025 [2]. - The earnings per share (EPS) is forecasted to increase from 0.08 yuan in 2024 to 0.60 yuan in 2027 [2]. Business Model and Competitive Advantage - The company has a leading position in the production of functional materials for hygiene products, with a focus on innovative product development [16][26]. - It has a strong R&D platform and a global supply chain, which are key competitive advantages that allow it to meet the demands of international hygiene product giants [6][7]. - The company’s unique three-dimensional perforated non-woven fabric technology creates a significant technical barrier, enhancing product value and profitability [6][7]. Market Opportunities - The report highlights a substantial market opportunity in the overseas hygiene materials sector, estimating a replacement market size exceeding 50 billion yuan for hot air non-woven fabrics [6][7]. - The company is expected to benefit from the ongoing restructuring of supply chains by international giants, which will likely lead to increased orders and revenue [6][7]. Financial Quality and Growth Potential - The financial statements indicate a typical pattern of "capacity expansion first, order fulfillment later," suggesting that as production capacity ramps up, profitability will improve [6][9]. - The report anticipates a turning point in financial quality, with expectations of improved profit margins as operational efficiencies are realized [6][9].

Core Insights - The company reported a total revenue of 1.485 billion yuan for 2024, representing a year-on-year growth of 17.96% [1] - The net profit attributable to shareholders reached 27.2843 million yuan, with a year-on-year increase of 30.72% [1] - The net profit excluding non-recurring items was 17.9289 million yuan, showing a significant growth of 67.18% year-on-year [1] Financial Performance - The total sales, management, and financial expenses amounted to 160 million yuan, accounting for 10.78% of revenue, which is a decrease of 6.3% year-on-year [2] - The gross profit margin was 18.33%, an increase of 5.09% year-on-year [6] - The net profit margin was 2.03%, reflecting a year-on-year growth of 28.22% [6] - Earnings per share were 0.08 yuan, up by 33.33% year-on-year [6] Cash Flow and Asset Status - The net cash flow from operating activities decreased by 52.68% year-on-year, primarily due to increased inventory to meet seasonal demand [4] - Cash inflows and outflows from investment activities fell by 64.48% and 51.58%, respectively, due to reduced amounts in redeeming and purchasing financial products [4] - The company's cash and cash equivalents decreased by 22.41% year-on-year, totaling 185 million yuan [6] Accounts Receivable and Debt Situation - Accounts receivable reached 326 million yuan, marking a year-on-year increase of 54.47% [6] - The ratio of accounts receivable to profit stood at 1196%, indicating a need for attention on receivables collection [7] - The company’s interest-bearing debt reached 1.01 billion yuan, with a year-on-year increase of 8.84% [6] - The interest-bearing asset-liability ratio was 36.96%, suggesting a need for monitoring the company's debt situation [7]