Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 1.903 billion yuan for the first half of 2025, a year-on-year decrease of 2.48%, and a net profit attributable to shareholders of 26 million yuan, down 77.58% year-on-year [5] - The average market price of the company's main product, spandex, was 23,563.49 yuan per ton as of August 29, 2025, a decrease of 10.8% year-on-year [6] - The company is actively developing new materials, with its aramid coating for lithium battery separators showing promising progress and expected to enter production testing in 2025 [9] - The company anticipates gradual improvement in the supply-demand relationship for spandex, with no new production capacity planned after 2026, which may lead to a slow price recovery [6][10] Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 17.68%, down 0.51 percentage points year-on-year, and a net profit margin of 0.60%, down 3.75 percentage points year-on-year [5] - The projected net profits for 2025-2027 are 182 million, 297 million, and 379 million yuan, corresponding to P/E ratios of 47.18X, 28.88X, and 22.59X respectively [10] - The company's revenue is expected to grow from 39.29 billion yuan in 2024 to 64.54 billion yuan in 2027, with a compound annual growth rate of 14.8% [12]

基础化工 2025 年 04 月 29 日 泰和新材 (002254) ——芳纶继续放量，价格略有下跌，氨纶盈利继续承压 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 10.17 | | 一年内最高/最低（元） | 12.71/7.72 | | 市净率 | 1.2 | | 息率（分红/股价） | 2.95 | | 流通 A 股市值（百万元） | 8,324 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.23 | | 资产负债率% | 48.99 | | 总股本/流通 A 股（百万） | 863/818 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 ...