Zhejiang Hailide New Material (002206) 山西证券·2024-07-25 04:30Investment Rating - The report maintains an "Accumulate-B" rating for the company [2][20]. Core Views - The report highlights the improvement in the polyester industrial yarn market and the advantages of the company's expansion into Vietnam [2][20]. - The company is expected to benefit from the recovery in demand, particularly in the automotive sector, driven by the increasing penetration of new energy vehicles and overseas tire inventory replenishment [7][18]. Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 5,512 million - 2023: 5,622 million (YoY growth of 2.0%) - 2024: 6,058 million (YoY growth of 7.7%) - 2025: 6,377 million (YoY growth of 5.3%) - 2026: 6,602 million (YoY growth of 3.5%) [5][20]. - Net profit forecasts are: - 2022: 332 million - 2023: 349 million (YoY growth of 5.1%) - 2024: 420 million (YoY growth of 20.2%) - 2025: 459 million (YoY growth of 9.3%) - 2026: 487 million (YoY growth of 6.2%) [5][20]. - The report indicates a stable gross margin around 16.5% for the forecast period [5][20]. Market Dynamics - The domestic demand for polyester industrial yarn is showing signs of recovery, with a projected consumption of 83.29 million tons in the first half of 2024, reflecting a 15.8% YoY increase [6]. - The report notes that the company has a competitive edge due to its international layout, particularly in non-European and American markets, where exports have increased significantly [8][9]. Industry Trends - The report emphasizes the rising demand for tire cord fabric and automotive yarn, driven by the growth in new energy vehicle production and exports [7][18]. - The company has successfully maintained a low anti-dumping tax rate compared to competitors, enhancing its export competitiveness [9].