Hangzhou Juheshun New Material (605166) 民生证券·2024-08-28 12:45Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved significant growth in the first half of 2024, with revenue reaching 3.518 billion yuan, a year-on-year increase of 26.90%, and a net profit attributable to shareholders of 153 million yuan, up 52.42% year-on-year [1]. - The demand for nylon fibers is strengthening domestically, with the nylon fiber consumption volume reaching 1.3351 million tons in the first half of 2024, a year-on-year increase of 18.82% [1]. - The company is expanding its PA6 chip production capacity, with production and sales of nylon chips reaching 264,300 tons and 263,100 tons respectively in the first half of 2024, representing year-on-year growth of 19.27% and 16.85% [1]. - The company is also diversifying into new product areas, including nylon 66 and specialty nylon, with projects approved for production of 124,000 tons of new nylon materials and 80,000 tons of nylon 66 [1]. - The projected net profits for 2024-2026 are 280 million yuan, 384 million yuan, and 481 million yuan respectively, with corresponding dynamic PE ratios of 10X, 7X, and 6X [1][2]. Financial Summary - For 2024, the company is expected to generate revenue of 7.009 billion yuan, a growth rate of 16.5% compared to 2023 [2]. - The net profit attributable to shareholders is projected to be 280 million yuan in 2024, reflecting a growth rate of 42.1% [2]. - The company’s earnings per share (EPS) is forecasted to be 0.89 yuan in 2024, with a PE ratio of 10 [2][5]. - The total assets are expected to increase from 4.685 billion yuan in 2023 to 5.115 billion yuan in 2024 [5]. - The cash flow from operating activities is projected to be 279 million yuan in 2024, down from 520 million yuan in 2023 [6].