优彩资源：业绩保持稳定，新产能投产在即

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 1.055 billion yuan for the first half of 2024, a year-on-year decrease of 6.40%, while the net profit attributable to the parent company was 69.84 million yuan, an increase of 2.59% year-on-year [2]. - The company has been focusing on the polyester staple fiber industry for twenty years, developing a range of green fiber products, including recycled polyester staple fiber and low-melting-point fibers, which have driven rapid growth in recent years [4]. - The gross profit margins for low-melting-point and recycled colored fibers improved significantly in the first half of 2024, with overseas revenue experiencing a substantial increase of 119.72% year-on-year [5]. - The company is expected to achieve net profits of 160 million yuan, 210 million yuan, and 310 million yuan from 2024 to 2026, corresponding to a PE ratio of 10.2X, 8.0X, and 5.4X based on the closing price on August 29, 2024 [4]. Financial Performance - For the first half of 2024, the company reported a net cash flow from operating activities of -243 million yuan, a year-on-year decrease of 3895.40% [2]. - The company’s total revenue for 2023 is projected to be 2.446 billion yuan, with a slight decrease to 2.395 billion yuan in 2024, followed by increases to 2.955 billion yuan in 2025 and 4.198 billion yuan in 2026 [8]. - The gross profit for 2024 is expected to be 279 million yuan, with a gross margin of 12% [8]. Market Position and Strategy - The company has a significant market position, ranking second in the industry for both low-melting-point polyester staple fibers and recycled colored polyester staple fibers, benefiting from scale advantages [5]. - The unique advantages of low-melting-point fibers are expected to enhance their penetration in the automotive sector, with over 40 types of non-woven material parts currently used in vehicles [5]. - The company is committed to research and development, focusing on low-cost and differentiated products to establish itself as a leader in the niche market [5].