Huafon Spandex(002064) 东兴证券·2025-04-01 01:05Investment Rating - The report maintains a "Strong Buy" rating for Huafeng Chemical [2][4] Core Views - Huafeng Chemical's performance is under short-term pressure, but it continues to expand its production capacity, reinforcing its scale advantages [3][4] - The company achieved a total revenue of 26.931 billion yuan in 2024, a year-on-year increase of 2.41%, while the net profit attributable to shareholders was 2.220 billion yuan, a decrease of 10.43% year-on-year [3] - Despite the growth in sales volume of core products, the decline in prices of spandex and adipic acid has negatively impacted performance [3] - The company has a strong market position, being the largest producer of spandex in China and the second largest globally, with significant production capacities in polyurethane and adipic acid [4] Financial Performance Summary - Revenue and Profit Forecasts: - 2025: Revenue expected to be 28.571 billion yuan, net profit 2.133 billion yuan - 2026: Revenue expected to be 30.668 billion yuan, net profit 2.403 billion yuan - 2027: Revenue expected to be 33.293 billion yuan, net profit 2.664 billion yuan [6][4] - Earnings Per Share (EPS) projections: - 2025: 0.43 yuan - 2026: 0.48 yuan - 2027: 0.54 yuan [4][6] - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18, 16, and 14 respectively [4] Production Capacity and Market Position - Huafeng Chemical has a spandex production capacity of 325,000 tons, with an additional 150,000 tons under construction [4] - The company maintains high capacity utilization rates: 109.98% for spandex and 94.96% for adipic acid [4] - The company is expected to further enhance its scale advantages as ongoing projects progress [4]