聚合顺（605166）：尼龙6切片量利齐升增厚业绩，卡位PA66赋能未来

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2]. Core Insights - The company reported a strong performance in 2024, achieving total revenue of 7.168 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 300 million yuan, up 53% year-on-year [7]. - The growth in 2024 is primarily driven by increased sales volume and profit margins of PA6 products, with a projected increase in demand for nylon in various applications [7]. - The company is strategically positioned in the PA66 market through a partnership with China Tianchen, aiming to enhance its production capacity and market share in the future [7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 6.018 billion yuan in 2023 to 9.284 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 29.5% [6]. - Net profit attributable to shareholders is expected to rise from 197 million yuan in 2023 to 410 million yuan in 2025, with a significant year-on-year growth rate of 36.7% [6]. - The earnings per share (EPS) is forecasted to increase from 0.62 yuan in 2023 to 1.30 yuan in 2025, indicating strong profitability growth [6]. Company Performance - In 2024, the company achieved a sales volume of 565,000 tons of nylon chips, a year-on-year increase of 18%, with an average price of 12,685 yuan per ton [7]. - The gross profit margin for 2024 is projected to be 8.1%, with a return on equity (ROE) of 15.6% [6][7]. - The company is expanding its production capacity, with plans to build an additional 80,000 tons of PA66 capacity, which is expected to contribute to future growth [7].