维持“增持”评级。受行业景气度下行影响，下调公司 24-26 年EPS为0.26/ 0.39/0.49 元（原为0.39/ 0.57/ 0.70 元）。参考可比公司，考虑到公司为尼龙66 行业龙头，且行业上游存在一定壁垒，给予公司24 年30 倍PE，下调公司目标价至7.80 元（原为9.63 元）。Introduction to this report:
The company's 24H1 performance reversed losses year over year. The company focuses on the main business and actively breaks through the upstream and downstream industrial chains. The company lays out raw materials such as adiponitrile, hydrogen ammonia, and aminohexanitrile, and has joined hands to enter the PA66 civilian field.
Key points of investment:
Maintain an “Overweight” rating. Affected by the decline in industry sentiment, the company's 24-26 EPS was reduced to 0.26/ 0.39/0.49 yuan (previously 0.39/ 0.57/ 0.70 yuan). Referring to comparable companies, considering that the company is a leader in the nylon 66 industry and that there are certain barriers upstream in the industry, the company was given 30 times PE in 24 years, and the company's target price was lowered to 7.80 yuan (originally 9.63 yuan).
The 24H1 performance reversed losses year over year. 24H1 revenue/net profit to mother 6.97/0.054 billion yuan, yoy +14.28%/+254.29%. Among them, 24Q1 revenue/net profit was 3.355/0.031 billion yuan, +20.99%/+255% YoY, -3.81%/-41.51% month-on-month; 24Q2 revenue/net profit was 3.616/0.024 billion yuan, +24.86%/+271.4% YoY, +7.78%/-22.58% month-on-month. According to the company's 2024 semi-annual report, the company continued to strengthen the chain and extend the chain during the reporting period to actively reduce energy transportation costs. Furthermore, the company actively promotes automation transformation, strives to improve labor efficiency, and achieve cost reduction and efficiency.
Sales of major products have increased overall, and profitability is under pressure. 24Q1 sold 3.95/ 0.0406 million tons of nylon 66 slices/refined adipic acid, +1.02%/-22.96% year-on-year. 24Q2 sold 4.4/ 0.0469 million tons of nylon 66 slices/refined adipic acid, +11.39%/+15.52% month-on-month. , YoY +0.69%/-15.04%. The price of nylon 66 slices/refined adipic acid was +9.36%/+0.85% year-on-year, +2.26%/-1.89% month-on-month, and the product price fluctuated slightly. The 24H1 industry is at the bottom of the boom, with a gross sales margin of 11.61%, a net profit margin of 1.35%, and weak profitability fluctuated.
Lay out the upstream and downstream industrial chains and expand the PA66 civilian sector. In terms of the industrial chain layout, the company's self-built hydrogen ammonia project has been put into operation. The 0.05 million ton adiponitrile project is expected to be put into operation by the end of 24, achieving self-sufficiency in adiponitrile, a key raw material. The company's controlling shareholder's 0.02 million ton aminohexanitrile project has been put into operation, 0.1 million tons of production capacity has been built to develop downstream caprolactam products and a new process route for caprolactam to make hexanediamine. The downstream civilian sector is actively expanding. The company cooperated with Yili to establish a company in Pingdingshan, while also acquiring 25% of the shares of Yilijin and Yili Plastics, and increased capital to Yili Nylon to enter the field of nylon 66 high-end civilian wire. The company plans to build a 0.02 million ton/year nylon differentiated fiber project in Thailand to meet and expand the development needs of the tire manufacturing industry in Southeast Asia and North America.
Risk warning: raw material prices fluctuate; projects under construction are postponed; demand for nylon 66 falls.