PPS 长丝阻燃和耐化学性能优异，在新兴应用领域具备潜力。公司PPS长丝已实现落地。根据《高性能化学纤维生产及应用》，在热塑性高分子材料中，PPS 纤维具备优异的阻燃性能（极限氧指数达35%）、耐化学腐蚀性能（200℃以下不溶于已知溶剂，仅次于聚四氟乙烯纤维），因此可应用于化工过滤、电解制氢隔膜、电池隔膜、特种防护服、汽车内饰配件以及作为高性能复材使用。根据Market.us 数据，2023 年全球PPS 市场规模约15.82 亿美元，2023-2032 年区间CAGR=9%。根据《聚苯硫醚长丝的研究现状及其应用进展》，国外PPS 市场中纤维用量占比为5-10%，而国内PPS 纤维使用量占全球的60%，PPS 纤维国产替代空间广阔。根据公司10 月31 日投资者关系活动记录表，目前公司已实现PPS 长丝落地，2023 年开始逐步放量。occurrences
The company's third-quarter results showed a positive year-on-year increase. The company announced results for the first three quarters of 2024. In the first three quarters, it achieved revenue of 4.368 billion yuan, a year-on-year increase of 2.5%, and realized net profit to mother of 0.296 billion yuan, an increase of 8.94% over the previous year. In the third quarter, the company achieved revenue of 1.491 billion yuan, down 0.05% year on year and 0.31% month on month. Net profit to mother was 0.107 billion yuan, up 6.45% year on year and down 7.05% month on month. Gross margin was 15.8%, down 1.11 pct year on year and 0.35 pct month on month; net margin was 7.18%, up 0.41 pct year on year, down 0.53 pct month on month. According to customs data, the domestic export volume of polyester industrial yarn in the third quarter was 0.1324 million tons, up 3.8% year on year and down 7.3% month on month; the average export price of polyester industrial yarn was 10,132 yuan/ton, down 4.6% year on year, up 1.1% month on month.
Special high-performance fibers such as PPS filaments have been actively deployed, and the product landing research institute has implemented special high-performance fibers. Downstream applications cover emerging fields such as new energy vehicles, low-altitude economy, and hydrogen energy: according to the company's October 31 investor relations activity record, the company research institute assumes two major responsibilities: 1) undertakes short-term R&D projects for the division; 2) actively lays out medium- to long-term R&D plans, and the development of special polymer materials represented by polyphenylene sulfide (PPS) filaments is gradually being mass-produced. Based on R&D capabilities and production capabilities in the field of high-performance fibers, the company's research center focuses on special high-performance fibers. Special high-performance fibers have excellent strength, modulus, temperature resistance and chemical resistance. Downstream applications cover traditional fields (marine cables, sportswear, medical supplies, etc.) and emerging fields (aerospace, new energy vehicles, low-altitude economy, 5G/6G electronic communication, millimeter wave radar, ultra-thin circuit boards, and hydrogen energy).
PPS filament has excellent flame retardancy and chemical resistance, and has potential in emerging applications. The company's PPS filament has been implemented. According to the “Production and Application of High Performance Chemical Fibers”, in thermoplastic polymer materials, PPS fiber has excellent flame retardancy (ultimate oxygen index of 35%) and chemical corrosion resistance (insoluble in known solvents below 200℃, second only to polytetrafluoroethylene fiber), so it can be used in chemical filtration, electrolytic hydrogen diaphragms, battery separators, special protective clothing, automotive interior accessories, and as high-performance composites. According to Market.us data, the global PPS market size in 2023 was about 1.582 billion US dollars, and the 2023-2032 range CAGR = 9%. According to the “Research Status and Application Progress of Polyphenylene Sulfide Filaments”, the proportion of fiber used in the foreign PPS market is 5-10%, while domestic PPS fiber usage accounts for 60% of the world, so there is broad space for domestic replacement of PPS fiber. According to the company's investor relations activity record sheet on October 31, the company has now implemented PPS filament, and the gradual release of PPS filaments will begin in 2023.
Investment advice
We predict that from 2024 to 2026, the company will achieve revenue of 6.058/6.377/6.602 billion yuan, an increase of 7.74%/5.28%/3.51% year on year; net profit to mother of 0.392/0.429/0.456 billion yuan, an increase of 12.37%/9.37%/6.21% year-on-year, corresponding EPS of 0.34/0.37/0.39 yuan, and PE 13.27/12.13/11.42 times, respectively, taking into account the company Entering the field of specialty high-performance fibers with strong growth and having achieved product launch, we upgraded our company rating to “Accumulated holdings - A”.
Risk warning
Macroenvironmental risk; risk of competition within the industry; risk of promotion of new materials and photovoltaic reflective film falling short of expectations; risk of exchange rate fluctuations; risk of production expansion at the Vietnamese base falling short of expectations.
