证券研究报告 | 2024年04月30日 桐昆股份（601233.SH） 买入 一季度净利扭亏为盈，长丝盈利修复中 核心观点 公司研究·财报点评 公司2024年一季度归母净利润同环比扭亏为盈。公司发布2023年年度报告 石油石化·炼化及贸易 及2024年一季报，2023年营收826.4亿元（同比+33%），归母净利润8.0 证券分析师：杨林 证券分析师：余双雨 亿元（同比+512%）；2024年一季度营收211.1亿元（同比+33%，环比+1%）， 010-88005379 021-60375485 yanglin6@guosen.com.cn yushuangyu@guosen.com.cn 归母净利润5.8亿元，扣非归母净利润5.4亿元，同环比扭亏为盈。 S0980520120002 S0980523120001 2023年公司涤纶长丝产销量齐升，2024年一季度销量环比下滑。得益于新 基础数据 产能的逐渐投放，2023年公司主营产品涤纶长丝产销量同比提升。受市场需 投资评级 买入(维持) 求偏弱影响，2024年一季度销量环比有所下滑。 合理估值 收盘价 13.37元 2024年一季度涤纶长丝价格回暖，行 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance showed significant year-on-year growth, with revenue reaching 21.1 billion yuan, up 33% YoY and 1% QoQ, and net profit attributable to shareholders of 580 million yuan, up 218% YoY and turning from a loss to a profit QoQ [3] - The company's long fiber production and sales increased significantly, with production and sales volumes of 3.14 million tons and 2.59 million tons respectively, up 1.21 million tons and 670,000 tons YoY [3] - The company's PTA and MEG price differences remained stable, with MEG benefiting from industry inventory reduction [3] - The company's investment income from joint ventures and associates increased to 250 million yuan in Q1 2024, driven by improved profitability of Zhejiang Petrochemical [4] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 3.2 billion yuan, 4.4 billion yuan, and 5.1 billion yuan respectively, with corresponding P/E ratios of 10.1x, 7.3x, and 6.3x [4] Financial Performance - The company's 2024E operating income is forecasted to be 99.436 billion yuan, up 20.32% YoY, with net profit attributable to shareholders of 3.191 billion yuan, up 300.41% YoY [2] - The company's 2025E operating income is forecasted to be 99.587 billion yuan, up 0.15% YoY, with net profit attributable to shareholders of 4.411 billion yuan, up 38.22% YoY [2] - The company's 2026E operating income is forecasted to be 100.996 billion yuan, up 1.41% YoY, with net profit attributable to shareholders of 5.108 billion yuan, up 15.79% YoY [2] - The company's 2024E EPS is forecasted to be 1.32 yuan per share, with a P/E ratio of 10.10x [2] Industry and Market Analysis - The polyester long fiber industry maintained high operating rates, with a production rate of 90.9% as of April 25, 2024, and inventory days of 33.5/26.3/27.9 days for POY/FDT/DTY respectively [3] - The downstream weaving industry's operating rate was 72.4% as of April 25, 2024, with raw material inventory at 9.73 days, showing a downward trend since the post-holiday resumption of work [3] - The overseas apparel inventory reduction process is progressing well, with US wholesale apparel inventory at $30.3 billion as of February 2024, down 21% YoY, and the inventory-to-sales ratio at 2.34, down 0.64 from the peak [3] Financial Projections - The company's 2024E total assets are forecasted to be 104.085 billion yuan, with total liabilities of 66.078 billion yuan and equity attributable to shareholders of 37.662 billion yuan [10] - The company's 2025E total assets are forecasted to be 112.094 billion yuan, with total liabilities of 70.832 billion yuan and equity attributable to shareholders of 40.873 billion yuan [10] - The company's 2026E total assets are forecasted to be 116.878 billion yuan, with total liabilities of 71.856 billion yuan and equity attributable to shareholders of 44.580 billion yuan [10] - The company's 2024E operating cash flow is forecasted to be 7.559 billion yuan, with investment cash flow of -1.849 billion yuan and financing cash flow of -5.712 billion yuan [11]

[Table_Title] 证券研究报告 涤纶长丝边际效益明显改善，公司长期投资价值凸显 公司研究 [Table_ReportDate] 2024年4月30日 [Table_ReportType] 公司点评报告 [T事ab件le：_ S 2um 0m 2a 4r年y] 4月26日，桐昆股份发布2023年年度报告，2023年公司 [桐Ta昆bl股e_份Sto(c6k0A1n2dR3a3n.kS]H ) 实现营业收入 826.40 亿元，同比增长 33.30%，实现归母净利润 7.97 亿 元，同比增长539.10%；扣非后净利润4.55 亿元，同比增长5208.32%； 投资评级 买入 基本每股收益0.34 元/股，同比增长518.18%。 上次评级 买入 2024年4月29日，桐昆股份发布2024年一季度报告，一季度公司实现营 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 业收入211.11亿元，同比增长32.66%，环比增长1.02%；单季度归母净利 执业编号：S1500518070001 润5.80亿元，同比增长218.31%，环比增长644.30%；单季度扣非后净利 润5.37亿元，同比增 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥21,111,384,064.63, representing a 32.66% increase compared to ¥15,913,454,482.67 in the same period last year[4]. - Net profit attributable to shareholders was ¥579,923,332.09, a significant turnaround from a loss of ¥490,158,350.61 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was ¥537,228,376.18, compared to a loss of ¥521,472,434.47 in the same period last year, marking a 203.02% increase[5]. - Basic and diluted earnings per share were both ¥0.24, a 220.00% increase from a loss of ¥0.20 per share in the previous year[5]. - Operating profit for Q1 2024 was ¥656,952,878.63, a significant recovery from a loss of ¥491,415,196.82 in Q1 2023[20]. - The total profit for Q1 2024 is approximately ¥663.91 million, compared to a loss of ¥483.69 million in Q1 2023[21]. - The net profit for Q1 2024 is approximately ¥584.55 million, while the net loss for Q1 2023 was ¥474.61 million[21]. Assets and Liabilities - The company's total assets increased by 9.45% to ¥112,132,018,103.40 from ¥102,446,113,224.00 at the end of the previous year[5]. - Total assets as of Q1 2024 amounted to ¥112,132,018,103.40, up from ¥102,446,113,224.00 in the previous year[19]. - Total liabilities increased to ¥75,752,985,990.46 in Q1 2024 from ¥66,662,647,032.37 in Q1 2023, indicating a 13.1% rise[19]. - Current liabilities totaled ¥53,269,437,750.30, compared to ¥46,956,603,366.31 in the same period last year, marking a 13.9% increase[19]. - Non-current liabilities rose to ¥22,483,548,240.16 from ¥19,706,043,666.06, reflecting an increase of 14.3%[19]. Cash Flow - The net cash flow from operating activities was negative at -¥5,321,198,126.01, worsening from -¥2,293,387,412.05 in the previous year, indicating a 132.02% decline[5]. - Cash inflow from operating activities in Q1 2024 is approximately ¥22.86 billion, an increase from ¥16.84 billion in Q1 2023[23]. - Cash outflow from operating activities in Q1 2024 is approximately ¥28.18 billion, compared to ¥19.14 billion in Q1 2023[23]. - The net cash flow from operating activities for Q1 2024 is approximately -¥5.32 billion, worsening from -¥2.29 billion in Q1 2023[23]. - Cash inflow from investing activities in Q1 2024 is approximately ¥295.84 million, down from ¥541.92 million in Q1 2023[24]. - Cash outflow from investing activities in Q1 2024 is approximately ¥3.86 billion, slightly up from ¥3.74 billion in Q1 2023[24]. - Cash inflow from financing activities in Q1 2024 is approximately ¥31.84 billion, significantly higher than ¥18.64 billion in Q1 2023[24]. - The net increase in cash and cash equivalents for Q1 2024 is approximately ¥1.62 billion, compared to an increase of ¥1.26 billion in Q1 2023[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 57,244, with the largest shareholder holding 19.28% of the shares[10]. - The top ten shareholders include 桐昆控股集团有限公司 with 464,908,884 shares, representing a significant portion of the company's equity[12]. - The company has a strong shareholder base with 桐昆控股集团有限公司 holding 94.19% of 浙江磊鑫实业股份有限公司, indicating a high level of control[13]. - The company is actively involved in margin trading, with a total of 28,394,542 shares held by 杭州博海汇金资产管理有限公司 through margin accounts[14]. Operational Insights - The company reported a significant increase in profitability due to improved product margins and increased gains from investments in Zhejiang Petrochemical[9]. - The company has not reported any significant changes in operational strategies or new product developments during the reporting period[15]. - The company's financial health appears robust, with a significant increase in both current and long-term assets, positioning it well for future growth opportunities[16]. Research and Development - Research and development expenses for Q1 2024 were ¥433,828,616.84, up from ¥325,499,782.44 in Q1 2023, showing a 33.3% increase[20].

股票代码：601233 股票简称：桐昆股份 公告编号：2024-033 桐昆集团股份有限公司 2024 年第一季度主要经营数据公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 桐昆集团股份有限公司（以下简称"公司"）根据上海证券交易 所《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第 十三号——化工》、《关于做好主板上市公司 2024 年第一季度报告披 露工作的重要提醒》要求，现将 2024 年一季度主要经营数据披露如 下： 二、主要产品价格变动情况 | 主要产品 | 2024 年 税售价（元/吨） | 1-3 | 月不含 | 2023 年 售价（元/吨） | 1-3 月不含税 | 变动比率 | | --- | --- | --- | --- | --- | --- | --- | | POY | 6,819.37 | | | 6,658.80 | | 2.41% | | FDY | 7,711.20 | | | 7,444.15 | | 3.59% | | DTY | 8,406.30 | | | 8,248.74 ...

公司报告 | 年报点评报告 桐昆股份（601233） 证券研究报告 2024年04月 28日 投资评级 业绩复苏，看好长丝景气度改善 行业 石油石化/炼化及贸易 6个月评级 买入（维持评级） 当前价格 13.38元 2023年公司实现归母净利润 7.97亿，同比+539.1% 目标价格 元 2023年公司实现营业收入826.4亿元，同比+33.3%；实现归母净利润7.97 亿，同比+539.1%，扣非归母净利润亿4.55元，同比+5208.32%。 基本数据 原料下跌，长丝价差走阔 A股总股本(百万股) 2,411.12 流通A股股本(百万股) 2,272.31 2023 年，PX 市场均价1035 美元/吨，同比-6%；乙二醇均价4091 元/吨， A股总市值(百万元) 32,260.78 同比-10%。长丝、PTA 价格有所下滑，但不及上游，2023年长丝均价7884 流通A股市值(百万元) 30,403.50 元/吨，同比-3%；PTA 均价 5867 元/吨，同比-3%。涤纶长丝平均价差244 元/吨，同比+16%，PTA利润-69元/吨，同比-88元/吨。 每股净资产(元) 14.71 资产负债率( ...

S1130522060004 chenlvlou gjzq.com.cn 业绩简评 S1130519040001 桐昆股份于2024 年 4 月26 日发布公司2023 年年度业绩报告， x ujunyi gjzq.com.cn 2023 年全年实现营业收入826.40 亿元，同比增加 33.31%，实现 归母净利润7.97 亿元，同比增加539.13%（2022 年净利追溯调 整后）。其中，2023Q4 预计实现营业收入 208.98 亿元，同比增 13.38 加41.16%，环比减少15.89%，实现归母净利润-1.07 亿元，同比 上涨94.10%，环比下降 113.35%。业绩基本符合预期。 经营分析 聚酯需求回暖带动行业复苏，浙石化业绩修复或将增厚公司利润： 受益于2023 年以来涤纶长丝需求回暖，聚酯板块业绩好转。剔除 浙石化贡献业绩后，2023 年公司聚酯等板块实现净利润 5.24 亿 元，同比增加151.98%，其中2023Q4 剔除浙石化后归母净利润 为-3.05 亿元，同比增加75.31%，环比减少181.61%。公司持有 浙石化20%的股份，2023 年浙石化净利润为13.67 亿元，同 ...

上 市 公 司 石油石化 2024 年4 月27日 桐昆股份 (601233) 公 司 研 究 ——2023 年业绩显著修复，未来继续看好长丝与炼化的 公 司 景气提升 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） 证  公司公告：2023 年公司实现营业收入 826.4 亿，同比增长 33.3%，实现归母净利润 8.0 券 亿，同比增长539.1%；其中Q4实现营业收入209.0亿，同比增长41.2%，环比下降15.9%， 研 市场数据： 2024年04月26日 实现归母净利润-1.1亿，同比提升17亿，环比下降113.3%，符合我们的预期。公司拟派 究 收盘价（元） 13.38 发2023年度现金分红总额1.03亿元，对应分红比例为12.8%。 报 一年内最高/最低（元） 15.75/10.63 告 市净率 0.9  23全年公司期间费用率同比改善，期末在建工程显著下降。2023年公司期间费用率达到 息率（分红/股价） - 流通A股市值（百万元） 30404 4.9%，同比下降0.6pct，销售费率、管理费率和研发费率有一定改善，但财务费用增长较 上证指数/深证成指 3088.64 ...

证券研究报告·公司点评报告·炼化及贸易 桐昆股份（601233） 2023 年年报点评：长丝盈利同比修复，看好 2024 年 04月 27日 24 年行业供需改善 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 61,993 82,640 99,436 99,587 100,996 执业证书：S0600123050015 heyzh@dwzq.com.cn 同比（%） 4.79 33.30 20.32 0.15 1.41 归母净利润（百万元） 124.71 797.04 3,191.42 4,411.13 5,107.63 股价走势 同比（%） (98.33) 539.10 300.41 38.22 15.79 桐昆股份 沪深300 EPS-最新摊薄（元/股） 0.05 0.33 1.32 1.83 2.12 20% P/E（现价&最新摊薄） 258.68 40.48 10.11 7.31 6.32 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-028 桐昆集团股份有限公司 2023 年年度主要经营数据公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 桐昆集团股份有限公司（以下简称"公司"）根据上海证券交易 所《关于做好主板上市公司 2023 年年度报告披露工作的通知》、《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十三号 ——化工》的要求，现将 2023 年年度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 | 主要产品 | 2023 | 年 1-12 售价（元/吨） | 月不含税 | 2022 年 1-12 售价（元/吨） | 月不含税 | 变动比率 | | --- | --- | --- | --- | --- | --- | --- | | POY | | 6,777.69 | | 7,010.07 | | -3.31% | | FDY | | 7,608.53 | | 7,709.11 | | -1.30% | | DTY | | 8,298 ...