石油石化/炼化及贸易 桐昆股份（601233.SH） Q1 业绩同比小幅增长，静待长丝行业景气回升 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 10.56 | | 一年最高最低(元) | 16.44/9.63 | | 总市值(亿元) | 253.94 | | 流通市值(亿元) | 253.01 | | 总股本(亿股) | 24.05 | | 流通股本(亿股) | 23.96 | | 近 3 个月换手率(%) | 68.41 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 桐昆股份 沪深300 相关研究报告 《2024 年业绩同比增长，看好公司盈 利弹性与长期价值—公司信息更新报 告》-2025.4.28 《Q3 业绩承压，看好长丝盈利逐步修 复—公司信息更新报告》-2024.10.31 《2024H1 业绩同比大幅增长，看好长 丝盈利继续修复—公司信息更新报 告》-2024.8.29 ——公司信息更新报告 | 金益腾（分析师） | 龚 ...

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

股票代码：601233 股票简称：桐昆股份 公告编号：2025-033 桐昆集团股份有限公司 2025 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 2025 年第一季度报告披露 工作的重要提醒》要求，现将 2025 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 | 2025 年 1-3 月不含 | 2024 年 1-3 月不含税 | 变动比率 | | --- | --- | --- | --- | | | 税售价（元/吨） | 售价（元/吨） | | | POY | 6,372.60 | 6,819.37 | -6.55% | | FDY | 6,783.23 | 7,711.20 | -12.03% | | DTY | 7,956.83 | 8,406.30 | -5.35% | | PTA | 4,366.32 ...

2、报告的内容和格式符合中国证监会和上海证券交易所的各项 规定，所包含的信息能从各个方面真实反映公司 2025 年第一季度的 经营管理状况和财务状况。 3、在 2025 年第一季度报告上会审议前，没有发现参与报告编制 和审议的人员有违反保密规定的行为。 股票代码：601233 股票简称：桐昆股份 公告编号：2025-032 桐昆集团股份有限公司 第九届监事会第十三次会议决议公告 本公司监事会及全体监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"桐昆股份"或"公司"）第 九届监事会第十三次会议通知于 2025 年 4 月 18 日通过书面或电子邮 件、电话通知等方式发出，会议于 2025 年 4 月 28 日在桐昆股份总部 会议室以现场结合通讯表决的方式召开。会议应到监事 5 名，实到监 事 5 名。会议由监事会主席邱中南先生主持，本次会议的召集及召开 符合《中华人民共和国公司法》《公司章程》及有关法律、法规的规 定。经过有效表决，会议一致通过如下决议： 一、以 5 票赞成、0 票反对、0 票弃权，一致通过了《关于 202 ...

特此公告。 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"桐昆股份"或"本公司"） 第九届董事会第十七次会议通知于 2025 年 4 月 18 日以书面或电子邮 件、电话等方式发出，会议于 2025 年 4 月 28 日在桐昆股份总部会议 室以现场表决和通讯表决相结合的方式召开，会议应到董事十一名, 实到董事十一名。会议由董事长陈蕾女士主持，本次会议的召开符合 《中华人民共和国公司法》《公司章程》及有关法律、法规的规定。 经过有效表决，会议一致通过如下决议： 一、以 11 票赞成、0 票反对、0 票弃权，一致通过《关于 2025 年第一季度报告的议案》。 本议案已经公司第九届董事会审计与风险防范委员会第十次会 议审议通过，并同意提交公司董事会审议。具体内容详见上交所网站 （www.sse.com.cn）《桐昆集团股份有限公司 2025 年第一季度报告》。 桐昆集团股份有限公司董事会 股票代码：601233 股票简称：桐昆股份 公告编号：2025-031 桐昆集团股份有限公司 第九届董事会第十七次会议决 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 19.42 billion, a decrease of 8.01% compared to CNY 21.11 billion in the same period last year[5] - Net profit attributable to shareholders increased by 5.36% to CNY 610.99 million from CNY 579.92 million year-on-year[5] - The basic earnings per share rose by 8.33% to CNY 0.26, compared to CNY 0.24 in the previous year[6] - Net profit for Q1 2025 reached CNY 613.40 million, an increase of 4.66% from CNY 584.55 million in Q1 2024[18] - Earnings per share for Q1 2025 were CNY 0.26, compared to CNY 0.24 in Q1 2024[19] - The company reported a total comprehensive income of CNY 614.08 million for Q1 2025, compared to CNY 585.05 million in Q1 2024[19] Assets and Liabilities - The total assets at the end of the reporting period were CNY 110.19 billion, reflecting a 5.56% increase from CNY 104.39 billion at the end of the previous year[6] - As of March 31, 2025, total assets reached RMB 110.19 billion, an increase from RMB 104.39 billion as of December 31, 2024, reflecting a growth of approximately 5.3%[12] - Current assets totaled RMB 32.59 billion, up from RMB 26.65 billion, indicating a growth of about 22.5%[12] - Total liabilities amounted to RMB 72.59 billion, up from RMB 67.40 billion, which is an increase of about 7.5%[14] - The total equity decreased slightly to RMB 37.60 billion from RMB 37.98 billion, reflecting a decline of about 1.0%[14] Cash Flow - The net cash flow from operating activities was negative at CNY -5.39 billion, slightly worse than CNY -5.32 billion in the same period last year, indicating a decline of 1.31%[5] - Cash inflow from operating activities in Q1 2025 was CNY 20.17 billion, a decrease of 11.73% from CNY 22.86 billion in Q1 2024[21] - Cash outflow for purchasing goods and services in Q1 2025 was CNY 24.01 billion, down from CNY 26.80 billion in Q1 2024[21] - The net cash flow from operating activities was -5,391,042,928.19, slightly improved from -5,321,198,126.01 in the previous period[22] - The total cash and cash equivalents at the end of the period were 6,299,866,374.08, down from 7,310,560,673.00[22] - The company experienced a net decrease in cash and cash equivalents of -2,029,972,504.19, contrasting with an increase of 1,620,471,853.06 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 70,735[9] - The largest shareholder, Tongkun Holding Group Co., Ltd., held 19.33% of the shares, amounting to 464,908,884 shares[9] - The company did not report any participation in margin financing or securities lending activities by the top shareholders[11] Investments and Expenses - Research and development expenses for Q1 2025 were CNY 381.72 million, a decrease of 12.03% from CNY 433.83 million in Q1 2024[17] - The company's long-term investments stood at RMB 19.40 billion, slightly up from RMB 19.15 billion, showing a growth of approximately 1.3%[13] - The cash outflow for investing activities was 4,593,188,492.55, compared to 3,859,313,044.67 previously, indicating increased investment spending[22] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[4] - The company will not apply new accounting standards starting from 2025[23]

智通财经4月29日电，桐昆股份(601233.SH)公告称，2025年第一季度营业收入194.2亿元，同比下降 8.01%；归属于上市公司股东的净利润6.11亿元，同比增长5.36%。 桐昆股份：一季度净利润6.11亿元 同比增长5.36% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved significant year-on-year performance improvement, with revenue for 2024 reaching 101.31 billion yuan, a 22.59% increase, and net profit attributable to shareholders at 1.202 billion yuan, a 50.8% increase [7] - The polyester filament production and sales have improved year-on-year, although the overall market conditions have shown signs of decline due to increased supply and weak demand [7] - The PTA market is experiencing a recovery, but it remains in a state of bottom oscillation due to excess supply [7] - The profitability of Zhejiang Petrochemical has improved, and it is expected to continue to enhance in 2025 [7] - Future earnings forecasts have been adjusted downwards due to the impact of tariffs and oil price fluctuations, with net profits for 2025 and 2026 revised to 1.987 billion yuan and 3.084 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 82.64 billion yuan in 2023, 101.31 billion yuan in 2024, 103.08 billion yuan in 2025, 108.27 billion yuan in 2026, and 109.98 billion yuan in 2027 [6][9] - Net profit attributable to shareholders is projected to grow from 797 million yuan in 2023 to 1.987 billion yuan in 2025, and further to 4.198 billion yuan by 2027 [6][9] - The company's earnings per share are expected to increase from 0.34 yuan in 2023 to 0.83 yuan in 2025, reaching 1.75 yuan in 2027 [6][9] - The company's return on equity (ROE) is projected to improve from 2.2% in 2023 to 5.2% in 2025, and further to 9.2% in 2027 [6][9]

自本次增持计划开始至本公告披露日，磊鑫实业通过上海证券交 易所交易系统以集中竞价交易方式累计增持公司 A 股股份 1,457,400 股，占公司当前总股本的 0.06%，合计增持金额 1,549.26 万元，磊 鑫实业仍将视情况继续增持。 本次增持计划不触及要约收购，不会导致公司控股股东及实际 控制人发生变化。 重要内容提示： 本次增持计划可能存在因资本市场情况发生变化或目前尚无 法预判的其他风险因素导致增持计划的实施无法达到预期的风险，敬 请广大投资者注意投资风险。 增持计划基本情况： 2025 年 4 月 24 日，桐昆集团股份有限公司（以下简称"公司"） 持股 5%以上的股东浙江磊鑫实业股份有限公司（以下简称"磊鑫实 业"）披露增持股份计划，自 2025 年 4 月 24 日起 1 年内，磊鑫实业 拟通过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股 股份，增持总金额不低于人民币 2.5 亿元，不超过人民币 5 亿元（以 下简称"本次增持计划"）。 增持计划实施进展： 股票代码：601233 股票简称：桐昆股份 公告编号：2025-030 桐昆集团股份有限公司 关于持股5%以上的股东以专项贷款 ...

Group 1 - The textile industry is undergoing a significant reshuffle, with a 2.8% increase in clothing consumption expenditure among urban and rural residents, yet a reduction of 647 clothing enterprises, indicating accelerated industry consolidation [1][3] - RCEP member countries account for 30.9% of total foreign trade, becoming a new growth point, while orders from the European and American markets during the Christmas season have not recovered as expected, leading to a 15-day increase in inventory turnover days for fabric merchants [1][3] - The price of polyester filament has fallen below the cost line, making survival difficult for small manufacturers, while the production of lyocell fiber has surged by 138.3% due to support from environmental policies, highlighting a severe polarization in the industry [1][3] Group 2 - The challenges faced by the textile industry are not due to technology or funding issues, but rather the inability to keep pace with market changes, necessitating a focus on policy benefits, RCEP Southeast Asia channel development, and advancements in recycled fiber technology [4] - Companies are advised to stockpile raw materials in the short term to avoid price fluctuations, collaborate with upstream and downstream partners to reduce costs and increase efficiency in the medium term, and invest in environmental technology in the long term [4] - It is recommended that companies avoid taking orders with payment terms exceeding 90 days, even if it means accepting fewer orders [4]