桐昆集团股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：601233 证券简称：桐昆股份 桐昆集团股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------|---------------------|---------------------|---------------------|--------------------------- ...

证券研究报告 2024 年 09 月 12 日 评级 买入 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 10.83 | | 52 周价格区间（元） | 10.83-16.34 | | 总市值（百万） | 26498.21 | | 流通市值（百万） | 24972.69 | | 总股本（万股） | 241112.00 | | 流通股（万股） | 227231.00 | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|------------|---------| | | | | | | | | | | | 12% | 桐昆股份 | 炼化及贸易 | | | -8% 2% | | | | | -18% | | | | | -28% 2023-09 2023-12 | 2024-03 | 2024-06 | 2024-09 | | % | 1M | 3M | 12M | | | | | | | ...

Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's filament profits continue to recover, with H1 2024 performance close to the midpoint of the forecast [1] - The filament industry's improved structure led to a strong rebound in Q1 performance, with full-year performance expected to be promising [1] - The company is a leader in the filament industry, and its overseas project in Indonesia strengthens its integrated advantages [1] - The company's revenue for H1 2024 reached 48.215 billion yuan, a year-on-year increase of 30.67%, with net profit attributable to shareholders of 1.065 billion yuan, a year-on-year increase of 911.35% [1] Financial Performance - H1 2024 revenue: 48.215 billion yuan (+30.67% YoY) [1] - H1 2024 net profit attributable to shareholders: 1.065 billion yuan (+911.35% YoY) [1] - Q2 2024 revenue: 27.103 billion yuan (+29.16% YoY, +28.38% QoQ) [1] - Q2 2024 net profit attributable to shareholders: 485 million yuan (-18.13% YoY, -16.31% QoQ) [1] - H1 2024 filament sales: 5.8737 million tons (+32% YoY) [1] - Q2 2024 filament sales: 3.2887 million tons (+27.2% QoQ) [1] Industry and Market Position - The company has a filament production capacity of 13.5 million tons and a PTA production capacity of 10.2 million tons [1] - The company holds an 18% global market share and a 28% domestic market share in the filament industry, ranking first globally [1] - The company is focusing on upstream refining and chemical integration, with a significant project in Indonesia expected to enhance profitability [1] Valuation and Target Price - The target price is set at 15.3 yuan, based on a 2024 PE ratio of 15x [1] - The current PE ratios for 2024-2026 are 10x, 8x, and 6x, respectively [1] - The company's EPS for 2024-2026 is forecasted to be 1.02 yuan, 1.31 yuan, and 1.61 yuan, respectively [1] Financial Forecasts - 2024E revenue: 93.395 billion yuan (+13.0% YoY) [2] - 2024E net profit attributable to shareholders: 2.463 billion yuan (+209.0% YoY) [2] - 2025E revenue: 100.029 billion yuan (+7.1% YoY) [2] - 2025E net profit attributable to shareholders: 3.162 billion yuan (+28.4% YoY) [2] - 2026E revenue: 115.432 billion yuan (+15.4% YoY) [2] - 2026E net profit attributable to shareholders: 3.873 billion yuan (+22.5% YoY) [2]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨桐昆股份（601233.SH） [Table_Title] 业绩显著增长，有望持续修复 | --- | |-------| | | | | 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 桐昆股份（601233.SH） cjzqdt11111 2024-09-10 相关研究 2024-05-20 [Table_Title2] 业绩显著增长，有望持续修复公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 年半年报，实现收入 482.1 亿元（同比+30.7%），实现归属净利润 10.7 亿元 （同比+911.4%），实现归属扣非净利润 9.0 亿元（同比+2799.5%）。其中 Q2 单季度实现收入 271.0 亿元（同比+29.2%，环比+28.4%），归属净利润 4.9 亿元（同比-18.5%，环比-16.3%）， 实现归属扣非净利润 3.7 亿元（同比-32.4%，环比-31.9%）。 ...

证券研究报告| 公司动态点评 2024 年 09 月 03 日 桐昆股份（601233.SH） 1H24 业绩大幅改善，看好长丝盈利逐步改善 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 61,993 | 82,640 | 93,084 | 99,232 | 107,114 | | 增长率 yoy （ % ） | 4.8 | 33.3 | 12.6 | 6.6 | 7.9 | | 归母净利润（百万元） | 125 | 797 | 2,469 | 3,875 | 4,709 | | 增长率 yoy （ % ） | -98.3 | 539.1 | 209.7 | 57.0 | 21.5 | | ROE （ % ） | 0.4 | 2.3 | 6.6 | 9.4 | 10.4 | | EPS 最 ...

股 票 研 究 证 券 研 究 报 告 ——桐昆股份 2024 年中报业绩点评 中报业绩高增长，静待下游需求回升 桐昆股份(601233) 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 15.70 上次预测: 17.70 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------------------| | | | | | | | [table_Authors] 孙羲昱 ( 分析师 ) | 杨思远 ( 分析师 ) | 陈浩越 ( 研究助理 ) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas.com | chenhaoyue028692@gtjas.com | | 登记编号 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 桐昆股份（601233）公司半年报点评 2024 年 09 月 03 日 股票数据 0[9Ta月b0le2_日S收to盘c价k（In元fo）] 11.58 52 周股价波动（元） 10.63-16.44 总股本/流通 A 股（百万股） 2411/2272 总市值/流通市值（百万元） 27921/26313 《长丝产销稳定增长，浙石化盈利逐季改善》 《长丝盈利改善，产销稳定增长》2023.09.09 [Table_QuoteInfo] 事件：公司发布 2024 年半年报。2024H1，公司实现营收 482.15 亿元，同 比+30.67%，环比+5.40%；实现归母净利 10.65 亿元，同比+911.35%，环 比+54.00%。 价格及销量上升较大，产品收入涨幅可观。2024H1，公司 POY 销量 441.09 万吨，同比+30.98%；FDY 销量 95.41 万吨，同比+51.78%；DTY 销量 50.87 万吨，同比+12.27%；PTA 销量 72.18 万吨，同比+109.95%。价格方面。 POY 价格为 68 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in the first half of 2024 showed significant recovery, with Q2 revenue stabilizing. H1 2024 revenue reached 48.215 billion yuan, up 30.67% YoY, and net profit attributable to shareholders was 1.065 billion yuan, up 911.35% YoY. Q2 revenue was 27.103 billion yuan, up 28.38% QoQ, while net profit attributable to shareholders was 485 million yuan, down 16.31% QoQ, mainly due to a decline in investment income from Zhejiang Petrochemical [4] - The company's polyester filament products experienced both volume and price increases, with production and sales continuing to rise. H1 2024 production of polyester filament reached 6.36 million tons, with sales of 5.87 million tons and a sales-to-production ratio of 92.4%. The average selling prices of POY/FDY/DTY increased by 1.69%/2.03%/2.06% YoY, respectively [4] - The company is further enhancing its integrated industrial chain layout, with several key projects progressing smoothly. Current PTA/polyester filament production capacity stands at 10.2/13.5 million tons, and the company is expanding its capacity and market share during the industry's cyclical upturn [4] - The price difference for polyester filament remained strong, and the industry structure is improving under the leadership of major players. In H1 2024, there were no new capacity additions in the polyester filament industry, and the price difference for POY/FDY/DTY was 1,230/1,780/2,730 yuan/ton as of July, with industry profitability expected to gradually improve [4] Financial Performance - The company's revenue growth is expected to slow down, with projected revenue growth rates of 12.61%, 7.02%, and 6.03% for 2024E, 2025E, and 2026E, respectively. Net profit attributable to shareholders is expected to grow by 203.91%, 46.19%, and 21.78% for the same periods [5] - The company's profitability is improving, with gross margins expected to rise from 5.06% in 2023A to 6.86%, 7.22%, and 7.39% in 2024E, 2025E, and 2026E, respectively. Net margins are also expected to increase from 0.99% in 2023A to 2.67%, 3.65%, and 4.19% in the same periods [6] - ROE is projected to increase from 2.25% in 2023A to 6.44%, 8.68%, and 9.65% in 2024E, 2025E, and 2026E, respectively, indicating improving returns on equity [6] Valuation - The company's P/E ratio is expected to decrease from 35.97 in 2023A to 11.84, 8.10, and 6.65 in 2024E, 2025E, and 2026E, respectively, reflecting a more attractive valuation [5] - The P/B ratio is also expected to decline from 0.81 in 2023A to 0.76, 0.70, and 0.64 in 2024E, 2025E, and 2026E, respectively, indicating a lower valuation relative to book value [6]

公 司 研 究 桐昆股份（601233.SH） 2024 年 08 月 29 日 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 投资评级：买入（维持） 日期 2024/8/28 当前股价(元) 11.69 一年最高最低(元) 16.44/10.63 总市值(亿元) 281.86 流通市值(亿元) 265.63 总股本(亿股) 24.11 流通股本(亿股) 22.72 近 3 个月换手率(%) 61.61 股价走势图 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 桐昆股份 沪深300 数据来源：聚源 相关研究报告 《2024H1 业绩预计同比高增，看好下 半年长丝盈利继续修复—公司信息更 新报告》-2024.7.16 《Q1 业绩同环比大幅增长，看好长丝 盈利继续修复—公司信息更新报告》 -2024.5.5 《2023 年业绩同比高增，长丝景气度 有望继续修复—公司信息更新报告》 -2024.1.31 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 金益腾（分析师） 龚道琳（分析师） 蒋跨跃（分析师） jinyiten ...

公司研究 24H1 业绩同比大幅增长，静待长丝旺季来临 ——桐昆股份（601233.SH）2024 年半年报点评 买入（维持） 当前价：11.71 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 总股本(亿股) 24.11 一年最低/最高(元)： 10.60/16.40 近 3 月换手率： 58.07% 股价相对走势 市场数据 总市值(亿元)： 282 -25% -16% -6% 3% 12% 08/23 11/23 03/24 06/24 桐昆股份 沪深300 | --- | --- | --- | --- | |------------|--------|--------|--------| | | | | | | 收益表现 | | | | | % | 1M | 3M | 1Y | | 相对 | -10.72 | -14.19 | -6.65 | | 绝对 | -13.79 | -23.24 | -1 ...