南方财经9月12日电，南财投研通数据显示，9月11日，券商给予上市公司目标价共48次，按最新收盘价 计算，目标价涨幅排名居前的公司有华荣股份、益丰药房、学大教育，目标价涨幅分别为63.97%、 58.37%、56.92%，分别属于专用设备、医药商业、教育行业。从券商推荐家数来看，9月11日有96家上 市公司得到券商推荐，其中万达电影、桐昆股份、聚和材料均获得2家推荐。评级调低方面，9月11日， 财通证券对长春高新的评级从"买入"调低至"增持"。查看原文：华荣股份等目标价涨幅超50%，长春高 新评级被调低丨券商评级观察刚刚 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-055 桐昆集团股份有限公司关于 2025年度第八期科技创新债券发行结果的公告 本公司董事会及董事会全体成员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。 2024年4月25日，桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第九届董事会第八次会议审 议通过了《关于发行超短期融资券的议案》，上述议案经2024年5月21日召开的公司2023年年度股东大 会审议批准。股东大会同意公司向中国银行间市场交易商协会（以下简称"交易商协会"）申请注册发行 不超过60亿元（人民币，下同）的超短期融资券，并授权董事会办理发行的具体事项。 2024年8月30日，经交易商协会《接受注册通知书》（中市协注［2024］SCP273号）核准，交易商协会 决定接受公司超短期融资券注册，注册金额为人民币60亿元。注册额度自通知书发出之日起2年内有 效，公司在注册有效期内可分期发行超短期融资券。 2025年9月10日，公司在全国银行间市场发行了2025年度第八期科技创新债券，发行总额为5亿元。募集 资金已于2025年9 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2025-055 桐昆集团股份有限公司关于 2025年度第八期科技创新债券发行结果的公告 | 申购情况 | | | | | | --- | --- | --- | --- | --- | | 合规申购家数 | 8 家 | 合规申购金额 | 9.2 | 亿元 | | 最高申购价位 | 1.89% | 最低申购价位 | 1.79% | | | 有效申购家数 | 6 家 | 有效申购金额 | 5.7 | 亿元 | | 主承销商余额 | / | 主承余额包销规 模占当期发行规 | / | | | 包销金额 | | | | | | | | 模比例 | | | | 联席主承销商 | | 联席主承余额包 | | | | 余额包销金额 | / | 销规模占当期发 | / | | | | | 行规模比例 | | | | 簿记管理人 | | 浙商银行股份有限公司 | | | | 主承销商 | | 浙商银行股份有限公司 | | | | 联席主承销商 | | 宁波银行股份有限公司 | | | 本 期 发 行 科 创 债 的 相 关 文 件 已 在 中 国 货 币 网 (www.c ...

Investment Rating - The report maintains a "Strong Buy" rating for Tongkun Co., Ltd. (601233) [1] Core Views - The company reported a revenue of 44.158 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.93% year-on-year [1] - In Q2 2025, the company achieved a revenue of 24.738 billion yuan, down 8.73% year-on-year but up 27.38% quarter-on-quarter, with a net profit of 486 million yuan, a slight increase of 0.04% year-on-year but a decrease of 20.54% quarter-on-quarter [1] - The long filament production capacity is fully utilized, with an operating rate of 96.3% in Q2 2025, and sales volume increased by 5% year-on-year and 38.2% quarter-on-quarter [7] - The report highlights that the supply-demand dynamics in the long filament industry are continuously improving, with expectations for profit margins to rise in the long term [7] Financial Summary - Total revenue for 2024 is projected at 101.307 billion yuan, with a year-on-year growth rate of 22.6%, while for 2025, it is expected to decrease to 97.086 billion yuan, reflecting a decline of 4.2% [3] - The net profit attributable to shareholders is forecasted to grow significantly from 1.202 billion yuan in 2024 to 2.167 billion yuan in 2025, representing a growth rate of 80.3% [3] - The earnings per share (EPS) is expected to increase from 0.50 yuan in 2024 to 0.90 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 16 times [3] Market Position and Valuation - The company is positioned as a leader in the long filament industry, with a total production capacity of 13.5 million tons for polyester filament and 10.2 million tons for PTA [7] - The target price for the stock is set at 18.9 yuan, with the current price at 14.62 yuan, indicating a potential upside [3] - The report suggests that the stock price does not fully reflect the profitability potential of the petrochemical segment, which is significantly undervalued [7]

Group 1 - The board of Tongkun Co., Ltd. approved the issuance of ultra-short-term financing bonds, which received a registration quota of 6 billion yuan from the trading association on August 30, 2024 [1] - On September 10, 2025, the company issued the eighth phase of technology innovation bonds in the national interbank market, with a total issuance amount of 500 million yuan, and the funds were fully received on September 11 [1] - The bond, referred to as "25 Tongkun SCP008 (Tech Innovation Bond)," has a term of 260 days and an issuance interest rate of 1.84% [1] Group 2 - There were 8 compliant subscription applications for the bond, amounting to 920 million yuan, while 6 effective subscription applications totaled 570 million yuan [1]

Investment Rating - The investment rating for the company is "Buy" with an expectation of a stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Views - The company has maintained stable performance in the first half of 2025, with a revenue of 44.158 billion and a net profit of 1.097 billion, showing a year-on-year increase of 2.93% in net profit despite an 8.41% decline in revenue [1][2]. - The company's strategy includes expanding into the coal sector and promoting an integrated industrial chain, which is expected to enhance competitiveness and profitability [10][11]. - The "anti-involution" policy is anticipated to improve the supply-demand dynamics in the filament industry, potentially leading to a recovery in industry conditions [4][9]. Financial Performance - The company's revenue for 2025 is projected to be 98.046 billion, with a net profit of 2.112 billion, reflecting a year-on-year growth of 75.7% [1][11]. - The gross profit margin for the first half of 2025 was 6.76%, an increase of 0.57 percentage points compared to the same period in 2024 [2]. - The net cash flow from operating activities improved by 83.87% year-on-year, indicating better cash management [3]. Industry Insights - The filament industry is expected to benefit from the government's "anti-involution" policies, which aim to eliminate low-price competition and promote product quality [4][9]. - The overall effective capacity in the polyester filament industry was 53.38 million tons as of the first half of 2025, with limited new capacity additions, suggesting a stable supply environment [9]. - The demand for polyester filament is projected to increase due to seasonal factors and improved export performance, which may support price recovery [9].

Core Viewpoint - Tongkun Co., Ltd. reported a decrease in revenue for the first half of 2025, with a total revenue of 44.158 billion yuan, down 8.41% year-on-year, while net profit attributable to shareholders increased by 2.93% to 1.097 billion yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 24.738 billion yuan, a year-on-year decrease of 8.73%, but a quarter-on-quarter increase of 27.38% [1] - The net profit for Q2 2025 was 486 million yuan, showing a slight year-on-year increase of 0.04% but a quarter-on-quarter decrease of 20.54% [1] Group 2: Product Performance - The main revenue contributors were polyester filament and purified terephthalic acid (PTA), with revenues of 37.932 billion yuan and 3.521 billion yuan, respectively, accounting for 86% and 8% of total revenue [1] - Production and sales volumes for key products were as follows: POY (4.8696 million tons produced, 4.3796 million tons sold), FDY (1.0877 million tons produced, 1.0295 million tons sold), DTY (585.6 thousand tons produced, 543.5 thousand tons sold), and PTA (767.5 thousand tons produced, 825.1 thousand tons sold) [1] - Price changes for key products were: POY at 6,160.30 yuan/ton (-9.99% YoY), FDY at 6,464.69 yuan/ton (-15.90% YoY), DTY at 7,688.11 yuan/ton (-9.07% YoY), and PTA at 4,267.54 yuan/ton (-19.11% YoY) [1] Group 3: Company Background and Industry Position - Tongkun Co., Ltd. is the largest polyester filament producer globally, with a comprehensive product range including various types of polyester filament [2] - The company has a strong market position, ranking 34th among China's top 500 private enterprises and 25th among China's top 500 private manufacturing enterprises in 2025 [2] Group 4: Production Capacity and Supply Chain - As of mid-2025, the company has a total of 13 million tons of polymerization capacity and 13.5 million tons of filament capacity, leading the industry in filament capacity and output [3] - The company has established multiple production bases across China, ensuring a robust supply chain, with PTA production capacity of 10.2 million tons, achieving self-sufficiency in raw materials [3] Group 5: Profitability Forecast - The company is expected to maintain a compound annual growth rate (CAGR) of 40.53% in net profit attributable to shareholders over the next three years, with a target price of 18.00 yuan based on a 20x PE ratio for 2025 [3]

9月5日，桐昆股份盘中上涨2.02%，截至10:47，报14.64元/股，成交1.65亿元，换手率0.48%，总市值 352.06亿元。 资金流向方面，主力资金净流出334.55万元，特大单买入929.81万元，占比5.64%，卖出957.28万元，占 比5.81%；大单买入2829.25万元，占比17.16%，卖出3136.34万元，占比19.02%。 桐昆股份今年以来股价涨25.12%，近5个交易日跌0.20%，近20日涨18.64%，近60日涨37.84%。 资料显示，桐昆集团股份有限公司位于浙江省桐乡市梧桐街道凤凰湖大道518号，成立日期1999年9月27 日，上市日期2011年5月18日，公司主营业务涉及从事各类民用涤纶长丝、坯布的生产、销售。主营业 务收入构成为：涤纶预取向丝63.39%，涤纶牵伸丝15.66%，涤纶加弹丝9.15%，精对苯二甲酸6.22%， 切片等其他2.69%，其他(补充)2.46%，复合丝0.36%，乙二醇0.07%。 桐昆股份所属申万行业为：石油石化-炼化及贸易-其他石化。所属概念板块包括：MSCI中国、增持回 购、长三角一体化、融资融券、工业4.0等。 截至6月30日，桐 ...

9月10日，桐昆股份盘中下跌2.03%，截至10:52，报14.51元/股，成交2.13亿元，换手率0.60%，总市值 348.93亿元。 资金流向方面，主力资金净流出1621.63万元，特大单买入1387.34万元，占比6.51%，卖出1971.34万 元，占比9.24%；大单买入4436.01万元，占比20.80%，卖出5473.64万元，占比25.67%。 桐昆股份今年以来股价涨24.01%，近5个交易日涨1.75%，近20日涨15.43%，近60日涨36.74%。 资料显示，桐昆集团股份有限公司位于浙江省桐乡市梧桐街道凤凰湖大道518号，成立日期1999年9月27 日，上市日期2011年5月18日，公司主营业务涉及从事各类民用涤纶长丝、坯布的生产、销售。主营业 务收入构成为：涤纶预取向丝63.39%，涤纶牵伸丝15.66%，涤纶加弹丝9.15%，精对苯二甲酸6.22%， 切片等其他2.69%，其他(补充)2.46%，复合丝0.36%，乙二醇0.07%。 截至6月30日，桐昆股份股东户数7.06万，较上期减少0.22%；人均流通股33944股，较上期增加0.22%。 2025年1月-6月，桐昆股份实现营 ...

融资方面，桐昆股份当日融资买入8634.67万元。当前融资余额19.68亿元，占流通市值的5.55%，融资 余额低于近一年10%分位水平，处于低位。 融券方面，桐昆股份9月9日融券偿还1.26万股，融券卖出2.73万股，按当日收盘价计算，卖出金额40.43 万元；融券余量92.45万股，融券余额1369.17万元，超过近一年90%分位水平，处于高位。 9月9日，桐昆股份跌4.57%，成交额5.28亿元。两融数据显示，当日桐昆股份获融资买入额8634.67万 元，融资偿还7551.72万元，融资净买入1082.95万元。截至9月9日，桐昆股份融资融券余额合计19.82亿 元。 分红方面，桐昆股份A股上市后累计派现32.03亿元。近三年，累计派现3.41亿元。 机构持仓方面，截止2025年6月30日，桐昆股份十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股2645.54万股，相比上期减少737.97万股。南方中证500ETF（510500）位居第八大流通股 东，持股2498.77万股，相比上期增加348.25万股。汇丰晋信新动力混合A（000965）位居第九大流通股 东，持股2288.90万股，为新 ...