股票代码：601233 股票简称：桐昆股份 公告编号：2024-081 桐昆集团股份有限公司 关于回购注销部分限制性股票暨通知债权人的公告 1 本次回购注销完成后，公司总股本将由 2,411,119,493 股减少至 2,404,779,773 股，公司注册资本也将由人民币 2,411,119,493 元减 少至人民币 2,404,779,773 元。由于公司本次回购注销部分限制性股 份将涉及注册资本减少，根据《中华人民共和国公司法》等相关法律、 法规的规定，公司特此通知债权人，债权人自本公告之日起四十五日 内向公司申报债权，并有权凭有效债权文件及相关凭证要求公司清偿 债务或者提供相应的担保。债权人如逾期未向公司申报债权，不会因 此影响其债权的有效性，相关债务（义务）将由公司根据原债权文件 的约定继续履行。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合 同、协议及其他凭证的原件及复印件到公司申报债权。债权人为法人 的，需同时携带法人营业执照副本原件及复印件、法定代表人身份证 明文件；委托他人申报的，除上述文件外，还需携带法定代表人授权 委托书和代理人有效身份证的原件及复印件。债权人为自然人的，需 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-076 桐昆集团股份有限公司 第九届董事会第十四次会议决议公告 本公司及董事会全体成员保证本公告不存在任何虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第 九届董事会第十四次会议通知于 2024 年 11 月 15 日以书面或电子邮 件、电话等方式发出，会议于 2024 年 11 月 25 日在公司总部会议室 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、审议并通过《关于调整 2023 年限制性股票激励计划回购价 格并回购注销部分限制性股票的议案》。 由于公司已实施完毕 2023 年年度权益分派，根据《上市公司股 权激励管理办法》（以下简称"《管理办法》"）及公司《2023 年 限制性股票激励计划（草案）》（以下简称"《激励计划》"）等相 关规定，应对 2023 年限制性股票激励 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 12.58, maintaining a previous "Buy" rating [1]. Core Views - The company has shown significant growth in revenue and production capacity, particularly in polyester filament yarn, despite facing short-term pressure on profits due to declining sales prices and increased financial costs [2][4]. - The company is expected to benefit from a recovery in demand for polyester filament yarn and an improved competitive landscape in the industry, which may enhance profitability in the future [2][5]. - The company's investment in Zhejiang Petrochemical is currently under pressure, but future product diversification and industry recovery are anticipated to improve investment returns [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of RMB 760.49 billion, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of RMB 10.07 billion, up 11.41% [2][4]. - For Q3 2024, the company reported revenue of RMB 278.34 billion, a 12.03% increase year-on-year, but a net profit loss of RMB 0.59 billion, a decrease of 107.34% year-on-year [2][5]. Production and Sales - The company’s sales volume of polyester filament yarn reached 9.4587 million tons in the first three quarters of 2024, a 29.60% increase year-on-year, with significant growth in POY, FDY, and DTY sales [2][3]. - The average selling prices for POY, FDY, and DTY decreased by 2.66%, 2.51%, and 1.78% respectively in Q3 2024 due to fluctuating crude oil prices and weak downstream demand [2][5]. Future Projections - The company’s net profit forecasts for 2024, 2025, and 2026 are RMB 15.36 billion, RMB 26.00 billion, and RMB 38.19 billion respectively, with corresponding EPS of RMB 0.64, RMB 1.08, and RMB 1.58 [2][3]. - The expected P/E ratios for the same years are 19.8, 11.7, and 7.9, indicating a favorable valuation outlook [3][6]. Industry Position - The company is positioned to enhance its integrated supply chain capabilities, which is expected to strengthen its competitive advantage in the petrochemical sector [2][4]. - The overall industry outlook remains positive, with expectations of recovery in demand and improved pricing dynamics in the polyester market [2][5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 14.7 CNY, compared to the current price of 12.59 CNY [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 76.049 billion CNY, a year-on-year increase of 23.17%, while the net profit attributable to shareholders was 1.007 billion CNY, up 11.41% year-on-year. However, in Q3 2024, the company reported a revenue of 27.834 billion CNY, a year-on-year growth of 12.03%, but a net loss of 59 million CNY, a significant decline of 107.34% year-on-year [1][2]. - The decline in oil prices has led to inventory losses and PTA losses, negatively impacting overall performance. The company has a total filament capacity of 13.5 million tons, with Q3 sales of 3.585 million tons, reflecting a 9% increase quarter-on-quarter. The average prices for POY, FDY, and DTY have decreased by 2.7%, 2.5%, and 1.8% respectively due to falling oil prices [2]. - The company is a leader in the filament industry, with a global market share of 18% and a domestic market share of 28%. The company is focusing on upstream refining projects, including the integrated refining project in Indonesia, which is expected to significantly enhance profitability once completed [2]. Financial Summary - The company’s total revenue is projected to be 82.64 billion CNY in 2023, with a year-on-year growth rate of 33.3%. The net profit attributable to shareholders is expected to reach 797 million CNY, reflecting a staggering growth of 512.1% [3]. - For the years 2024 to 2026, the projected net profits are 1.375 billion CNY, 2.373 billion CNY, and 3.255 billion CNY respectively, with year-on-year growth rates of 72.5%, 72.6%, and 37.2% [2][3]. - The earnings per share (EPS) for 2024, 2025, and 2026 are estimated to be 0.57 CNY, 0.98 CNY, and 1.35 CNY respectively, with corresponding price-to-earnings (PE) ratios of 22x, 13x, and 9x [2][3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][7]. Core Views - The company reported a revenue of 76.05 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.2%. The net profit attributable to shareholders was 1.01 billion yuan, up 11.4% year-on-year, while the net profit after deducting non-recurring items was 820 million yuan, an increase of 21.8% year-on-year. However, in Q3 alone, the company faced a net loss of 60 million yuan, a significant decline of 107.3% year-on-year and 112.1% quarter-on-quarter [3][4]. Summary by Sections Performance Overview - In 2023, the company increased its production capacity for polyester filament by 3 million tons per year, leading to a significant rise in sales volume. For Q1-Q3 2024, the sales volumes for POY, FDY, and DTY were 7.1 million tons, 1.56 million tons, and 800,000 tons, reflecting year-on-year changes of +27.2%, +54.4%, and +13.1% respectively [4]. Price Trends - The average price difference for polyester filament POY (considering a 14-day lag in raw materials) was 218 yuan/ton, down 142 yuan/ton year-on-year. The PTA price difference averaged -71 yuan/ton, a decrease of 59 yuan/ton quarter-on-quarter. Overall, the prices for polyester filament and PTA are expected to trend downward in 2024, impacting the company's profitability [4][5]. Market Dynamics - The polyester filament industry has experienced a compound annual growth rate of 8.2% in domestic demand over the past decade. The price advantages of polyester over traditional natural fibers like cotton are significant, and applications for polyester continue to expand. The net new capacity in the industry for 2024 is projected to be only 410,000 tons, representing about 0.8% of total capacity, indicating limited supply growth [6]. Strategic Initiatives - The company is expanding its overseas refining operations, with a significant investment in the Taikun Petrochemical integrated refining project in Indonesia, which has a total investment of 5.95 billion USD and a capacity of 10 million tons/year for refining, along with other petrochemical products. This strategic move is expected to enhance the company's long-term growth prospects [6]. Future Profitability Projections - The company is expected to benefit from the recovery in the polyester filament market, with projected net profits of 1.41 billion yuan, 3.29 billion yuan, and 3.99 billion yuan for the years 2024 to 2026 respectively [7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report indicates that the pricing power in the petrochemical industry is strengthening, and it anticipates a recovery in performance in the future [1][4] - The company has shown a significant increase in revenue and net profit in the first three quarters of 2024, with revenue reaching 760.49 billion yuan, up 23.17% year-on-year, and net profit at 10.07 billion yuan, up 11.41% year-on-year [3][4] - The report highlights the company's ongoing efforts to enhance its industrial chain integration, including projects that will increase production capacity significantly [5] Financial Performance Summary - The company's revenue for 2022 was 619.93 billion yuan, which is projected to grow to 930.79 billion yuan in 2024 and reach 1,027.41 billion yuan by 2026 [2][6] - The net profit attributable to shareholders is expected to rise from 1.30 billion yuan in 2022 to 14.97 billion yuan in 2024, and further to 20.15 billion yuan in 2026 [2][6] - Earnings per share (EPS) are projected to increase from 0.05 yuan in 2022 to 0.62 yuan in 2024, and reach 0.84 yuan in 2026 [2][6] Market Analysis - The report notes that the polyester filament market experienced fluctuations in the third quarter, with a notable decrease in international oil prices affecting raw material support [4] - Despite a weak demand environment, leading companies are maintaining firm pricing strategies, which has resulted in an increase in price differentials [4] - The average price differential for polyester in the third quarter was 1,350 yuan/ton, reflecting an increase of 155 yuan/ton compared to the previous quarter [4] Strategic Developments - The company is actively expanding its production capabilities, with significant projects underway, including a 5 million ton PTA and 2.4 million ton polyester filament integrated production project [5] - The report emphasizes the importance of these developments in enhancing the company's competitive position within the industry [5]

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (桐昆股份) [4] Core Views - The high temperatures in Q3 have negatively impacted the demand for long filaments, but various stimulus policies are being introduced, awaiting a recovery in downstream chemical product demand [2] - The company's Q3 performance was below expectations, with a revenue of 76.049 billion yuan, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of -0.59 billion yuan, a year-on-year decrease of 107.34% [2] - The report has adjusted the earnings per share (EPS) forecasts for 2024-2026 to 0.67, 1.10, and 1.53 yuan respectively, down from previous estimates of 0.98, 1.11, and 1.54 yuan [2] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 760.49 billion yuan, with a year-on-year growth of 23.17% and a quarter-on-quarter growth of 57.73% [2] - The net profit attributable to shareholders for the first three quarters was 1.007 billion yuan, a year-on-year increase of 11.41% but a quarter-on-quarter decrease of 5.50% [2] - The report projects revenues of 97.381 billion yuan for 2024, with a year-on-year growth of 17.8% [3] Price and Valuation - The target price has been adjusted to 14.30 yuan from the previous 15.70 yuan, based on a price-to-earnings (PE) ratio of 13 times for 2025 [2][4] - The current price of the stock is 12.17 yuan, with a market capitalization of 29.343 billion yuan [5][4] Market Data - The stock has a 52-week price range of 10.25 to 16.34 yuan [5] - The company holds a 20% stake in Zhejiang Petrochemical, which has contributed significantly to its investment income, amounting to 530 million yuan in the first three quarters of 2024, compared to 74 million yuan in the same period of 2023 [2]

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" (maintained) [3] Core Views - The company reported a revenue of 76.049 billion yuan for the first three quarters of 2024, an increase of 23.17% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, up 11.41% year-on-year. However, in Q3 2024, the company faced a net loss of 59 million yuan, a decrease of 107.34% year-on-year [2][6] - The polyester segment's performance was under pressure, leading to a significant decline in profits. Excluding the contribution from Zhejiang Petrochemical, the net loss in Q3 2024 was 183 million yuan, down 148.87% year-on-year [7] - The demand for polyester filament is showing signs of recovery, with a year-on-year increase in consumption volume of 5.53% in Q3 2024 [7] - Recent government policies aimed at boosting real estate and consumption are expected to further improve demand for polyester filament [7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 27.834 billion yuan, a year-on-year increase of 12.03% and a quarter-on-quarter increase of 2.70%. The net profit for the same period was a loss of 590 million yuan, down 112.07% quarter-on-quarter [2][6] - The company holds a 20% stake in Zhejiang Petrochemical, which reported a net profit of 620 million yuan in Q3 2024, a decrease of 70.74% year-on-year [7] Market Outlook - The average PTA-crude oil price spread in Q3 2024 was 315 yuan/ton, remaining stable, but the PTA price spread is still at a low level, impacting the company's performance [7] - If the demand for end-use chemical products recovers and projects at Zhejiang Petrochemical are fully operational, it is expected to enhance investment returns [7] Earnings Forecast - The company is projected to achieve net profits of 1.6 billion yuan, 3.6 billion yuan, and 5.2 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.65 yuan, 1.49 yuan, and 2.14 yuan [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [6][7]. Core Insights - The company reported a revenue of 76.05 billion yuan for the first three quarters of 2024, a year-on-year increase of 23.2%, with a net profit attributable to shareholders of 1.01 billion yuan, up 11.4% year-on-year [6][7]. - In Q3 2024, the company experienced a decline in net profit to -0.06 billion yuan, a significant drop of 112.1% quarter-on-quarter, primarily due to inventory losses [6][7]. - The report highlights an increase in sales volume for polyester filament in Q3, driven by a decrease in raw material prices, although the overall demand remains weak [6][7]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 27.83 billion yuan, a quarter-on-quarter increase of 2.7%, but faced a net loss of 0.06 billion yuan [6][7]. - The gross margin for Q3 was 3.3%, down 3.0 percentage points year-on-year, attributed to inventory devaluation [6][7]. - The company’s financial expenses increased by 37.3% year-on-year due to rising interest costs [6][7]. Market Dynamics - The report notes that the polyester filament sales volume increased in Q3, with POY, FDY, and DTY sales reaching 2.69 million, 0.61 million, and 0.29 million tons respectively, showing quarter-on-quarter increases [6][7]. - The average price spreads for POY, FDY, and DTY improved in Q3, reflecting a favorable pricing environment despite raw material price declines [6][7]. Future Outlook - The report anticipates a tightening supply-demand balance for polyester filament, which could lead to improved profitability in the future [6][7]. - The company’s earnings forecasts for 2024-2026 have been adjusted downward due to weaker-than-expected seasonal profits and inventory devaluation impacts [6][7].

石油石化/炼化及贸易 Q3 业绩承压，看好长丝盈利逐步修复 桐昆股份（601233.SH） 2024 年 10 月 31 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 11.78 | | 一年最高最低 ( 元 ) | 16.44/10.09 | | 总市值 ( 亿元 ) | 284.03 | | 流通市值 ( 亿元 ) | 282.24 | | 总股本 ( 亿股 ) | 24.11 | | 流通股本 ( 亿股 ) | 23.96 | | 近 3 个月换手率 (%) | 76.43 | 股价走势图 -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 2024-10 桐昆股份 沪深300 数据来源：聚源 相关研究报告 《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 《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 ...