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 ...

Core Viewpoint - Tongkun Co., Ltd. has experienced a stock price decline of 2.03% on September 10, 2023, with a current price of 14.51 CNY per share and a total market capitalization of 34.893 billion CNY [1] Group 1: Stock Performance - Year-to-date, Tongkun's stock price has increased by 24.01%, with a 1.75% rise over the last five trading days, 15.43% over the last 20 days, and 36.74% over the last 60 days [1] - As of June 30, 2023, the number of shareholders is 70,600, a decrease of 0.22% from the previous period, while the average circulating shares per person increased by 0.22% to 33,944 shares [2] Group 2: Financial Performance - For the first half of 2025, Tongkun reported operating revenue of 44.158 billion CNY, a year-on-year decrease of 8.41%, while net profit attributable to shareholders increased by 2.93% to 1.097 billion CNY [2] - Since its A-share listing, Tongkun has distributed a total of 3.203 billion CNY in dividends, with 341 million CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of June 30, 2023, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 26.4554 million shares, a decrease of 7.3797 million shares from the previous period [3] - Southern CSI 500 ETF ranks as the eighth largest circulating shareholder with 24.9877 million shares, an increase of 348.25 thousand shares [3] - HSBC Jintrust New Power Mixed A is a new shareholder, holding 22.889 million shares [3] Group 4: Business Overview - Tongkun Co., Ltd. is located in Tongxiang City, Zhejiang Province, and was established on September 27, 1999, with its listing date on May 18, 2011 [1] - The company's main business includes the production and sales of various types of civil polyester filament and grey cloth, with the revenue composition being 63.39% from polyester pre-oriented yarn, 15.66% from polyester drawn yarn, and 9.15% from polyester textured yarn [1]

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 ...

证券之星消息，9月9日炼化及贸易板块较上一交易日下跌0.95%，桐昆股份领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。炼化及贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603223 | 恒通股份 | 9.66 | 3.09% | 11.53万 | 1.10亿 | | 300135 | 宝利国际 | 4.26 | 1.43% | 33.31万 | 1.41亿 | | 000059 | 华锦股份 | 5.37 | 0.56% | 34.52万 | 1.86亿 | | 000301 | 东方盛虹 | 10.32 | 0.39% | - 33.17万 | 3.47亿 | | 000703 | 恒逸石化 | 6.71 | 0.30% | 20.44万 | 1.37亿 | | 002408 | 齐翔腾达 | 5.12 | 0.00% | 18.01万 | 9221.11万 | | 603798 | 康普顿 | 15.11 ...

Core Viewpoint - Tongkun Co., Ltd. reported a net profit attributable to shareholders of 1.097 billion yuan in the first half of the year, representing a year-on-year increase of 2.93% [1] Financial Performance - In Q2 2025, the company achieved a net profit of 486 million yuan, showing a slight year-on-year growth of 0.04% but a quarter-on-quarter decline of 20.54% [1] - The forecasted net profits for the years 2025, 2026, and 2027 are 2.16 billion yuan, 3.09 billion yuan, and 3.79 billion yuan respectively [1] Industry Position - As the world's largest producer of polyester filament, the company maintains a leading position in the industry with a product range covering six categories of civilian polyester filament and over 1,000 varieties [1] - The company is actively advancing the construction of its gas head project, which is expected to be operational between the end of 2026 and the first quarter of 2027, thereby enhancing its full-chain integration from oil, coal, to gas [1] Investment Rating - The current stock price corresponds to price-to-earnings ratios of 16.3, 11.4, and 9.3 times for the years 2025, 2026, and 2027 respectively, with a "buy" investment rating recommended [1]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 14.35 and a sector rating of "Outperform" [1] Core Views - The company has shown significant growth in its non-recurring net profit, with a year-on-year increase of 16.72% in the first half of 2025, despite a decrease in total revenue [3][4] - The company is expected to benefit from the recovery of the polyester filament industry, maintaining a "Buy" rating [3][4] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of RMB 441.58 billion, a decrease of 8.41% year-on-year, while the net profit attributable to the parent company was RMB 10.97 billion, an increase of 2.93% [3][7] - The second quarter of 2025 saw revenue of RMB 247.38 billion, down 8.73% year-on-year but up 27.38% quarter-on-quarter [7][9] - The company’s gross margin improved to 6.76%, up 0.57 percentage points year-on-year, with a net margin of 2.50%, also up 0.27 percentage points year-on-year [7][8] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.98, RMB 1.32, and RMB 1.59, respectively, with corresponding price-to-earnings (PE) ratios of 14.7x, 10.9x, and 9.0x [4][6] - The company’s total revenue is expected to reach RMB 94.746 billion in 2025, with a growth rate of -6.5% [6][10] Industry Positioning - The company is positioned as a leader in the polyester filament production industry, with a comprehensive supply chain that includes coal resources, enhancing its competitive advantage [7][8] - The company has successfully acquired high-quality coal resources, which will support its integrated production capabilities [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1][26]. Core Views - The company's performance in the first half of 2025 shows stability and improvement, with a focus on the recovery of polyester filament profitability [3][6]. - The company is expected to benefit from the optimization of the competitive landscape in the polyester filament industry and the support from its projects in Indonesia [12]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%, while net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 2.93% [6]. - The company reported a net profit of 486 million yuan in Q2 2025, with a year-on-year increase of 0.04% and a quarter-on-quarter decrease of 20.5% [7]. - The gross profit margin for POY in H1 2025 was 8.11%, an increase of 2.50 percentage points year-on-year [6]. Product Segment Performance - For H1 2025, POY revenue was 27 billion yuan, down 11% year-on-year, with a gross margin of 8.11% [6]. - FDY revenue was 6.7 billion yuan, down 9% year-on-year, with a gross margin of 3.59% [6]. - DTY revenue was 4.2 billion yuan, down 3% year-on-year, with a gross margin of 7.19% [6]. Future Growth Prospects - The company is advancing new projects, including the completion of equipment installation for the Fujian Henghai CP1 project and the ongoing construction of the Xinjiang coal mine resource, which is expected to support future growth [10][12]. - The company forecasts operating revenues of 101.3 billion yuan, 105.3 billion yuan, and 111.3 billion yuan for 2025, 2026, and 2027, respectively [11][12]. Market Position and Competitive Landscape - The polyester filament industry is expected to benefit from a reduction in competition due to slower supply expansion and a demand characterized by essential needs [8][12]. - The company is positioned as a leader in the polyester filament industry, which is anticipated to enhance its growth potential [12].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company, as a leading producer of polyester filament, is experiencing a recovery in profitability and is accelerating its full-chain layout [5][7] - Despite a decline in revenue, the company has shown improvements in operational cash flow management [6] - The company is implementing an integrated strategy, expanding its operations into upstream sectors such as PTA and coal mining [7][8] Summary by Sections Market Performance - The company reported a total revenue of 441.58 billion yuan for the first half of 2025, a year-on-year decrease of 8.41%, while the net profit attributable to shareholders was 10.97 billion yuan, an increase of 2.93% [4] Production and Sales - In the first half of 2025, the company produced 486.96 million tons of POY, 108.77 million tons of FDY, 58.56 million tons of DTY, and 76.75 million tons of PTA, with sales figures closely matching production [5] Financial Performance - The average selling prices for POY, FDY, DTY, and PTA decreased by 10%, 16%, 9%, and 19% respectively, impacting revenue [5] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of -3 billion yuan, a notable reduction from -18.62 billion yuan in the previous year [6] Strategic Developments - The company is advancing its "four modernizations" strategy, focusing on integration, scale, intensification, and differentiation, and has successfully acquired high-quality coal resources in Turpan [7][8] Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 21.60 billion yuan, 30.91 billion yuan, and 37.89 billion yuan respectively, with corresponding PE ratios of 16.3, 11.4, and 9.3 [9]

证券之星消息，9月8日炼化及贸易板块较上一交易日上涨0.44%，桐昆股份领涨。当日上证指数报收于 3826.84，上涨0.38%。深证成指报收于12666.84，上涨0.61%。炼化及贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601233 | 桐昆股份 | 15.52 | 5.87% | 52.28万 | 7.95亿 | | 001316 | 润贝航科 | 34.66 | 4.46% | 3.69万 | · 1.26亿 | | 000703 | 恒逸石化 | 6.69 | 4.37% | 25.50万 | 1.68亿 | | 002493 | 荣盛石化 | 9.97 | 3.64% | 39.08万 | 3.87亿 | | 000301 | 东方盛虹 | 10.28 | 3.21% | 32.83万 | 3.36亿 | | 600346 | 恒力石化 | 17.70 | 2.91% | 35.59万 | 6.26亿 | | 000059 | 来错股份 | 5.34 ...

格隆汇9月8日｜中银证券研报指出，桐昆股份上半年实现归母净利润10.97亿元，同比增长2.93%；其 中，第二季度归母净利润4.86亿元，同比增长0.04%，环比降低20.54%。上半年涤纶长丝整体量增价 减，Q2销量提升带动营收环比高增。截至2025年中报，公司存货121.89亿元，较去年同期减少 13.81%，合同负债23.99亿元，较去年同期增长217.84%。上半年公司成功取得吐鲁番地区优质煤矿资 源，实现油头、气头、煤头的全品类覆盖。该煤矿储量达5亿吨，初始开采规模为500万吨/年，具备低 磷、低硫、低氯、低灰、高热值等优势。公司作为全产业链布局的涤纶长丝生产龙头，有望充分受益行 业景气度底部回暖，维持"买入"评级。 ...