Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233) [1][4] Core Views - The company announced adjustments to its integrated refining project in Indonesia, which includes changes in equity structure, investment amount, and project scale [3] - The company's ownership stake in the project has increased from 45.9% to 80%, while the stakes of other partners have decreased [3] - The total refining capacity has been reduced from 16 million tons to 10 million tons, with an increased focus on olefins [3] - The market absorption of products in Indonesia and ASEAN has increased, with a shift in product distribution towards local markets [3] - The total investment for the project has been reduced from $8.62 billion to $5.95 billion, with the company's capital contribution rising to $1.43 billion [3] - The adjustments are expected to enhance the project's competitiveness and control over the Indonesian market [3] Financial Forecasts and Valuation - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 3.2 billion, 4.4 billion, and 5.1 billion yuan respectively, corresponding to P/E ratios of 11.7, 8.5, and 7.3 times [4] - The total revenue is projected to grow from 82.64 billion yuan in 2023 to 100.996 billion yuan in 2026, with a compound annual growth rate of approximately 7.5% [2][4] - The report highlights a significant increase in net profit growth rates, projecting a 539.1% increase in 2023 and a 300.4% increase in 2024 [2][4] Market Data - The closing price of the stock is reported at 15.53 yuan, with a market capitalization of approximately 37.44 billion yuan [6] - The stock has a price-to-book ratio of 1.04 and a total circulating A-share market value of about 35.29 billion yuan [6] Basic Data - The company has a net asset value per share of 14.96 yuan and a debt-to-asset ratio of 67.56% [7] - The total number of shares outstanding is approximately 2.41 billion [7]

Investment Rating - The report maintains a "Buy" rating for Tongkun Stock (601233) with a target price of 15.53 RMB [4] Core Views - The Indonesian refinery project's equity structure is being adjusted, with Tongkun's stake increasing from 45.9% to 80%, enhancing control and reducing operational risks [1] - The refinery's scale is reduced from 16 million tons/year to 10 million tons/year, with a shift in product focus towards more olefins and less aromatics [2] - The product market strategy is adjusted to focus more on the Indonesian domestic market, reducing logistics costs and enhancing competitiveness [2] - The company's net profit is forecasted to be 3 billion, 4.76 billion, and 6.03 billion RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 13, 8, and 6 for the corresponding years [2] Financial Projections - Revenue is expected to grow from 61.99 billion RMB in 2022 to 119.84 billion RMB in 2026, with a CAGR of 18.5% [3] - EBITDA is projected to increase from 4.67 billion RMB in 2022 to 13.20 billion RMB in 2026 [3] - Net profit attributable to the parent company is forecasted to rise from 130.21 million RMB in 2022 to 6.03 billion RMB in 2026 [3] - EPS is expected to grow from 0.05 RMB in 2022 to 2.50 RMB in 2026 [3] Market and Product Strategy - The refinery's product mix is adjusted to focus more on olefins, with ethylene production increasing from 800,000 tons/year to 1.2 million tons/year [2] - The target market for products shifts from 33% Indonesia, 59% China, and 8% shared to 60% Indonesia, 22% China, and 18% shared [2] - The total investment for the project is reduced from 86.24 billion USD to 59.48 billion USD [2] Valuation Metrics - The PE ratio is expected to decrease from 287.57 in 2022 to 6.21 in 2026 [3] - The PB ratio is projected to decline from 1.08 in 2022 to 0.76 in 2026 [3] - The EV/EBITDA ratio is forecasted to drop from 12.45 in 2022 to 3.01 in 2026 [3] Industry Context - The report covers the oil, petrochemical refining, and trading industry, with a focus on the recovery of the polyester filament and petrochemical sectors [4]

股票代码：601233 股票简称：桐昆股份 公告编号：2024-037 桐昆集团股份有限公司 关于调整泰昆石化（印尼）有限公司 印尼北加炼化一体化项目股权架构、投资金额及项目 规模等的公告 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。 重要内容提示： ●拟调整项目名称：泰昆石化（印尼）有限公司印尼北加炼化一 体化项目 ●项目调整主要内容： 1、主体持股比例，由原桐昆集团股份有限公司（以下简称"桐 昆股份"或"公司"）和新凤鸣集团股份有限公司（以下简称"新凤 鸣"）分别在香港成立全资子公司桐昆（香港）投资有限公司（以下 简称"桐昆香港"）和罗科史巴克有限公司（以下简称"罗科史巴克"）。 桐昆香港和罗科史巴克在香港共同成立华灿国际有限公司（以下简称 "华灿国际"），其中桐昆香港股权占比51%，罗科史巴克股权占比 49%。华灿国际和上海青翃实业发展有限公司（以下简称"上海青翃"） 在印尼共同成立泰昆石化，其中华灿国际股权占比90%，上海青翃股 权占比10%，调整为桐昆股份通过桐昆香港持有的华灿国际及鹏皓投 资发展有限公司（以下简称"鹏皓投 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-039 桐昆集团股份有限公司 关于 2023 年第六期超短期融资券到期兑付的公告 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。 2023 年 8 月 25 日，桐昆集团股份有限公司（以下简称"桐昆股 份"或"本公司"）在全国银行间市场发行了 2023 年第六期超短期 融资券（科创票据）（简称：23 桐昆 SCP006（科创票据）），发行 总额为 5 亿元人民币，期限 270 天，发行利率为 2.66%，到期一次还 本付息。募集资金已于 2023 年 8 月 28 日全额到账。 现本公司 2023 年第六期超短期融资券已于 2024 年 5 月 24 日到 期，本公司于 2024 年 5 月 24 日兑付完成该期超短期融资券本息，本 息兑付总额为人民币 509,811,475.41 元。 特此公告。 桐昆集团股份有限公司董事会 2024 年 5 月 25 日 ...

桐昆集团股份有限公司（以下简称"桐昆股份"或"本公司"） 第九届董事会第十次会议通知于 2024 年 5 月 14 日以书面或电子邮 件、电话等方式发出，会议于 2024 年 5 月 24 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《关于调整泰 昆石化（印尼）有限公司印尼北加炼化一体化项目股权架构、投资金 额及项目规模等的议案》 。 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关于调整泰昆石化（印 尼）有限公司印尼北加炼化一体化项目股权架构、投资金额及项目规 模等的公告》（公告编号：2024-037）。根据《公司章程》《上海证 券交易所股票上市规则》等相关规定，本议案需提交公司股东大会审 议。 二、以 11 票赞成、0 票反对、0 票弃权，一致通过《关于召开 2024 年第一次临时股东大会的议案》。董事会同意公司于 202 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-038 桐昆集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 2024 年第一次临时股东大会 召开地点：浙江省桐乡市凤凰湖大道 518 号桐昆集团股份有限公司总部会议 室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 12 日 至 2024 年 6 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 1 股东大会召开日期：2024年6月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 ...

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于桐昆集团股份有限公司 2023年年度股东大会的法律意见书 致：桐昆集团股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受桐昆集团股份有限公司 （以下称"公司"）的委托，指派本所律师列席公司于 2024 年 5 月 21 日 14 点 00 分在浙江省桐乡市凤凰湖大道 518 号桐昆集团总部会议室召开的 2023 年年度 股东大会（以下称"本次股东大会"），并依据《中华人民共和国公司法》等中 国法律、法规和相关规范性文件（以下称"中国法律法规"）及《桐昆集团股份 有限公司章程》（以下称"公司章程"）的规定，就本次股东大会的召集和召开 程序、出席会议人员资格、召集人资格、会议表决程序和表决结果等事宜（以下 称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文 件，包括但不限于第九届董事会第八次会议决议、第九届监事会第七次会议决议 以及根据决议内容刊登的公告、本 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-035 桐昆集团股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 66 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,025,787,250 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.9218 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会提议召开。公司董事长陈蕾因公出差，与会董事共同推举 公司董事、执行总裁李圣军先生主持会议。会议召集及召开程序符合《公司法》 和《公司章程》的有关规定。 1 / 11 (一) 股东大会召开的时间：2024 年 5 月 21 日 (二) 股东大会召开的 ...

Investment Rating - The report upgrades the investment rating of Tongkun Co., Ltd. to "Strong Buy" with a target price of 20.37 CNY [2][8]. Core Insights - The company's Q1 performance shows significant year-on-year and quarter-on-quarter growth, indicating a strong outlook for the entire year [2][8]. - The company achieved a revenue of 82.64 billion CNY in 2023, a year-on-year increase of 33.3%, and a net profit of 797 million CNY, reflecting a remarkable growth of 512.1% [3][9]. - For Q1 2024, the revenue reached 21.11 billion CNY, up 32.66% year-on-year, with a net profit of 580 million CNY, marking a 218.01% increase [2][3]. Financial Performance Summary - **2023 Financials**: - Total revenue: 82.64 billion CNY, up 33.3% YoY - Net profit: 797 million CNY, up 512.1% YoY - Earnings per share (EPS): 0.33 CNY [3][9]. - **2024 Projections**: - Expected revenue for 2024: 99.17 billion CNY, with a growth rate of 20.0% - Expected net profit for 2024: 2.94 billion CNY, with a growth rate of 268.3% - Projected EPS for 2024: 1.22 CNY [3][9]. Market Position and Industry Outlook - Tongkun Co., Ltd. is a leader in the polyester filament industry, with a global market share exceeding 18% and a domestic market share over 28% [2][8]. - The company is expanding its upstream integration by investing in refining projects, such as the integrated refining project in Indonesia [2][8]. - The report anticipates a favorable supply-demand balance in the long filament industry, with a significant rebound in profits expected in 2024 due to reduced new capacity growth [2][8].

Investment Rating - The report maintains a "Buy" rating for the company [8][6]. Core Views - The company's Q1 performance shows significant improvement, with a revenue of 21.11 billion yuan, a year-on-year increase of 32.7%, and a net profit of 580 million yuan, marking a turnaround from losses [5][6]. - The growth in production and sales of polyester filament and PTA has notably enhanced profitability, driven by increased production scale and improved price differentials [5][6]. - The demand for polyester filament is expected to improve due to a favorable supply-demand balance, with limited new capacity additions projected for 2024 [6][5]. - The company is expanding its overseas refining operations, which is anticipated to provide substantial growth opportunities in the long term [6][5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 21.11 billion yuan, a 32.7% increase year-on-year, and a net profit of 580 million yuan, reversing previous losses [5]. - The production capacity for polyester filament and PTA increased significantly in 2023, reaching 13.5 million tons and 10.2 million tons per year, respectively [5][6]. - The company reported a significant increase in investment income, primarily from its 20% stake in Zhejiang Petrochemical, contributing 250 million yuan in Q1 2024 [5][6]. Market Outlook - The domestic apparent consumption of polyester filament has grown from 21.17 million tons in 2014 to 43.05 million tons in 2023, with a compound annual growth rate of 8.2% [6]. - The report highlights a favorable supply-demand dynamic, with limited new capacity expected in the polyester filament industry, suggesting a continued upward trend in market conditions [6][5]. - The company is strategically investing in overseas refining projects, which are expected to enhance its long-term growth potential [6][5].