Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][9]. Core Views - The company has achieved significant revenue growth due to rapid capacity expansion in 2023, resulting in a year-on-year increase of 32.66% in Q1 2024 revenue, reaching 21.11 billion yuan [5][7]. - The company successfully turned around its profitability in Q1 2024, reporting a net profit of 580 million yuan, compared to losses in the previous periods [5][7]. - The integration of upstream and downstream operations, particularly through the investment in Zhejiang Petrochemical, enhances the company's competitive position and profitability [4][8]. Financial Summary - Revenue for 2023 is projected at 82.64 billion yuan, with a year-on-year growth of 33.3% [3]. - The net profit attributable to shareholders is expected to reach 797 million yuan in 2023, reflecting a substantial increase of 539.1% [3]. - The gross margin is forecasted to improve from 5.1% in 2023 to 7.6% in 2024 [3]. - Earnings per share (EPS) are projected to be 0.33 yuan for 2023, increasing to 1.31 yuan in 2024 and 1.95 yuan in 2025 [3][9].

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233) with an updated target price of 20.30 CNY, up from the previous target of 18.60 CNY [1][3]. Core Views - The company's Q1 2024 performance met expectations, with significant profit improvement driven by a favorable supply-demand balance in the long filament industry and a recovery in the refining sector [1][2]. - The report highlights that the long filament market is expected to maintain its positive momentum, with a recovery in refining operations providing upward potential for the company's performance [1][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 82.64 billion CNY, a year-on-year increase of 33.3%, and a net profit attributable to shareholders of 797 million CNY, up 539.1% [1][2]. - For Q1 2024, the company reported a revenue of 21.11 billion CNY, a year-on-year increase of 32.66%, and a net profit of 580 million CNY, up 218.01% [1][3]. Market Outlook - The long filament supply-demand landscape is improving, with a slowdown in new capacity growth and an increase in industry concentration as smaller companies exit the market [1][2]. - The average prices for POY, FDY, and DTY in Q1 2024 were 6819 CNY/ton, 7357 CNY/ton, and 7951 CNY/ton, respectively, reflecting increases of 2.53%, 2.10%, and 1.71% quarter-on-quarter [1][3]. Earnings Forecast - The report adjusts the company's 2024 EPS forecast to 1.40 CNY (previously 1.55 CNY) and raises the 2025 EPS forecast to 1.85 CNY (previously 1.81 CNY), with a new 2026 EPS forecast of 2.53 CNY [1][2]. - The report assigns a PE ratio of 14.5X for 2024, leading to the revised target price of 20.30 CNY [1][3]. Investment Highlights - The recovery in the refining sector is expected to enhance investment returns, with the company holding a 20% stake in Zhejiang Petrochemical, which reported a net profit of 1.367 billion CNY in 2023 [1][2]. - The report emphasizes strong pricing power among leading companies in the long filament market, which is likely to further widen price differentials [1][3].

桐昆集团股份有限公司 2023 年 年度股东大会会议材料 桐昆集团股份有限公司 2024 年 5 月 1 | 桐昆集团股份有限公司 2023 年年度股东大会通知 3 | | --- | | 年年度股东大会会议须知 5 桐昆集团股份有限公司 2023 | | 桐昆集团股份有限公司 2023 年年度股东大会会议议程 7 | | 议案一：关于 2023 年度董事会工作报告的议案 9 | | 议案二：关于 2023 年度监事会工作报告的议案 13 | | 议案三：关于 2023 年度财务决算报告的议案 16 | | 年年度报告全文和摘要的议案 18 议案四：关于 2023 | | 年度利润分配预案的议案 19 议案五：关于 2023 | | 议案六：关于 2023 年度董事薪酬的议案 20 | | 议案七：关于 2023 年度监事薪酬的议案 21 | | 议案八：关于聘请 2024 年度财务审计机构的议案 22 | | 议案九：关于公司与子公司之间提供担保的议案 23 | | 年融资授信总额度的议案 32 议案十：关于授权公司及子公司 2024 | | 议案十一：关于 2023 年度日常关联交易执行情况确认的议案 3 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-034 桐昆集团股份有限公司 关于召开2023年年度股东大会的提示性公告 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 ●现场会议召开时间：2024年5月21日 14：00 ●网络投票时间： 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 5 月 21 日 至 2024 年 5 月 21 日 桐昆集团股份有限公司（以下简称："本公司"）已于2024年4月27日在指定信 息披露媒体及上海证券交易所网站（www.sse.com.cn）上发布了《桐昆集团股份有 限公司关于召开2023年年度股东大会的通知》（公告编号：2024-029。） 本次股东大会将通过上海证券交易所网络投票系统向社会公众股股东提供网络 形式的投票平台，根据中国证监会《关于加强社会公众股股东权益保护的若干规定》 （证监发【2004】118号）的要求，现发布召开本次股东大会的提示性公告如下： 一、会议召开时间 现场会议召开时间：2024年5月21日 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][18] Core Views - The company has shown significant revenue growth, achieving an operating income of 82.64 billion yuan in 2023, a year-on-year increase of 33.3% [6][8] - The net profit attributable to shareholders reached 797 million yuan, reflecting a remarkable year-on-year growth of 539.1% [6][8] - The company is expanding its production capacity in the polyester filament sector, with a production volume of 10.43 million tons in 2023, up 34.2% year-on-year [6][12] - The company is also initiating a major integrated refining project in Indonesia, with a total investment of 8.624 billion USD, expected to generate an average annual revenue of 10.438 billion USD upon completion [7][12] Financial Performance Summary - In 2023, the company reported an operating income of 82.64 billion yuan, with a net profit of 797 million yuan [8][14] - The earnings per share (EPS) for 2024 is projected to be 1.30 yuan, with a price-to-earnings (P/E) ratio of 12-14 times, indicating a reasonable value range of 15.60-18.20 yuan [7][14] - The gross profit margin is expected to improve from 5.1% in 2023 to 7.8% by 2026 [8][14] Production and Sales Growth - The company’s polyester filament production and sales are on a stable growth trajectory, with a production volume of 3.14 million tons in Q1 2024, a year-on-year increase of 62.8% [6][11] - The sales volume for the same period reached 2.59 million tons, up 34.7% year-on-year [6][11] Capacity Expansion - The company has a total PTA production capacity of 10.2 million tons per year and plans to continue expanding its polyester filament capacity, maintaining its leading position in the market [6][12] - The global market share for the company’s filament is 18%, while its domestic market share stands at 28% [6][12]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 14.68 and a sector rating of "Outperform" [1][3]. Core Views - The company has significantly increased its production and sales of polyester filament, achieving a revenue of RMB 826.40 billion in 2023, a year-on-year growth of 33.30%, and a net profit attributable to shareholders of RMB 7.97 billion, a remarkable increase of 539.10% [4][6]. - In Q1 2024, the company reported a revenue of RMB 211.11 billion, a year-on-year increase of 32.66%, and a net profit of RMB 5.80 billion, marking a turnaround from losses [4][7]. - The recovery in the polyester filament market and the company's complete industrial chain layout are expected to support continued business growth, maintaining the "Buy" rating [4][6]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of RMB 826.40 billion, up 33.30% from RMB 619.93 billion in 2022. The net profit attributable to shareholders was RMB 7.97 billion, compared to RMB 1.25 billion in 2022, reflecting a growth of 539.10% [4][6]. - For Q1 2024, the company reported revenue of RMB 211.11 billion, a 32.66% increase from RMB 159.13 billion in Q1 2023, and a net profit of RMB 5.80 billion, compared to a loss in the previous year [4][7]. Production and Sales - The company sold 10.31 million tons of polyester filament in 2023, a year-on-year increase of 34.97%. The sales volumes for POY, FDY, and DTY were 7.84 million tons, 1.47 million tons, and 994,000 tons, respectively, with growth rates of 35.36%, 38.48%, and 27.32% [4][6]. - In Q1 2024, the company sold 2.59 million tons of polyester filament, with POY, FDY, and DTY sales of 1.94 million tons, 415,300 tons, and 234,600 tons, showing year-on-year growth of 37.43%, 36.93%, and 12.68% [4][7]. Investment and Future Outlook - The company's investment income decreased to RMB 3.21 billion in 2023, down 73.93% from the previous year, but is expected to recover as the petrochemical industry improves [4][6]. - The company has established a complete industrial chain layout, with polyester filament capacity of approximately 13.5 million tons per year and PTA capacity of about 10.2 million tons per year as of the end of 2023 [4][6]. - Future net profits are projected to be RMB 31.10 billion, RMB 41.93 billion, and RMB 55.68 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 1.29, RMB 1.74, and RMB 2.31 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company turned a profit in 2023, with significant increases in both revenue and net profit. Revenue reached 82.64 billion yuan, up 33.30% year-on-year, while net profit attributable to shareholders was 0.80 billion yuan, a staggering increase of 539.10% [9] - The first quarter of 2024 is expected to see continued improvement in market conditions, with revenue of 21.11 billion yuan, a year-on-year increase of 32.66%, and net profit of 0.58 billion yuan, up 218.01% year-on-year [9] - The company holds a 20% stake in Zhejiang Petrochemical, which has contributed positively to its earnings, with investment income of 0.27 billion yuan in 2023 and 0.26 billion yuan in Q1 2024 [9] - The company is expanding its production capacity despite market challenges, with new projects coming online and a total PTA/long filament capacity of 10.20 million tons and 13.50 million tons respectively [9] - The long filament market is expected to see a shift towards oligopoly competition, benefiting the company as a market leader with increasing market share [10] - The company’s profit forecast for 2024-2026 has been adjusted, with expected net profits of 2.97 billion yuan, 4.02 billion yuan, and 5.30 billion yuan respectively, reflecting a strong outlook [10] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 82.64 billion yuan and a net profit of 0.80 billion yuan, with a production volume of 10.43 million tons of long filament [9] - The first quarter of 2024 showed a revenue of 21.11 billion yuan and a net profit of 0.58 billion yuan, indicating strong growth [9] Market Position - The company has maintained its position as the leading producer of polyester long filament in China for 23 consecutive years, with a market share that continues to grow [10] - The overall demand for polyester fibers is increasing, with polyester accounting for nearly 56% of total fiber demand [10] Future Outlook - The company is expected to benefit from a slowdown in new capacity additions in the long filament market, enhancing its competitive advantage [10] - The adjusted profit forecasts for 2024-2026 indicate a positive growth trajectory, with EPS expected to be 1.23 yuan, 1.67 yuan, and 2.20 yuan respectively [10]

%% research.95579.com %% 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] 业绩大幅改善，看好长丝景气进一步提升 2023 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年度报告，实现收入826.4亿元（同比+33.3%），实现归属净利润8.0亿元 （同比+539.1%），实现归属扣非净利润4.5亿元（同比+5208.3%）。其中Q4单季度实现收入 209.0 亿元（同比+41.2%，环比-15.9%），实现归属净利润-1.1亿元（同比减亏，环比-113.3%）， 实现归属扣非净利润-2.7亿元（同比减亏，环比-138.0%）。 ...

证 券 2024 年 05 月 06 日 研 究 2024Q1 业绩扭亏为盈，看好涤纶长丝景气度提 报 升 告 —桐昆股份（601233.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 桐昆股份发布 2023 年年度报告，实现营业收入 826.4 亿元， zhangwb@cfsc.com.cn 同比增长 33.3%；实现归母净利润 7.97 亿元，同比增长 联系人：刘韩 S1050122080022 539.1%。 2023Q4 公司实现营业收入 208.98 亿元，同比 liuhan@cfsc.com.cn +41.16%，环比-15.88%；实现归母净利润为-1.07亿元。 基本数据 2024-05-06 桐昆股份发布 2024 年一季度报告， 2024 Q1 公司实现营业收 入 211.11 亿元，同比+32.66%，环比+1.02%；实现归母净利 当前股价（元） 15.15 润为5.80亿元，同比和环比均扭亏为盈。 总市值（亿元） 365 总股本（百万股） 2411 投资要点 流通股本（百万股） 2272 52周价格范围（元） 10.91-15.56 ▌行业景 ...

石油石化/炼化及贸易 公 司 研 桐昆股份（601233.SH） Q1 业绩同环比大幅增长，看好长丝盈利继续修复 究 2024年05月05日 ——公司信息更新报告 投资评级：买入（维持） 金益腾（分析师） 龚道琳（分析师） 蒋跨跃（分析师） jinyiteng@kysec.cn gongdaolin@kysec.cn jiangkuayue@kysec.cn 日期 2024/4/30 证 书编号：S0790520020002 证书编号：S0790522010001 证书编号：S0790523120001  Q1业绩同环比大幅增长，看好长丝盈利继续修复，维持“买入”评级 当前股价(元) 13.77 公司发布2023年年报及2024年一季报，2024年全年实现营收826.40亿元，同 公 一年最高最低(元) 15.75/10.63 司 比+33.30%，实现归母净利润 7.97 亿元，同比+539.10%，实现扣非归母净利润 信 总市值(亿元) 332.01 4.55 亿元，同比+5208.32%。同时，2024Q1 公司实现营收 211.11 亿元，同比 息 流通市值(亿元) 312.90 更 +32.66% ...