股票代码：601233 股票简称：桐昆股份 公告编号：2024-063 桐昆集团股份有限公司关于 2024年度第十二期超短期融资券发行结果的公告 1 | 发行利率 | | 2.14% | 发行价格 | 100 | 元/百元面值 | | | --- | --- | --- | --- | --- | --- | --- | | 申购情况 | | | | | | | | 合规申购家数 | 2 | 家 | 合规申购金额 | | 1.1 | 亿元 | | 最高申购价位 | | 2.14% | 最低申购价位 | | | 2.13% | | 有效申购家数 | 2 | 家 | 有效申购金额 | | 1.1 | 亿元 | | 主承销商余额 | 3.9 | 亿元 | 主承余额包销 规模占当期发 | | 78% | | | 包销金额 | | | | | | | | | | | 行规模比例 | | | | | 薄记管理人 | 中国光大银行股份有限公司 | | | | | | | 主承销商 | 中国光大银行股份有限公司 | | | | | | | 联席主承销商 | | | 无 | | | | 本 期 发 行 超 短 期 融 资 券 ...

证券研究报告 2024 年 09 月 12 日 评级 买入 | --- | --- | |-----------------------|-------------| | 评级变动 交易数据 | 维持 | | 当前价格（元） | 10.83 | | 52 周价格区间（元） | 10.83-16.34 | | 总市值（百万） | 26498.21 | | 流通市值（百万） | 24972.69 | | 总股本（万股） | 241112.00 | | 流通股（万股） | 227231.00 | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|------------|---------| | | | | | | | | | | | 12% | 桐昆股份 | 炼化及贸易 | | | -8% 2% | | | | | -18% | | | | | -28% 2023-09 2023-12 | 2024-03 | 2024-06 | 2024-09 | | % | 1M | 3M | 12M | | | | | | | ...

Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's filament profits continue to recover, with H1 2024 performance close to the midpoint of the forecast [1] - The filament industry's improved structure led to a strong rebound in Q1 performance, with full-year performance expected to be promising [1] - The company is a leader in the filament industry, and its overseas project in Indonesia strengthens its integrated advantages [1] - The company's revenue for H1 2024 reached 48.215 billion yuan, a year-on-year increase of 30.67%, with net profit attributable to shareholders of 1.065 billion yuan, a year-on-year increase of 911.35% [1] Financial Performance - H1 2024 revenue: 48.215 billion yuan (+30.67% YoY) [1] - H1 2024 net profit attributable to shareholders: 1.065 billion yuan (+911.35% YoY) [1] - Q2 2024 revenue: 27.103 billion yuan (+29.16% YoY, +28.38% QoQ) [1] - Q2 2024 net profit attributable to shareholders: 485 million yuan (-18.13% YoY, -16.31% QoQ) [1] - H1 2024 filament sales: 5.8737 million tons (+32% YoY) [1] - Q2 2024 filament sales: 3.2887 million tons (+27.2% QoQ) [1] Industry and Market Position - The company has a filament production capacity of 13.5 million tons and a PTA production capacity of 10.2 million tons [1] - The company holds an 18% global market share and a 28% domestic market share in the filament industry, ranking first globally [1] - The company is focusing on upstream refining and chemical integration, with a significant project in Indonesia expected to enhance profitability [1] Valuation and Target Price - The target price is set at 15.3 yuan, based on a 2024 PE ratio of 15x [1] - The current PE ratios for 2024-2026 are 10x, 8x, and 6x, respectively [1] - The company's EPS for 2024-2026 is forecasted to be 1.02 yuan, 1.31 yuan, and 1.61 yuan, respectively [1] Financial Forecasts - 2024E revenue: 93.395 billion yuan (+13.0% YoY) [2] - 2024E net profit attributable to shareholders: 2.463 billion yuan (+209.0% YoY) [2] - 2025E revenue: 100.029 billion yuan (+7.1% YoY) [2] - 2025E net profit attributable to shareholders: 3.162 billion yuan (+28.4% YoY) [2] - 2026E revenue: 115.432 billion yuan (+15.4% YoY) [2] - 2026E net profit attributable to shareholders: 3.873 billion yuan (+22.5% YoY) [2]

股票代码：601233 股票简称：桐昆股份 公告编号：2024-062 桐昆集团股份有限公司 2024 年第二次临时股东大会决议公告 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 | | | | 1、出席会议的股东和代理人人数 | 561 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,115,095,366 | | 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（%） | 46.6588 | (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。 (一) 股东大会召开的时间：2024 年 9 月 13 日 (二) 股东大会召开的地点：浙江省桐乡市凤凰湖大道 518 号桐昆集团总部会 议室 (五 ...

关于桐昆集团股份有限公司 2024年第二次临时股东大会的法律意见书 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 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 9 月 13 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 2024 年第二 次临时股东大会（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十二次会议决议、第九届监事会第九次会议决 议以及根据决议内容 ...

证券研究报告| 公司动态点评 2024 年 09 月 03 日 桐昆股份（601233.SH） 1H24 业绩大幅改善，看好长丝盈利逐步改善 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|---------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 61,993 | 82,640 | 93,084 | 99,232 | 107,114 | | 增长率 yoy （ % ） | 4.8 | 33.3 | 12.6 | 6.6 | 7.9 | | 归母净利润（百万元） | 125 | 797 | 2,469 | 3,875 | 4,709 | | 增长率 yoy （ % ） | -98.3 | 539.1 | 209.7 | 57.0 | 21.5 | | ROE （ % ） | 0.4 | 2.3 | 6.6 | 9.4 | 10.4 | | EPS 最 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-061 桐昆集团股份有限公司 关于召开2024年第二次临时股东大会的提示性公告 至 2024 年 9 月 13 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；通过互联网 投票平台的投票时间为股东大会召开当日的 9:15-15:00。 ●股权登记日：2024年9月6日 桐昆集团股份有限公司（以下简称："本公司"）已于2024年8月29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2024年第二次临时股东大会的通知》（公告编号：2024-059） 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 ●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 ...

桐昆集团股份有限公司 2024 年 第二次临时股东大会会议材料 桐昆集团股份有限公司 2024 年 9 月 1 目录 | 桐昆集团股份有限公司 | 年第二次临时股东大会通知 | 2024 | 3 | 桐昆集团股份有限公司 | 年第二次临时股东大会会议须知 4 | 2024 | | --- | --- | --- | --- | --- | --- | --- | | 桐昆集团股份有限公司 | 年第二次临时股东大会会议议程 6 | 2024 | 议案一：关于变更部分募投项目的议案 7 | | | | 电 话：0573-88180909 地 址：浙江省桐乡市凤凰湖大道 518 号桐昆股份董事会办公室 通知发出日期：2024 年 8 月 29 日 2 桐昆集团股份有限公司2024年第二次临时股东大会通知 各位股东及股东代表： 桐昆集团股份有限公司 2024 年第二次临时股东大会拟于 2024 年 9 月 13 日 下午 14：00 时在桐昆集团股份有限公司总部会议室召开。 本次股东大会审议和表决议题如下： 《关于变更部分募投项目的议案》。 以上议案，已经公司 2024 年 8 月 27 日召开的第九届董事会第十二次 ...

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233) and lowers the target price to 15.70 CNY from the previous 17.70 CNY [3][4]. Core Views - The company's Q2 2024 performance met expectations, with a significant year-on-year revenue increase of 30.67% to 48.2 billion CNY and a net profit attributable to shareholders of 1.065 billion CNY, reflecting a 778% increase [3]. - The report highlights that the polyester filament market is experiencing price improvements due to the leading companies' pricing strategies, with average prices for POY, FDY, and DTY increasing by 2.58%, 0.70%, and 2.71% year-on-year, respectively [3]. - Investment income from Zhejiang Petrochemical, in which the company holds a 20% stake, has turned profitable, contributing 4.17 billion CNY in the first half of 2024, compared to a loss of 350 million CNY in the same period of 2023 [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.2 billion CNY, with a net profit of 1.065 billion CNY and a non-recurring profit of 900 million CNY, marking a 2800% increase year-on-year [3][10]. - The Q2 2024 net profit was 485 million CNY, down 18.67% year-on-year and 16.31% quarter-on-quarter, with core profit excluding investment income at approximately 324 million CNY [3]. Market Dynamics - The report notes that the polyester filament industry has a high concentration, with a CR6 close to 70%, enhancing the pricing power of leading companies [3]. - The "one-price" model adopted by leading companies has improved price differentials, with the price gap for various filament types showing month-on-month improvement [3]. Future Outlook - The report anticipates a recovery in demand driven by downstream inventory replenishment, particularly in the winter season, despite current challenges posed by high temperatures affecting production and sales [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][12]. Core Views - The company reported significant improvements in performance, with a revenue of 48.215 billion yuan in H1 2024, representing a year-on-year increase of 30.67% and a quarter-on-quarter increase of 5.40%. The net profit attributable to the parent company reached 1.065 billion yuan, a year-on-year increase of 911.35% and a quarter-on-quarter increase of 54.00% [6][7]. - The increase in price and sales volume has led to substantial revenue growth across various products, with notable increases in sales volume for POY, FDY, DTY, and PTA [6][7]. - The company is expected to maintain a strong growth trajectory, with projected EPS of 1.30, 1.76, and 2.16 yuan for 2024, 2025, and 2026 respectively, and a BPS of 15.82 yuan for 2024 [6][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.215 billion yuan, up 30.67% year-on-year, and a net profit of 1.065 billion yuan, up 911.35% year-on-year [6][7]. - Sales volumes for key products in H1 2024 were as follows: POY at 4.4109 million tons (+30.98% YoY), FDY at 0.9541 million tons (+51.78% YoY), DTY at 0.5087 million tons (+12.27% YoY), and PTA at 0.7218 million tons (+109.95% YoY) [6][7]. - The average prices for these products also saw slight increases, contributing to overall revenue growth [6][7]. Project Developments - The company has successfully launched several key projects, including the Tongkun (Yangkou Port) polyester integration project and the Xinjiang Zhongkun new materials project, which are expected to enhance production efficiency and revenue generation [6][8]. - The completion of these projects is anticipated to further improve the company's integrated production capabilities across the polyester value chain [6][8]. Valuation and Forecast - The company is projected to have an EPS of 1.30 yuan in 2024, with a reasonable valuation range of 15.60 to 18.20 yuan based on a PE ratio of 12-14 times [6][7]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 96.765 billion yuan in 2024 and a net profit of 3.133 billion yuan [7][9].