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].

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].