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%）。 ...

Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. (601233.SH) [2][5] Core Views - The company has turned losses into profits in Q1 2024, driven by the recovery in the polyester filament market and increased production capacity [2][3] - The textile industry in China has shown resilience, with a significant recovery in retail sales of textile and apparel products [2][4] - The company has achieved a historical high market share in the polyester filament industry, with a global market share of 18% and a domestic market share of 28% [4] Summary by Sections Financial Performance - In 2023, the company reported revenue of 82.64 billion yuan, a year-on-year increase of 33.3%, and a net profit of 797 million yuan, up 539.1% [2] - For Q4 2023, revenue was 20.898 billion yuan, a year-on-year increase of 41.16%, but a quarter-on-quarter decrease of 15.88% [2] - In Q1 2024, the company achieved revenue of 21.111 billion yuan, a year-on-year increase of 32.66%, and a net profit of 580 million yuan, marking a return to profitability [2][3] Market Dynamics - The polyester filament industry is experiencing a recovery, with a reported 12.9% year-on-year increase in retail sales of clothing, shoes, and textiles in 2023 [2][4] - The company’s production capacity for polyester filament has increased, with sales volumes for POY, FDY, and DTY rising by 37.4%, 36.9%, and 12.7% respectively in Q1 2024 [3][4] Market Position - As of the end of 2023, the company’s PTA production capacity exceeded 10 million tons, with a polyester filament capacity of 13.5 million tons, maintaining its position as the world's largest producer [4] - The company has consistently ranked first in the polyester filament industry in China for 23 consecutive years, indicating strong market influence [4] Profitability Forecast - The company is projected to achieve revenues of 88.3 billion yuan, 94.3 billion yuan, and 102.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.25 yuan, 1.72 yuan, and 2.15 yuan [5] - The current stock price corresponds to a PE ratio of 11, 8, and 6.4 for the years 2024, 2025, and 2026 respectively, indicating potential for growth [5]

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% ...

2024 年 05 月 01 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 盈利改善，看好涤纶长丝行业效益提升 2024Q1 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 ——桐昆股份（ ） 年年报及 年 601233 2023 2024 dongbj@ghzq.com.cn 联系人 ： 杨丽蓉 S0350122080038 一季报点评 yanglr@ghzq.com.cn 最近一年走势 事件： 2024年4月26日，桐昆股份发布2023年年度报告：2023年实现营业 收入826.4亿元，同比增长33.3%；实现归母净利润7.97亿元，同比增 长512.1%；销售毛利率5.06%，同比增长1.8个pct，销售净利率0.99%， 同比增长0.8个pct；经营活动现金流净额为31.2亿元。 2023年Q4单季度，公司实现营业收入208.98亿元，同比+41.16%，环 比-15.88%；实现归母净利润为-1.07亿元，同比-181.8%，环比-113.4%； 经营活动现金流净额为27.98 ...

好的 各位同志们 大家上午好 昨天晚间公司发布了二十年的一期报那么从今年一期报的整体来看相比去年同期是实行了扭轨为赢那么这里面实际上去年一期报为什么会亏损主要的原因是知识化带给我们的投资收益 所以导致了去年的一级报呢出现了这个季度的一个crisis那么今年的话呢两个方面啊第一个呢这次话确实一季度啊领域有十几个亿当然跟优秀的同行相比可能还有些不足的地方但是 还好有十多个亿的经营人给我们的投资收益也有2.5个亿其实我们主业这块也有3个亿的经营人属于大全有5.8个亿的经营人那么这个实际上只是一个表现这是最终的一个结果当然在这个结果的最后更多的 提醒出企业的一个经营能力 管理能力以及我们的一些所谓的序言所谓的枯点所以我以前跟大家在交流的时候也一直讲包括从去年下半年开始到今年年初一直在讲我们去年23年是序制之年 那么我们希望20年是创业纪念当然这里面也要配合整个行业的形式那么从今年一切的情况来看我们自己认为几个方面把握的是比较好的第一个方面是我们的产量从三大 唐诗品种的QI也好FDY也好还是DQI也好都实现了大幅的增长我们的QI产量从去年一季度的一百九二二年一季度的二三年一季度的543万吨增长到了今年一季度的235万吨 ...

上 市 公 司 石油石化 2024 年4 月30日 桐昆股份 (601233) 公 司 研 究 ——24Q1 业绩扭亏为盈，长丝和炼化业绩均有提升 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司公告：2024年一季度公司实现营业收入211.1亿，同比增长32.7%，环比增长1.0%； 实现归母净利润5.8亿，同比增长10.7亿，环比增长6.9亿，业绩超出我们的预期。业绩 证 市场数据： 2024年04月29日 扭亏一方面来自于浙石化的投资收益显著提升，另一方面主业聚酯盈利有一定修复。费用 券 收盘价（元） 13.37 方面，24Q1公司期间费用率达到5.2%，同比增长0.3pct，其中财务费用提升较大，主要 研 一年内最高/最低（元） 15.75/10.63 因为利息支出同比增长较多。 究 市净率 0.9 报 息率（分红/股价） - 告 流通A股市值（百万元） 30381  新增产能带动长丝产销同比增长，毛利率有所修复。2023 年公司长丝产能共计新增 390 上证指数/深证成指 3113.04/9673.76 万吨，在新增产能以及行业需求复苏带动下，24Q1公司产品产销 ...

S1130519040001 xujunyi gjzq.com.cn 业绩简评 S1130522060004 桐昆股份于 2024 年 4 月 29 日发布公司 2024 年一季度报告， chenlvlou gjzq.com.cn 2024Q1 年公司实现营业收入 211.11 亿元，同比增加32.66%； 实现归母净利润5.80 亿元，同比增加 218.13%。业绩基本符合预 期。 13.37 经营分析 聚酯板块业绩持续修复或将带动公司业绩复苏，浙石化业绩修复有望 增厚公司利润：受益于涤纶长丝需求回暖，聚酯板块业绩好转。剔除 浙石化贡献业绩后，2024Q1 年公司聚酯等板块实现净利润 3.29 亿 元，同比 2023Q1（0.21亿元）增加 3.08亿元。公司现有涤纶长丝 产能为 1350万吨/年，涤纶长丝需求回暖或将带动公司业绩复苏。公 司持有浙石化 20%的股份，2024Q1浙石化净利润为 12.55亿元（根 据桐昆股份投资收益计算），同比增加 149.10%，公司获 2.51亿元 投资收益。伴随浙石化化工品终端需求恢复以及年产140万吨乙烯及 下游化工品项目、高性能树脂项目、高端新材料等项目投产，或将 ...

证券研究报告 | 2024年04月30日 桐昆股份（601233.SH） 买入 一季度净利扭亏为盈，长丝盈利修复中 核心观点 公司研究·财报点评 公司2024年一季度归母净利润同环比扭亏为盈。公司发布2023年年度报告 石油石化·炼化及贸易 及2024年一季报，2023年营收826.4亿元（同比+33%），归母净利润8.0 证券分析师：杨林 证券分析师：余双雨 亿元（同比+512%）；2024年一季度营收211.1亿元（同比+33%，环比+1%）， 010-88005379 021-60375485 yanglin6@guosen.com.cn yushuangyu@guosen.com.cn 归母净利润5.8亿元，扣非归母净利润5.4亿元，同环比扭亏为盈。 S0980520120002 S0980523120001 2023年公司涤纶长丝产销量齐升，2024年一季度销量环比下滑。得益于新 基础数据 产能的逐渐投放，2023年公司主营产品涤纶长丝产销量同比提升。受市场需 投资评级 买入(维持) 求偏弱影响，2024年一季度销量环比有所下滑。 合理估值 收盘价 13.37元 2024年一季度涤纶长丝价格回暖，行 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q1 2024 performance showed significant year-on-year growth, with revenue reaching 21.1 billion yuan, up 33% YoY and 1% QoQ, and net profit attributable to shareholders of 580 million yuan, up 218% YoY and turning from a loss to a profit QoQ [3] - The company's long fiber production and sales increased significantly, with production and sales volumes of 3.14 million tons and 2.59 million tons respectively, up 1.21 million tons and 670,000 tons YoY [3] - The company's PTA and MEG price differences remained stable, with MEG benefiting from industry inventory reduction [3] - The company's investment income from joint ventures and associates increased to 250 million yuan in Q1 2024, driven by improved profitability of Zhejiang Petrochemical [4] - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 3.2 billion yuan, 4.4 billion yuan, and 5.1 billion yuan respectively, with corresponding P/E ratios of 10.1x, 7.3x, and 6.3x [4] Financial Performance - The company's 2024E operating income is forecasted to be 99.436 billion yuan, up 20.32% YoY, with net profit attributable to shareholders of 3.191 billion yuan, up 300.41% YoY [2] - The company's 2025E operating income is forecasted to be 99.587 billion yuan, up 0.15% YoY, with net profit attributable to shareholders of 4.411 billion yuan, up 38.22% YoY [2] - The company's 2026E operating income is forecasted to be 100.996 billion yuan, up 1.41% YoY, with net profit attributable to shareholders of 5.108 billion yuan, up 15.79% YoY [2] - The company's 2024E EPS is forecasted to be 1.32 yuan per share, with a P/E ratio of 10.10x [2] Industry and Market Analysis - The polyester long fiber industry maintained high operating rates, with a production rate of 90.9% as of April 25, 2024, and inventory days of 33.5/26.3/27.9 days for POY/FDT/DTY respectively [3] - The downstream weaving industry's operating rate was 72.4% as of April 25, 2024, with raw material inventory at 9.73 days, showing a downward trend since the post-holiday resumption of work [3] - The overseas apparel inventory reduction process is progressing well, with US wholesale apparel inventory at $30.3 billion as of February 2024, down 21% YoY, and the inventory-to-sales ratio at 2.34, down 0.64 from the peak [3] Financial Projections - The company's 2024E total assets are forecasted to be 104.085 billion yuan, with total liabilities of 66.078 billion yuan and equity attributable to shareholders of 37.662 billion yuan [10] - The company's 2025E total assets are forecasted to be 112.094 billion yuan, with total liabilities of 70.832 billion yuan and equity attributable to shareholders of 40.873 billion yuan [10] - The company's 2026E total assets are forecasted to be 116.878 billion yuan, with total liabilities of 71.856 billion yuan and equity attributable to shareholders of 44.580 billion yuan [10] - The company's 2024E operating cash flow is forecasted to be 7.559 billion yuan, with investment cash flow of -1.849 billion yuan and financing cash flow of -5.712 billion yuan [11]