[Table_Title] 证券研究报告 涤纶长丝边际效益明显改善，公司长期投资价值凸显 公司研究 [Table_ReportDate] 2024年4月30日 [Table_ReportType] 公司点评报告 [T事ab件le：_ S 2um 0m 2a 4r年y] 4月26日，桐昆股份发布2023年年度报告，2023年公司 [桐Ta昆bl股e_份Sto(c6k0A1n2dR3a3n.kS]H ) 实现营业收入 826.40 亿元，同比增长 33.30%，实现归母净利润 7.97 亿 元，同比增长539.10%；扣非后净利润4.55 亿元，同比增长5208.32%； 投资评级 买入 基本每股收益0.34 元/股，同比增长518.18%。 上次评级 买入 2024年4月29日，桐昆股份发布2024年一季度报告，一季度公司实现营 [左Ta前b明le _ A能ut源ho行r]业 首席分析师 业收入211.11亿元，同比增长32.66%，环比增长1.02%；单季度归母净利 执业编号：S1500518070001 润5.80亿元，同比增长218.31%，环比增长644.30%；单季度扣非后净利 润5.37亿元，同比增 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-033 桐昆集团股份有限公司 2024 年第一季度主要经营数据公告 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。 桐昆集团股份有限公司（以下简称"公司"）根据上海证券交易 所《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第 十三号——化工》、《关于做好主板上市公司 2024 年第一季度报告披 露工作的重要提醒》要求，现将 2024 年一季度主要经营数据披露如 下： 二、主要产品价格变动情况 | 主要产品 | 2024 年 税售价（元/吨） | 1-3 | 月不含 | 2023 年 售价（元/吨） | 1-3 月不含税 | 变动比率 | | --- | --- | --- | --- | --- | --- | --- | | POY | 6,819.37 | | | 6,658.80 | | 2.41% | | FDY | 7,711.20 | | | 7,444.15 | | 3.59% | | DTY | 8,406.30 | | | 8,248.74 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥21,111,384,064.63, representing a 32.66% increase compared to ¥15,913,454,482.67 in the same period last year[4]. - Net profit attributable to shareholders was ¥579,923,332.09, a significant turnaround from a loss of ¥490,158,350.61 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was ¥537,228,376.18, compared to a loss of ¥521,472,434.47 in the same period last year, marking a 203.02% increase[5]. - Basic and diluted earnings per share were both ¥0.24, a 220.00% increase from a loss of ¥0.20 per share in the previous year[5]. - Operating profit for Q1 2024 was ¥656,952,878.63, a significant recovery from a loss of ¥491,415,196.82 in Q1 2023[20]. - The total profit for Q1 2024 is approximately ¥663.91 million, compared to a loss of ¥483.69 million in Q1 2023[21]. - The net profit for Q1 2024 is approximately ¥584.55 million, while the net loss for Q1 2023 was ¥474.61 million[21]. Assets and Liabilities - The company's total assets increased by 9.45% to ¥112,132,018,103.40 from ¥102,446,113,224.00 at the end of the previous year[5]. - Total assets as of Q1 2024 amounted to ¥112,132,018,103.40, up from ¥102,446,113,224.00 in the previous year[19]. - Total liabilities increased to ¥75,752,985,990.46 in Q1 2024 from ¥66,662,647,032.37 in Q1 2023, indicating a 13.1% rise[19]. - Current liabilities totaled ¥53,269,437,750.30, compared to ¥46,956,603,366.31 in the same period last year, marking a 13.9% increase[19]. - Non-current liabilities rose to ¥22,483,548,240.16 from ¥19,706,043,666.06, reflecting an increase of 14.3%[19]. Cash Flow - The net cash flow from operating activities was negative at -¥5,321,198,126.01, worsening from -¥2,293,387,412.05 in the previous year, indicating a 132.02% decline[5]. - Cash inflow from operating activities in Q1 2024 is approximately ¥22.86 billion, an increase from ¥16.84 billion in Q1 2023[23]. - Cash outflow from operating activities in Q1 2024 is approximately ¥28.18 billion, compared to ¥19.14 billion in Q1 2023[23]. - The net cash flow from operating activities for Q1 2024 is approximately -¥5.32 billion, worsening from -¥2.29 billion in Q1 2023[23]. - Cash inflow from investing activities in Q1 2024 is approximately ¥295.84 million, down from ¥541.92 million in Q1 2023[24]. - Cash outflow from investing activities in Q1 2024 is approximately ¥3.86 billion, slightly up from ¥3.74 billion in Q1 2023[24]. - Cash inflow from financing activities in Q1 2024 is approximately ¥31.84 billion, significantly higher than ¥18.64 billion in Q1 2023[24]. - The net increase in cash and cash equivalents for Q1 2024 is approximately ¥1.62 billion, compared to an increase of ¥1.26 billion in Q1 2023[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 57,244, with the largest shareholder holding 19.28% of the shares[10]. - The top ten shareholders include 桐昆控股集团有限公司 with 464,908,884 shares, representing a significant portion of the company's equity[12]. - The company has a strong shareholder base with 桐昆控股集团有限公司 holding 94.19% of 浙江磊鑫实业股份有限公司, indicating a high level of control[13]. - The company is actively involved in margin trading, with a total of 28,394,542 shares held by 杭州博海汇金资产管理有限公司 through margin accounts[14]. Operational Insights - The company reported a significant increase in profitability due to improved product margins and increased gains from investments in Zhejiang Petrochemical[9]. - The company has not reported any significant changes in operational strategies or new product developments during the reporting period[15]. - The company's financial health appears robust, with a significant increase in both current and long-term assets, positioning it well for future growth opportunities[16]. Research and Development - Research and development expenses for Q1 2024 were ¥433,828,616.84, up from ¥325,499,782.44 in Q1 2023, showing a 33.3% increase[20].

公司报告 | 年报点评报告 桐昆股份（601233） 证券研究报告 2024年04月 28日 投资评级 业绩复苏，看好长丝景气度改善 行业 石油石化/炼化及贸易 6个月评级 买入（维持评级） 当前价格 13.38元 2023年公司实现归母净利润 7.97亿，同比+539.1% 目标价格 元 2023年公司实现营业收入826.4亿元，同比+33.3%；实现归母净利润7.97 亿，同比+539.1%，扣非归母净利润亿4.55元，同比+5208.32%。 基本数据 原料下跌，长丝价差走阔 A股总股本(百万股) 2,411.12 流通A股股本(百万股) 2,272.31 2023 年，PX 市场均价1035 美元/吨，同比-6%；乙二醇均价4091 元/吨， A股总市值(百万元) 32,260.78 同比-10%。长丝、PTA 价格有所下滑，但不及上游，2023年长丝均价7884 流通A股市值(百万元) 30,403.50 元/吨，同比-3%；PTA 均价 5867 元/吨，同比-3%。涤纶长丝平均价差244 元/吨，同比+16%，PTA利润-69元/吨，同比-88元/吨。 每股净资产(元) 14.71 资产负债率( ...

S1130522060004 chenlvlou gjzq.com.cn 业绩简评 S1130519040001 桐昆股份于2024 年 4 月26 日发布公司2023 年年度业绩报告， x ujunyi gjzq.com.cn 2023 年全年实现营业收入826.40 亿元，同比增加 33.31%，实现 归母净利润7.97 亿元，同比增加539.13%（2022 年净利追溯调 整后）。其中，2023Q4 预计实现营业收入 208.98 亿元，同比增 13.38 加41.16%，环比减少15.89%，实现归母净利润-1.07 亿元，同比 上涨94.10%，环比下降 113.35%。业绩基本符合预期。 经营分析 聚酯需求回暖带动行业复苏，浙石化业绩修复或将增厚公司利润： 受益于2023 年以来涤纶长丝需求回暖，聚酯板块业绩好转。剔除 浙石化贡献业绩后，2023 年公司聚酯等板块实现净利润 5.24 亿 元，同比增加151.98%，其中2023Q4 剔除浙石化后归母净利润 为-3.05 亿元，同比增加75.31%，环比减少181.61%。公司持有 浙石化20%的股份，2023 年浙石化净利润为13.67 亿元，同 ...

上 市 公 司 石油石化 2024 年4 月27日 桐昆股份 (601233) 公 司 研 究 ——2023 年业绩显著修复，未来继续看好长丝与炼化的 公 司 景气提升 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） 证  公司公告：2023 年公司实现营业收入 826.4 亿，同比增长 33.3%，实现归母净利润 8.0 券 亿，同比增长539.1%；其中Q4实现营业收入209.0亿，同比增长41.2%，环比下降15.9%， 研 市场数据： 2024年04月26日 实现归母净利润-1.1亿，同比提升17亿，环比下降113.3%，符合我们的预期。公司拟派 究 收盘价（元） 13.38 发2023年度现金分红总额1.03亿元，对应分红比例为12.8%。 报 一年内最高/最低（元） 15.75/10.63 告 市净率 0.9  23全年公司期间费用率同比改善，期末在建工程显著下降。2023年公司期间费用率达到 息率（分红/股价） - 流通A股市值（百万元） 30404 4.9%，同比下降0.6pct，销售费率、管理费率和研发费率有一定改善，但财务费用增长较 上证指数/深证成指 3088.64 ...

证券研究报告·公司点评报告·炼化及贸易 桐昆股份（601233） 2023 年年报点评：长丝盈利同比修复，看好 2024 年 04月 27日 24 年行业供需改善 证券分析师 陈淑娴 买入（维持） 执业证书：S0600523020004 chensx@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 研究助理 何亦桢 营业总收入（百万元） 61,993 82,640 99,436 99,587 100,996 执业证书：S0600123050015 heyzh@dwzq.com.cn 同比（%） 4.79 33.30 20.32 0.15 1.41 归母净利润（百万元） 124.71 797.04 3,191.42 4,411.13 5,107.63 股价走势 同比（%） (98.33) 539.10 300.41 38.22 15.79 桐昆股份 沪深300 EPS-最新摊薄（元/股） 0.05 0.33 1.32 1.83 2.12 20% P/E（现价&最新摊薄） 258.68 40.48 10.11 7.31 6.32 ...

桐昆集团股份有限公司董事会审计与风险防范委员会对会计师 二、董事会审计与风险防范委员会对会计师事务所履行监督职责情况 （一）天健会计师事务所（特殊普通合伙）具有从事证券相关业务审计的资 格。报告期内遵循独立、客观、公允、公证的执业准则，按照国家有关规定及注 册会计师职业规范的要求，勤勉尽责地对公司的资产状况、经营成果、财务及内 部控制情况进行审计。能够满足公司审计工作要求，并独立对公司进行审计。 （二）报告期内，董事会审计与风险防范委员会与天健会计师事务所（特殊 普通合伙）沟通协商公司 2022 年和 2023 年度财务报告的审计事项，确定审计工 作计划，了解审计工作进展情况，在天健会计师事务所（特殊普通合伙）出具初 步审计意见后，与其进行沟通，了解审计情况。 事务所 2023 年度履行监督职责情况报告 根据《中华人民共和国公司法》《国有企业、上市公司选聘会计师事务所管 理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号--规范运作》《桐昆集团股份有限公司章程》（以下简称"《公司章 程》"）及《审计与风险防范委员会议事规则》等有关规定和要求，桐昆集团股 份有限公司（以下简称 ...

股票代码：601233 股票简称：桐昆股份 公告编号：2024-026 桐昆集团股份有限公司 关于发行超短期融资券的公告 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。 桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第 九届董事会第八次会议于 2024 年 4 月 25 日审议并通过了《关于发行 超短期融资券的议案》，具体情况如下： 为补充公司流动资金，优化融资结构，拓宽融资渠道，同时降低 融资成本，节约财务费用，公司拟继续在中国银行间债券市场发行超 短期融资券，发行方案的主要内容和授权事宜如下： 一、本次超短期融资券的发行方案主要内容 3、负责修订、签署、申报与本次发行有关的一切协议及法律文 件； 1、发行人：桐昆集团股份有限公司； 2、注册发行金额：不超过人民币 60 亿元（含人民币 60 亿元）； 3、发行利率：根据发行时银行间债券市场的实际状况最终确定； 4、募集资金用途：补充公司营运资金、偿还金融机构借款或交 易商协会认可的其他用途。 二、关于本次发行超短期融资券的授权事宜 为保证本次超短期融资券顺利发行，提请股东大 ...

Financial Performance - The company achieved a net profit of 282.99 million yuan for the year 2023, with a total distributable profit of 898.63 million yuan[3]. - The proposed cash dividend is 0.043 yuan per share (before tax), totaling approximately 102.77 million yuan to be distributed among shareholders[3]. - The company has not proposed any stock dividends or capital reserve transfers for this year[3]. - The company's operating revenue for 2023 reached ¥82,639,848,536.91, representing a year-on-year increase of 33.3% due to increased sales volume[16]. - The net profit attributable to shareholders of the listed company was ¥797,038,985.03, a significant increase of 539.1% compared to the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥454,864,600.69, reflecting a substantial increase of 5,208.32% year-on-year[16]. - The net cash flow from operating activities amounted to ¥3,121,347,781.17, marking a year-on-year increase of 192.03% due to higher cash receipts from sales[17]. - The total assets of the company at the end of 2023 were ¥102,446,113,224.00, an increase of 13.28% compared to the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥35,470,401,672.62, showing a slight increase of 1.66% year-on-year[17]. - The basic earnings per share for 2023 were ¥0.34, reflecting an increase of 580.00% compared to the previous year[18]. - The weighted average return on net assets was 2.27%, an increase of 1.92 percentage points from the previous year[18]. Operational Highlights - The company experienced a significant recovery in the polyester filament industry, with improved downstream demand compared to 2022[18]. - The overall industry is in a recovery state, with expanded product sales and price differences contributing to the positive financial results[18]. - The total operating revenue for 2023 was approximately CNY 83.63 billion, with quarterly revenues of CNY 15.91 billion, CNY 20.98 billion, CNY 24.84 billion, and CNY 20.90 billion respectively[21]. - The net profit attributable to shareholders for the year was approximately CNY 0.10 billion, with a quarterly breakdown showing a loss of CNY 0.49 billion in Q1, a profit of CNY 0.60 billion in Q2, a profit of CNY 0.80 billion in Q3, and a loss of CNY 0.11 billion in Q4[21]. - The net cash flow from operating activities for the year was approximately CNY 2.10 billion, with significant fluctuations across quarters, including a negative cash flow of CNY 2.29 billion in Q1 and a positive cash flow of CNY 5.04 billion in Q2[21]. - The company launched several new projects, including the successful commissioning of the first PTA production line and the completion of eight spinning units in the Jia Tong Energy project, which took 36 months to build[28]. - The company achieved a production capacity of 13.5 million tons for polyester filament, maintaining a global market share of 18% and a domestic market share of 28%[28]. - The company's PTA production capacity surpassed 10 million tons for the first time, with polymerization capacity reaching 13 million tons[28]. Research and Development - The company filed 81 new invention patents and received 28 authorized patents, marking a new high in patent authorization[28]. - The company actively pursued digital transformation by partnering with China Unicom to enhance its digital ecosystem[28]. - The company has a strong emphasis on cost control, reducing operational costs and raw material procurement costs through improved management and strategic investments[62]. - The company has increased its focus on technological innovation and talent cultivation, achieving significant results in research and development[64]. Environmental and Social Responsibility - The company invested RMB 33,613.98 million in environmental protection during the reporting period[134]. - The company maintained compliance with environmental standards, with no exceedances reported for key pollutants such as COD and nitrogen oxides[136][138]. - The company emphasizes green and low-carbon development, increasing the use of clean energy and implementing energy-saving technologies[153]. - The company is actively promoting the construction of a "waste-free" group and improving pollution control capabilities[151]. - The company has committed to social responsibility and sustainability, with a report to be published on April 27, 2024[154]. Governance and Compliance - The company held three shareholder meetings during the reporting period, ensuring equal rights for all shareholders[94]. - The board of directors includes four independent directors who actively fulfill their responsibilities and provide independent opinions on related transactions[95]. - The company has established a management system to prevent fund occupation by controlling shareholders, ensuring financial independence[97]. - The company has maintained transparency in information disclosure, completing regular reports and timely announcements[95]. - The company is committed to improving its internal controls and financial management systems following the regulatory scrutiny, aiming to enhance the quality of information disclosure[111]. Future Outlook - The company plans to continue expanding its market presence and developing new technologies, focusing on innovation and strategic acquisitions[101]. - The company aims to enhance operational efficiency and maintain its leading position in the industry while focusing on quality improvements[91]. - The company plans to accelerate technological innovation and digital transformation to strengthen its competitive edge[91]. - The company is committed to enhancing its environmental protection measures to comply with stricter future regulations, which may increase operational costs[93].