一、可转债发行上市概况 9、面值和发行价格：本次发行的可转换公司债券每张面值为人民币 100 元，按面值发行。 | 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-046 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 转债 | | 新凤鸣集团股份有限公司 关于"凤 21 转债"2023 年度付息公告 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个别及连带责任。 重要内容提示： 新凤鸣集团股份有限公司（以下简称"公司"）于 2021 年 4 月 8 日公开 发行的可转换公司债券(以下简称"凤 21 转债")将于 2024 年 4 月 8 日开始支 付自 2023 年 4 月 8 日至 2024 年 4 月 7 日期间的利息。根据本公司《公开发行 可转换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规 定，现将有关事项公告如下： 10、债券期限：本次发行的可转换公司债券的存续期限为自发行之日起 6 可转债付息债权登记日：2024 年 4 月 3 日 可转 ...

1、审议通过了《关于取消召开"凤 21 转债"2024 年第一次债券持有人会 议的议案》 公司董事会同意取消召开"凤 21 转债"2024 年第一次债券持有人会议。 | 股票代码：603225 | 股票简称：新凤鸣 公告编号：2024-048 | | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | 新凤鸣集团股份有限公司 第六届董事会第十五次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 新凤鸣集团股份有限公司（以下简称"公司"）第六届董事会第十五次会议 于 2024 年 3 月 27 日以现场表决和通讯表决相结合的方式在公司五楼一号会议室 召开。经全体董事一致同意，本次会议豁免临时董事会提前 2 日通知的要求。会 议由董事长庄耀中先生召集并主持，会议应出席董事 8 名，实际出席董事 8 名， 公司监事、高级管理人员列席了本次会议。本次会议的召开和表决程序符合《公 司法》《证券法》和本公司章程的有关规定，合法有效。 二、董事会会议审议情况 会议审 ...

| 股票代码：603225 | 股票简称：新凤鸣 公告编号：2024-047 | | --- | --- | | 转债代码：113623 | 转债简称：凤 21 转债 | 新凤鸣集团股份有限公司 关于取消召开"凤21转债"2024年第一次债券持有人会议的 （一）取消的会议名称："凤21转债"2024年第一次债券持有人会议 （二）取消的会议召开时间：2024年4月11日下午14：00 （三）取消的会议召开地点：浙江省桐乡市洲泉工业区德胜路888号公司五 楼一号会议室 （四）取消的会议召开方式：以现场会议方式召开 （五）取消的会议表决方式：以记名方式投票表决 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个别及连带责任。 新凤鸣集团股份有限公司（以下简称"公司"）于2024年3月25日召开的第六 届董事会第十四次会议审议通过了《关于召开"凤21转债"2024年第一次债券持 有人会议的议案》，决定于2024年4月11日召开"凤21转债"2024年第一次债券持 有人会议，召集程序符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 新凤鸣（603225）公司年报点评 2024年03月27日 [Table_InvestInfo] 投资评级 优于大市 维持 产量增长、毛利率改善 股票数据 [Table_Summary] 0[3T月ab2le6_日S收to盘ck价（In元fo）] 13.58 投资要点： 52周股价波动（元） 9.75-15.49 总股本/流通A股（百万股） 1529/1529 2023年同比扭亏。2023年，公司实现营业收入614.69亿元，同比+21.03%； 总市值/流通市值（百万元） 20770/20770  实现归母净利润10.86亿元，同比扭亏。其中，4Q23单季度实现归母净利润 相关研究 1.99亿元，同比扭亏。公司拟每股派发现金红利0.255元（含税），现金分红 [《Ta供bl需e_改R善ep，or预tIn计fo] 2 023 年同比扭亏》 比例35.35%。 2024.01.13 《长丝价差改善、盈利修复》2023.10.28 聚酯纤维产销量同比稳定增长。2023年，公司涤纶长丝产销量分别为680万 《2Q23 长丝产销增长， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][7]. Core Views - The company reported a revenue of 61.47 billion yuan in 2023, representing a year-on-year increase of 21.0%. The net profit attributable to shareholders was 1.09 billion yuan, a significant increase of 628.4% year-on-year. The net profit after deducting non-recurring gains and losses was 900 million yuan, up 337.4% year-on-year [5][6]. - In Q4 2023, the company achieved a revenue of 17.27 billion yuan, a year-on-year increase of 34.5% and a quarter-on-quarter increase of 7.8%. The net profit attributable to shareholders was 200 million yuan, marking a turnaround from loss to profit [5][6]. - The company plans to distribute a cash dividend of 0.255 yuan per share, which accounts for 35.35% of the net profit attributable to shareholders for 2023 [5]. Summary by Sections Performance Overview - In 2023, the company saw a significant increase in production capacity for polyester filament, reaching 7.4 million tons per year, an increase of 1.1 million tons compared to 2022. The production and sales of polyester filament products also showed notable growth [6]. - The demand for polyester filament improved due to a recovery in the downstream textile and apparel market, leading to enhanced profitability [6]. Q4 Analysis - The Q4 performance was impacted by seasonal factors, with a slight decline in profitability compared to the previous quarter. The price differentials for polyester filament products decreased compared to Q3 2023 [6]. Market Outlook - The demand for polyester filament is expected to continue improving, with a compound annual growth rate of 8.2% in apparent consumption from 2014 to 2023. The supply side is constrained, with limited new capacity expected in 2024, suggesting a tight supply-demand balance [6]. - The company is well-positioned to benefit from the upward trend in the polyester filament market, with projected net profits of 2.02 billion yuan, 3.04 billion yuan, and 3.68 billion yuan for 2024, 2025, and 2026, respectively [7].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for investment [1][3]. Core Views - The company turned a profit in 2023, achieving a revenue of 61.469 billion yuan, a year-on-year increase of 21.03%, and a net profit of 1.086 billion yuan, marking a significant turnaround with a growth of 629.7% [1][4]. - The improvement in performance is attributed to the release of production capacity and better price differentials, leading to a notable increase in sales volume [1][3]. - The polyester filament sales volume reached 6.816 million tons in 2023, up 19.8% year-on-year, with significant growth in POY, FDY, and DTY sales [1][4]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 5.84%, an increase of 2.13 percentage points year-on-year [1][4]. - The fourth quarter of 2023 saw a revenue of 17.269 billion yuan, a 34.5% increase year-on-year, with a net profit of 199 million yuan, reflecting a 140.8% growth [1][4]. - The company expects revenues of 68.039 billion yuan, 73.456 billion yuan, and 77.338 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.013 billion yuan, 2.503 billion yuan, and 2.952 billion yuan [3][4]. Production Capacity and Market Position - The company has a polyester filament capacity of 7.4 million tons and plans to increase this by 400,000 tons in 2024 and 650,000 tons in 2025 [5][6]. - The company is positioned as a leading player in the domestic polyester filament industry, with a market share exceeding 12% [1][3]. - The PTA production capacity is currently at 5 million tons, with plans to expand to 10 million tons by mid-2026 [5][6]. Industry Outlook - The report highlights that the polyester filament industry is expected to see a slowdown in new supply starting in the second half of 2023, which will benefit leading companies like the one under review [3][5]. - The industry is experiencing improved supply-demand dynamics, which is anticipated to lead to sustained profitability recovery [1][3]. Valuation - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 10.3x, 8.3x, and 7.0x respectively, indicating attractive valuation compared to peers [3][7]. - The average P/E ratios for comparable companies in the polyester filament sector are significantly higher, suggesting that the company is undervalued relative to its peers [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4][9]. Core Insights - The company reported a revenue of 61.47 billion yuan for 2023, a year-on-year increase of 21%, and a net profit attributable to shareholders of 1.09 billion yuan, up from the previous year [4]. - In Q4 2023, the company achieved a revenue of 17.27 billion yuan, reflecting a 34.5% year-on-year growth, and a net profit of 200 million yuan, which is a significant increase compared to the previous year [4]. - The polyester supply-demand dynamics are expected to improve in 2024, which may lead to a recovery in long filament price spreads [5]. Summary by Sections Financial Performance - For 2023, the company achieved total revenue of 61.47 billion yuan, with a net profit of 1.09 billion yuan, marking a significant recovery from a loss of 206 million yuan in 2022 [6][7]. - The projected revenues for 2024, 2025, and 2026 are 64.59 billion yuan, 69.17 billion yuan, and 76.50 billion yuan respectively, with corresponding net profits of 1.93 billion yuan, 2.47 billion yuan, and 2.75 billion yuan [6][7]. Market Dynamics - The report highlights that the polyester filament industry is experiencing a recovery in operating rates, with the operating rate reaching 91% as of March 21, 2024 [4]. - The company has a total polyester filament capacity of 7.4 million tons, with production and sales volumes of 6.8 million tons and 6.82 million tons respectively in 2023, achieving a production-sales rate of 100.2% [5]. Price Trends - The report notes that the price spreads for POY, FDY, and DTY have shown some fluctuations, with 2023 prices being 7,522 yuan/ton, 8,154 yuan/ton, and 8,873 yuan/ton respectively, reflecting year-on-year changes of -4%, -2%, and -3% [4]. - The price spreads for these products are expected to improve in 2024 due to a slowdown in capacity growth and strong domestic demand [5].

证券研究报告 [公Ta司bl业e_绩Tit扭le亏] 为盈，供给缩量及需求修复或支撑公司业绩持续释放 公司研究 [Table_ReportDate] 2024年3月26日 [T点ab评le_报Rep告ortType] [Table_Summary] 事件：2024年3月25日晚，新凤鸣发布 2023 年年度报告。2023年公司 实现营业收入 614.69 亿元，同比增长 21.03%；实现归母净利润 10.86 亿 [T新ab凤le鸣_S(to6c0k3A2n2d5R.anSkH]) 元，同比增长 628.44%；实现扣非后归母净利润 9.01 亿元，同比增长 投资评级 买入 337.41%；实现基本每股收益 0.72元，同比增长614.29%。公司资产负债 率为 62.79%，同比+0.80pct。公司扣非后加权平均净资产收益率为 上次评级 买入 6.68%，同比+7.96pct。 [T左ab前le明_A u t能ho源r]行 业首席分析师 点评： 执业编号：S1500518070001 联系电话：010-83326712 ➢ 成本压力缓解叠加需求改善，公司年度业绩扭亏为盈。成本端，2023 邮箱：zuoq ...

Financial Performance - The company achieved a net profit attributable to shareholders of 1,086,152,630.98 CNY for the year 2023, with a cash dividend payout ratio of 35.35%[4]. - A cash dividend of 0.255 CNY per share (before tax) is proposed, amounting to a total distribution of 383,987,193.41 CNY based on the adjusted total share capital[4]. - The company plans to allocate 10% of the net profit, amounting to 26,293,397.21 CNY, to statutory reserves[4]. - The total distributable profit for 2023 is reported to be 1,862,891,281.77 CNY[4]. - The company does not plan to issue bonus shares or increase capital reserves through stock conversion for the year 2023[4]. - The company's operating income for 2023 reached ¥61.47 billion, representing a 21.03% increase compared to ¥50.79 billion in 2022[18]. - Net profit attributable to shareholders was ¥1.09 billion in 2023, a significant recovery from a loss of ¥205.54 million in 2022[18]. - The net cash flow from operating activities was ¥3.66 billion, up 14.89% from ¥3.19 billion in 2022[19]. - Basic earnings per share for 2023 were ¥0.72, a recovery from a loss of ¥0.14 per share in 2022[20]. - The weighted average return on equity increased to 6.68%, up 7.97 percentage points from -1.29% in 2022[20]. - The total assets of the company at the end of 2023 were ¥45.14 billion, a 9.28% increase from ¥41.31 billion in 2022[19]. - The net assets attributable to shareholders increased by 6.95% to ¥16.80 billion from ¥15.70 billion in 2022[19]. - The company reported a quarterly revenue of ¥17.27 billion in Q4 2023, showing a consistent growth trend throughout the year[22]. - The net profit attributable to shareholders in Q3 2023 was ¥407.44 million, indicating strong performance in the latter half of the year[22]. Market and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[1]. - The company successfully developed new products in the short fiber segment, including 1.1 denier ultra-fine and 1.4D fluorescent white fibers, improving production stability and quality[26]. - The company’s polyester filament production capacity reached 7.4 million tons, with a domestic market share exceeding 12%, making it one of the largest manufacturers in China[27]. - The company’s short fiber production capacity is 1.2 million tons, positioning it as the largest short fiber manufacturer in China[27]. - The company has planned an additional 540,000 tons of PTA capacity, enhancing its integrated supply chain for polyester production[27]. - The company is focused on high-quality development amidst market challenges, with a commitment to continuous improvement and innovation in product offerings[26]. - The company successfully developed differentiated products such as EACOOL moisture-wicking fiber and K-warm hollow warming fiber, enhancing product offerings[33]. - The company has significantly increased the differentiation rate of its filament products, completing various upgrades and achieving mass production of new varieties in 2023[32]. Environmental and Sustainability Efforts - The company has implemented advanced PTA technology, resulting in the lowest energy consumption and electricity consumption indicators in the industry, ranking first in the 2020 benchmark[30]. - The PTA production technology utilized the latest generation of BP technology, reducing solid waste by 95%, greenhouse gas emissions by 65%, and wastewater discharge by 75% compared to traditional methods[33]. - The company has committed to reducing carbon emissions through various measures, although total emissions increased due to capacity expansion[154]. - The company has established a dedicated environmental management structure and implemented strict monitoring and maintenance of pollution control facilities[151]. - The company has implemented emergency response plans for environmental incidents, complying with national guidelines, and conducted annual training and drills for employees[147]. - The company generated approximately 49.82 million kWh from its photovoltaic power generation system in 2023, demonstrating significant benefits[154]. - The company invested a total of 339,000 CNY in poverty alleviation and rural revitalization projects, with 300,000 CNY directed towards a targeted livelihood project[158]. Corporate Governance and Management - The company has established strict internal controls and risk management measures for its hedging activities, including regular audits and personnel training[78]. - The company held seven shareholder meetings during the reporting period, ensuring compliance with legal requirements and enhancing shareholder engagement[93]. - The board of directors has established specialized committees to promote sound governance and decision-making processes[93]. - The company has a compensation and assessment committee that proposes the annual salary for directors and senior management, which is then approved by the board and submitted to the shareholders' meeting[108]. - The company has seen changes in its board, with several directors and supervisors leaving due to board reorganization[109]. - The company has appointed new personnel, including Lin Zhenyong as an assistant to the president, indicating management needs[110]. Strategic Acquisitions and Investments - The company acquired 100% equity of Rocco Sparke Ltd. for 3,306,625.19 yuan on February 17, 2023, which is now included in the consolidated financial statements[43]. - The company has initiated the integrated refining project in North Kalimantan, Indonesia, as part of its expansion strategy[121]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million yuan for potential deals[103]. Risk Management - The company is focused on managing risks associated with price fluctuations in the futures market, including liquidity and internal control risks[82]. - The company has implemented risk management strategies for foreign exchange derivatives, including strict control over transaction amounts and timing[83]. - The company has established measures to ensure that its executives do not misuse company assets for unrelated investments or consumption activities[165]. Shareholder Information - The total number of shares outstanding is 1,529,470,022, with no significant change from the previous year[190]. - The top ten shareholders hold a total of 1,528,000,000 shares, with the largest shareholder, Zhuang Kuilong, owning 337,521,813 shares, representing 22.07% of the total shares[192]. - The company has a share buyback account holding 23,088,491 shares, accounting for 1.51% of the total share capital[193]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[200]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[105]. - The company has outlined a future outlook projecting a 20% growth in revenue for the next fiscal year[200]. - New product launches are expected to contribute an additional 200 million yuan in revenue, with a focus on sustainable materials[103].

2024 年 03 月 26 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 年业绩同比高[ 增Tab ，le_ 看Titl 好e] 涤纶长丝景气延续 2023 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——新凤鸣（ ） 年年报点评报告 603225 2023 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn 最近一年走势 事件 : 2024年3月25日，新凤鸣发布2023年年度报告：2023年实现营业收 入614.69亿元，同比增长21%；实现归母净利润10.86亿元，2022年 为-2.05亿元，2023年度归母净利润扭亏为盈；实现扣非归母净利润9.01 亿元，2022年同期为-3.79亿元；销售毛利率5.8%，同比增长2.1个pct， 销售净利率1.8%，同比增长2.2 个pct；经营活动现金流净额为 36.59 亿元。 2023Q4 单季度，公司实现营业收入 172.69 亿元，同比+34.5%，环比 +7.8%；实现归母净利 ...