Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company achieved a significant turnaround in 2023, reporting a net profit of 1.086 billion, compared to a loss in the previous year [1]. - The polyester filament industry is expected to see continued recovery in 2024, driven by a slowdown in supply growth and increasing market concentration among leading firms [4]. Financial Performance - In 2023, the company reported operating revenue of 61.469 billion, a year-on-year increase of 21.03%, and a net profit attributable to the parent company of 1.086 billion [1][5]. - The company’s sales volumes for various products increased significantly, with POY, FDY, DTY, and short fibers showing year-on-year growth rates of 18.9%, 20.3%, 24.3%, and 149.2% respectively [2]. Capacity Expansion - The company has successfully launched three new filament production lines in 2023, totaling 102,000 tons per year, and plans to add another 40,000 tons in 2024 [3]. - By mid-2026, the company’s PTA production capacity is expected to reach 10 million tons, with ongoing expansion projects [3]. Industry Outlook - The report anticipates a prolonged period of low growth in filament capacity, with a projected net increase of approximately 145,000 tons in 2024, which may be lower due to potential company exits from the market [4]. - The concentration ratio of the top six companies in the filament industry has increased from 41% in 2017 to 65% in 2023, indicating a strengthening of market power among leading firms [4]. Profit Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are projected at 2 billion, 2.475 billion, and 3.086 billion respectively, with corresponding PE ratios of 11, 9, and 7 times [4].

证券研究报告 | 2024年03月26日 新凤鸣（603225.SH） 买入 业绩扭亏为盈，涤纶长丝供需边际改善 核心观点 公司研究·财报点评 公司2023年业绩扭亏为盈。公司发布2023年年度报告，2023年营收614.7 基础化工·化学纤维 亿元（同比+21.0%），归母净利润10.9亿元（同比扭亏为盈），扣非归母 证券分析师：杨林 证券分析师：余双雨 净利润9.0亿元（同比扭亏为盈）；其中2023Q4单季度营收172.7亿元（同 010-88005379 021-60375485 yanglin6@guosen.com.cn yushuangyu@guosen.com.cn 比+34.5%，环比+7.8%），归母净利润2.0亿元（同比扭亏为盈，环比-51.0%）， S0980520120002 S0980523120001 扣非归母净利润1.6亿元（同比扭亏为盈，环比-55.8%）。2023Q4销售毛利 基础数据 率为4.5%（同比+5.0pct，环比-3.1pct），销售净利率为1.2%（同比+5.0pct， 投资评级 买入(维持) 环比-1.4pct）；销售、管理、研发、财务费用率分别为0.2%、1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company achieved significant improvement in its 2023 performance, with revenue reaching 61.469 billion yuan, a year-on-year increase of 21.03%, and a net profit of 1.086 billion yuan, marking a turnaround from losses [5][6] - The long filament segment is expected to continue its profit recovery, supported by improved sales volumes and margins [5][7] - The report maintains a positive outlook on the company's earnings elasticity in the long filament sector [5] Financial Performance Summary - In 2023, the company reported a quarterly net profit of 1.99 billion yuan in Q4, despite a 51.04% decline from the previous quarter due to seasonal demand factors [5][6] - The sales volume for long and short fibers in 2023 was approximately 6.82 million tons and 1.17 million tons, respectively, with year-on-year growth of 20% and 149% [6] - The company plans to distribute a cash dividend of 0.255 yuan per share, totaling 384 million yuan, with a cash dividend ratio of 35.35% [5] Earnings Forecast - The company forecasts net profits of 2.053 billion yuan, 2.536 billion yuan, and 2.718 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.34 yuan, 1.66 yuan, and 1.78 yuan [5][8] - The current stock price corresponds to a P/E ratio of 10.3, 8.3, and 7.8 for the years 2024, 2025, and 2026 [5][8] Industry Outlook - The long filament industry is expected to see a significant slowdown in capacity growth in 2024, with an estimated net new capacity of only 900,000 tons, which may lead to improved supply dynamics [7] - The report anticipates that leading companies will benefit from price elasticity in the long filament market due to steady domestic demand and marginal improvements in export conditions [7]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company reported a turnaround in its annual performance for 2023, achieving a total revenue of 61.47 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.09 billion yuan, compared to a loss of 210 million yuan in 2022 [2] - The fourth quarter saw a revenue of 17.27 billion yuan, representing a year-on-year growth of 34.5% and a quarter-on-quarter increase of 7.8% [2] - The improvement in performance is attributed to increased sales and a partial improvement in price differentials, driven by the recovery in domestic textile and apparel demand [2] - The polyester filament supply-demand situation is expected to marginally improve, with industry capacity expansion slowing down and domestic consumption projected to continue growing [2] - The company is expanding its integrated operational framework, with plans to increase polyester filament capacity and enhance upstream raw material production [2] Financial Summary - For 2024-2026, the company is projected to achieve revenues of 67.29 billion yuan, 71.89 billion yuan, and 76.97 billion yuan, respectively, with net profits of 1.81 billion yuan, 2.34 billion yuan, and 2.79 billion yuan, reflecting year-on-year growth rates of 66.44%, 29.45%, and 19.08% [5] - The earnings per share (EPS) are expected to be 1.18 yuan, 1.53 yuan, and 1.82 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 11.68, 9.03, and 7.58 [5]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a significant increase in revenue and net profit for the year 2023, with total revenue reaching 61.469 billion RMB, a year-on-year increase of 21.03%, and a net profit of 1.086 billion RMB, marking a turnaround from loss to profit with a growth of 629.68% [1][8]. - The polyester filament industry is experiencing a cyclical recovery, with improved price spreads for POY, FDY, and DTY products, which are expected to enhance the company's earnings potential as demand recovers [2][9]. - The company has implemented a share buyback program to boost investor confidence, reflecting management's belief in the company's intrinsic value and future prospects [2][13]. Summary by Sections Performance Overview - In Q4 2023, the company achieved revenue of 17.269 billion RMB, a year-on-year increase of 34.45% and a quarter-on-quarter increase of 7.82%. The net profit for Q4 was 199 million RMB, up 140.78% year-on-year but down 51.04% quarter-on-quarter [1][8]. Market Demand and Production - The average operating rate of downstream weaving machines reached 66.73% in Q4 2023, an increase of 12.77 percentage points year-on-year and 2.62 percentage points quarter-on-quarter. This indicates a positive trend in downstream demand [2][10]. - The inventory levels for POY, FDY, and DTY products remained at low to moderate levels, suggesting a healthy market balance [2][10]. Financial Projections - The company is expected to see significant earnings elasticity with continued growth in terminal demand. The projected net profits for 2024-2026 are 2 billion RMB, 3.1 billion RMB, and 4.1 billion RMB, respectively, with corresponding EPS of 1.32 RMB, 2.00 RMB, and 2.66 RMB [3][5].

证券研究报告·公司点评报告·化学纤维 新凤鸣（603225） 2023 年年报点评：净利润扭亏为盈，看好 24 2024 年 03月 26日 年长丝供需格局改善 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 执业证书：S0600123050015 营业总收入（百万元） 50,787 61,469 74,535 75,977 73,307 heyzh@dwzq.com.cn 同比 13.44% 21.03% 21.26% 1.93% -3.51% 归母净利润（百万元） -205.54 1,086.15 2,017.39 2,531.45 2,756.00 股价走势 同比 -109.12% 628.44% 85.74% 25.48% 8.87% 新凤鸣 沪深300 EPS-最新摊薄（元/股） -0.13 0.71 1.32 1.66 1.80 33% P/E（现价&最新摊薄） - 19.45 10.47 8.34 7.66 ...

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-045 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 新凤鸣集团股份有限公司 关于实际控制人部分股份质押的公告 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"）实际控制人庄奎龙先生 持有公司股份数为 337,521,813 股，占公司总股本的 22.07%。截至本次质押完 成，庄奎龙先生持有上市公司股份累计质押数量为 62,000,000 股，占其持股数 量的比例为 18.37%，占公司总股本的 4.05%。 庄奎龙先生及其一致行动人新凤鸣控股集团有限公司（以下简称"新凤 鸣控股"）、桐乡市中聚投资有限公司（以下简称"中聚投资"）、屈凤琪女 士、桐乡市尚聚投资有限公司（以下简称"尚聚投资"）和桐乡市诚聚投资有 限公司（以下简称"诚聚投资"）合计持有公司的股份总数为 881,434,151 股， 占公司总股本的 57.63%。截至 ...

新凤鸣集团股份有限公司 期货交易管理制度 第一章 总则 第一条 为规范公司期货投资业务及利用境内外期货、场内或场外期权等衍 生品工具开展套期保值业务（以下合称"期货业务"），控制期货投资及套期保 值风险，有效防范和化解风险，根据《中华人民共和国公司法》《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 5 号——交易与关 联交易》《新凤鸣集团股份有限公司章程》及其他国家有关法律、法规和规定， 特制订本制度。 第二条 本制度适用于新凤鸣集团股份有限公司(以下简称"公司")及其 子公司。 第三条 公司交易的品种为对二甲苯、PTA、MEG 和短纤，在风险可控的 前提下，以熟悉主要原材料价格走势为目的介入期货投资业务，为能在现货市场 的价格波动中把握节奏，降低采购成本。 第四条 期货交易基本原则： (一)公司的期货交易应遵守国家法律、法规； (二)公司的期货交易必须注重风险防范、保证资金运行安全； (三)公司应严格控制期货交易资金规模，不得影响公司正常经营； 第五条 公司期货业务的保证金额度不超过人民币 30,000 万元，在上述额 度内，资金可以循环使用。 第六条 公司进行期货交易必须执行严格的 ...

公司代码：603225 公司简称：新凤鸣 新凤鸣集团股份有限公司 2023 年度内部控制评价报告 新凤鸣集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况的变化可能导致 ...

已履行及拟履行的审议程序：公司于 2024 年 3 月 25 日召开第六届董事会 第十四次会议，审议通过了《关于 2024 年度开展外汇衍生品交易业务的议案》， 该议案尚需提交股东大会审议。 | 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-035 | | --- | --- | --- | | 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 2024 年度开展外汇衍生品交易业务的公告 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： 交易目的：公司进出口业务的结算货币主要是美元、欧元，当汇率出现 较大波动时，汇兑损益对公司的经营业绩会产生一定影响，结合资金管理要求 和日常经营需要，公司及下属子公司拟开展外汇衍生品交易业务。 交易品种：主要为远期结售汇、人民币和其他外汇的掉期业务、远期外 汇买卖、外汇掉期、外汇期权、利率互换、利率掉期、利率期权等。 交易场所：银行类金融机构，以场外交易为主。 交易金额：公司使用自有资金并结合公司生产经营业务 ...