| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-128 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 转债 | | 上述通讯地址及邮政编码自本公告发布之日起正式启用。 特此公告。 新凤鸣集团股份有限公司董事会 2024 年 11 月 2 日 1 新凤鸣集团股份有限公司 关于通讯地址及邮政编码变更的公告 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。 新凤鸣集团股份有限公司（以下简称"公司"）因公司总部办公地址变动， 相关通讯地址及邮政编码发生变更。现将变更后的相关信息公告如下： | 项目 | 董事会秘书 | 证券事务代表 | | --- | --- | --- | | 姓名 | 杨剑飞 | 吴耿敏 | | 通讯地址 | 浙江省桐乡市履祥路 501 | 号 | | 邮政编码 | 314500 | | | 联系电话 | 0573-88519631 | | | 邮箱 | xfmboard@xfmgroup.com | | ...

新凤鸣集团股份有限公司 2024 年第五次临时股东大会 会议资料 2024 年 11 月 新凤鸣 2024 年第五次临时股东大会会议资料 目录 | 新凤鸣集团股份有限公司 2024 | 年第五次临时股东大会通知 3 | | --- | --- | | 新凤鸣集团股份有限公司 2024 | 年第五次临时股东大会会议须知 4 | | 新凤鸣集团股份有限公司 2024 | 年第五次临时股东大会会议议程 6 | | 议案一、关于新增公司 2024 | 年度与关联方日常关联交易预计金额的议案 7 | 新凤鸣集团股份有限公司 2024 年第五次临时股东大会通知 各位股东及股东代表： 新凤鸣集团股份有限公司（以下简称"公司"）2024 年第五次临时股东大会 拟于 2024 年 11 月 13 日下午 14：00 时在公司总部五楼一号会议室召开。 本次股东大会审议和表决议题如下： 1、审议《关于新增公司 2024 年度与关联方日常关联交易预计金额的议案》 以上议案已经于 2024 年 10 月 28 日召开的公司第六届董事会第二十五次会议 审议通过，并于 2024 年 10 月 29 日在上海证券交易所网站（www.sse. ...

新凤鸣集团股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/2/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 25,000 万元~50,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 2,377.64 | | 累计已回购股数占总股本比例 | 1.56% | | 累计已回购金额 | 27,655.5708 万元 | | 实际回购价格区间 | 元/股~14.85 元/股 9.60 | 一、 回购股份的基本情况 2024 年 1 月 31 日，新凤鸣集团股份有限公司（以下简称"公司"）第六届董 事会第十次会议审议并通过了《关于以集中竞价交易方式回购股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低 ...

证券代码：603225 证券简称：新凤鸣 公告编号：2024-129 新凤鸣集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面 深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 28 日 下午 13:00-14:00 举行 2024 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2024 年 11 月 28 日(星期四)下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 新凤鸣集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： https://roadshow.sseinfo. ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 performance was impacted by fluctuating crude oil prices, leading to a decline in profitability, but cash flow improved significantly [2] - Revenue for Q3 2024 reached 17,924 million yuan, up 11.91% YoY and 6.56% QoQ, while net profit attributable to shareholders was 141 million yuan, down 65.41% YoY and 57.23% QoQ [3] - The company's cash flow from operating activities in Q3 2024 surged to 4,745 million yuan, showing significant YoY and QoQ growth [3] - The report expects the company's performance to improve in Q4 2024 due to seasonal demand from e-commerce festivals and Christmas orders [3] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 49,197 million yuan, up 11.31% YoY, but net profit attributable to shareholders fell 15.91% YoY to 746 million yuan [2] - Gross profit margin for Q3 2024 was 4.92%, down 2.72 percentage points YoY and 1.19 percentage points QoQ [3] - Net profit margin for Q3 2024 was 0.79%, down 1.75 percentage points YoY and 1.17 percentage points QoQ [3] - The company's POY sales volume in Q3 2024 increased 18.83% QoQ to 1,479,300 tons, but the average price fell 3.19% QoQ to 6,690.11 yuan/ton [3] Industry and Market Position - The company is a leading player in the domestic polyester filament industry, with a market share of over 12% in the civilian polyester filament sector [5] - As of 2023, the company's polyester filament production capacity reached 7.4 million tons, ranking second in the domestic market [5] - The company has a vertically integrated production chain from PTA to polyester and spinning, enhancing its competitive advantage [5] - The polyester filament industry is expected to see further consolidation, with large enterprises leveraging scale and technological advantages to expand [4] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 63,651 million yuan, 70,854 million yuan, and 77,478 million yuan, respectively [6] - Net profit attributable to shareholders is expected to be 1,083 million yuan, 1,447 million yuan, and 1,711 million yuan for 2024-2026, with corresponding P/E ratios of 16x, 12x, and 10x [6] - The company plans to optimize its product structure and enhance competitiveness, focusing on differentiated filament production in the next 1-2 years [5] - The polyester fiber industry is expected to benefit from domestic economic stabilization policies, driving demand growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 49.197 billion yuan in Q3 2024, representing a year-on-year increase of 11.31%, while the net profit attributable to shareholders decreased by 15.91% to 746 million yuan [1] - The polyester filament industry is experiencing significant pressure due to lower-than-expected demand and rising costs, leading to a decline in profitability [1] - The company is gradually ramping up its production capacity, with an expected addition of 400,000 tons in the second half of 2024 [1] - The long-term competitive landscape of the polyester filament industry is becoming more rational, with a high concentration ratio of 81.5% for the top six producers [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 17.924 billion yuan, with a year-on-year decline in net profit of 65.41% [1] - The company’s sales volumes for POY, FDY, DTY, short fibers, and PTA were 1.479 million tons, 388,000 tons, 202,000 tons, 307,000 tons, and 111,000 tons respectively, with significant growth in POY sales [1] - The average prices for POY, FDY, DTY, short fibers, and PTA in Q3 were 6,690.3 yuan, 7,568.2 yuan, 8,698.7 yuan, 6,645.8 yuan, and 4,771.32 yuan per ton, showing a decline in prices across most products [1][2] Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 972 million yuan, 1.397 billion yuan, and 1.808 billion yuan respectively, with corresponding P/E ratios of 18.56, 12.91, and 9.98 [2][3] - Revenue is expected to grow from 61.469 billion yuan in 2024 to 74.568 billion yuan in 2026, with a compound annual growth rate of approximately 7% [2][3]

Investment Rating - The report assigns a "Cautious Recommendation" rating to the company, reflecting a downward adjustment due to the current weakness in the filament market [4][6]. Core Views - The company reported a revenue of 49.197 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.31%. However, the net profit attributable to shareholders decreased by 15.91% to 746 million yuan [1]. - In Q3 2024, the company achieved a revenue of 17.924 billion yuan, a year-on-year increase of 11.91%, but the net profit fell significantly by 65.41% year-on-year to 141 million yuan [1][4]. - The main products showed high growth in production and sales during the first three quarters of 2024, with POY production/sales increasing by 14.8%/15.2% year-on-year [2]. - The average selling prices for POY, FDY, and DTY remained stable, but the price spread for POY narrowed by 6.0% year-on-year [3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a net profit of 141 million yuan, down 65.41% year-on-year and 57.23% quarter-on-quarter. The net profit excluding non-recurring items was 98 million yuan, down 73.41% year-on-year [1][4]. - The company forecasts net profits of 952 million yuan, 1.244 billion yuan, and 1.488 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.62, 0.82, and 0.98 yuan per share [4][5]. Production and Sales - In the first three quarters of 2024, the company produced and sold 3.862 million tons and 3.806 million tons of POY, respectively, marking increases of 14.8% and 15.2% year-on-year [2]. - The Q3 2024 production and sales figures for POY were 1.271 million tons and 1.479 million tons, with sales increasing by 18.8% quarter-on-quarter [4]. Price Trends - The average selling prices for POY, FDY, and DTY in Q3 2024 were 6,690 yuan, 7,568 yuan, and 8,699 yuan per ton, reflecting a quarter-on-quarter decrease of 3.2%, 2.7%, and 1.3% respectively [4]. - The average selling prices for PTA and MEG were 5,067 yuan and 4,010 yuan per ton, with year-on-year changes of -1.8% and +11.7% respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 49.197 billion yuan for the first three quarters of 2024, an increase of 11.31% year-on-year, while the net profit attributable to shareholders was 746 million yuan, a decrease of 15.91% year-on-year [2][5] - In Q3 2024, the company achieved a revenue of 17.924 billion yuan, up 11.91% year-on-year and 6.56% quarter-on-quarter, with a net profit of 141 million yuan, down 65.41% year-on-year and 57.23% quarter-on-quarter [2][5] - The demand for polyester filament continues to recover, with a cumulative apparent consumption of 8.38 million tons in Q3 2024, an increase of 5.53% year-on-year [5] - The operating rate of downstream weaving machines has rebounded from a low of 58.95% in August to 68.72% as of October 24 [5] - Recent policies aimed at boosting real estate and consumption are expected to further improve demand for polyester filament [5] - The profitability of polyester filament is expected to continue to recover, with price spreads improving in Q3 2024 [5] - The company is projected to achieve net profits of 1 billion yuan, 3 billion yuan, and 4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.67 yuan, 1.95 yuan, and 2.60 yuan [5][6] Financial Data Summary - For 2024E, the company is expected to generate a revenue of 78.348 billion yuan, with a growth rate of 27.46% [6] - The projected net profit for 2024E is 1.016 billion yuan, reflecting a decrease of 6.43% compared to 2023 [6] - The company’s P/E ratio for 2024E is estimated at 17.1X, decreasing to 5.8X in 2025E and 4.4X in 2026E [6] - The asset-liability ratio is reported at 68.32% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q3 performance under pressure due to inventory losses, with a year-on-year revenue increase of 11.31% for the first three quarters of 2024, totaling 49.197 billion yuan, while the net profit attributable to shareholders decreased by 15.91% to 746 million yuan [3] - The report anticipates a recovery in long filament profitability due to an improved supply structure, despite a downward adjustment in profit forecasts for 2024-2026 [3] Financial Summary - For Q3 2024, the company achieved revenue of 17.924 billion yuan, a year-on-year increase of 11.91% and a quarter-on-quarter increase of 6.56%. However, the net profit attributable to shareholders was 141 million yuan, down 65.41% year-on-year and 57.23% quarter-on-quarter [3] - The company’s long filament sales volume in Q3 2024 was 2.0699 million tons, with a quarter-on-quarter increase of 14.39%. The average selling prices for POY, FDY, and DTY products decreased by 3.19%, 2.67%, and 1.31% respectively compared to Q2 [3] - The report projects net profits for 2024-2026 to be 1.143 billion yuan, 2.080 billion yuan, and 2.361 billion yuan respectively, with corresponding EPS of 0.75 yuan, 1.36 yuan, and 1.55 yuan [3][5] Industry Outlook - The report indicates that the growth rate of new long filament production capacity will significantly slow down starting in 2024, with an expected net increase of only 900,000 tons in the industry [3] - The long filament industry is expected to see a significant improvement in supply structure, benefiting from steady growth in domestic demand and marginal improvements in terminal textile and apparel exports [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 49.197 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.31%. However, the net profit attributable to shareholders decreased by 15.91% to 746 million yuan [1] - The third quarter of 2024 saw a revenue of 17.924 billion yuan, up 11.91% year-on-year and 6.56% quarter-on-quarter, but the net profit attributable to shareholders fell by 65.41% year-on-year and 57.23% quarter-on-quarter [1] - The gross profit margin for the first three quarters of 2024 was 5.6%, down 1 percentage point year-on-year, with the third quarter margin at 4.9%, down 3 percentage points year-on-year [1] Financial Performance Summary - For 2024, the company is expected to achieve net profits of 1.009 billion yuan, with a growth rate of -7.1%, followed by 1.464 billion yuan in 2025 with a growth rate of 45.0%, and 1.762 billion yuan in 2026 with a growth rate of 20.4% [3] - The earnings per share (EPS) are projected to be 0.66 yuan in 2024, 0.96 yuan in 2025, and 1.16 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 17.81, 12.28, and 10.20 respectively [1][3] - The average gross profit margin is expected to improve to 5.9% in 2024, 7.0% in 2025, and 7.1% in 2026 [3] Industry Insights - The company is experiencing a seasonal decline in product gross margins and inventory devaluation, leading to a decrease in quarterly profits [1] - The average Brent crude oil price for the first three quarters of 2024 was $81.6 per barrel, remaining stable compared to the previous year [1] - The demand side shows a steady performance, with a 5.1% year-on-year increase in per capita clothing consumption expenditure in the first three quarters of 2024 [1]