Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.52 CNY, up from the previous target of 18.30 CNY [1][2]. Core Insights - The company's Q1 2024 performance met expectations, driven by strong downstream demand for long filaments, with revenue reaching 14.4 billion CNY, a year-on-year increase of 15.53% [1][2]. - The report highlights an optimistic outlook for the long filament industry, with expectations for price spreads to widen due to limited new capacity and strong demand recovery post-Chinese New Year [1][2]. - The company is projected to achieve EPS of 1.22, 1.46, and 1.80 CNY for 2024, 2025, and 2026 respectively, reflecting a positive growth trajectory [1][2]. Summary by Sections Financial Performance - Q1 2024 revenue was 14.4 billion CNY, up 15.53% year-on-year, with net profit attributable to shareholders at 1.086 billion CNY, a 628% increase [1][2]. - The company expects to maintain a strong EBIT margin, with projections of 4.8% for 2024 and 5.2% for 2025 [2]. Market Position - The long filament industry is experiencing a favorable supply-demand balance, with limited new capacity expected to enhance profitability for leading companies [1][2]. - The company plans to expand its production capacity for differentiated polyester fiber materials, aligning with industry growth rates [1][2]. Valuation Metrics - The report provides a projected PE ratio of 11.68 for 2024 and 9.76 for 2025, indicating a favorable valuation compared to historical performance [2]. - The company's market capitalization is reported at 21.856 billion CNY, with a current stock price of 14.29 CNY [2].

基础化工/化学纤维 公 司 研 新凤鸣（603225.SH） Q1 业绩同环比大幅增长，看好长丝盈利弹性 究 2024年04月29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 2024/4/29 证 书编号：S0790520020002 证书编号：S0790522010001 证书编号：S0790523120001  2024Q1公司业绩同环比大幅增长，看好长丝盈利弹性，维持“买入”评级 当前股价(元) 13.93 公 一年最高最低(元) 15.49/9.75 公司发布2024年一季报，2024Q1实现营业收入144.52亿元，同比+15.53%，环 司 比-16.31%，实现归母净利润2.75亿元，同比+45.25%，环比+37.95%。公司业绩 信 总市值(亿元) 213.06 息 流通市值(亿元) 213.06 基本符合预期，我们维持公司2024-2026年盈利预测，预计公司2024-2026年归 更 母净利润分别为20 ...

业绩同比大幅改善，看好长丝景气修复 公司点评 新凤鸣（603225.SH）/化工 证券研究报告/公司点评 2024年4月28日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：13.83元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 50,787 61,469 65,363 71,705 76,945 分析师：孙颖 增长率yoy% 13% 21% 6% 10% 7% 执业证书编号：S0740519070002 归母净利润（百万元） -205 1,086 1,813 2,388 2,729 Email：sunying@zts.com.cn 增长率yoy% -109% 628% 67% 32% 14% 每股收益（元） -0.13 0.71 1.19 1.56 1.78 净资产收益率 -1% 6% 10% 11% 12% P/E -103.2 19.5 11.7 8.9 7.8 P/B 1.3 1.3 1.1 1.0 0.9 备注：股价取自2024/4/26，每股指标按照最新股本 ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要 泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望宏园研究保留追究泄露转发者法律责任的权利各位投资者大家下午好我是声望宏园的石化分析师刘子栋昨天晚上听说明发布了2024年的一级报涨息情况还是非常不错的那今天我们是非常有幸的邀请到了公司的董秘、杨总、郑代吴总还有财务的各位领导 来跟大家进行交流啊那么接下来的话我就把先把时间交给公司啊有请郭台铭老师给我们分享一下一级报的一个情况嗯好的各位投资者啊刘总这个大家下午好要么先请我们财务总助跟大家汇报一下我们一季度的这个主要的财务数据然后后续我这边再讲一下近期的一个情况然后大家有什么问题我们再后续交流 各位投资者好我先跟大家分享一下我们一季度的一些经营数据第一个方面是总产量一季度的总产量是354.72万吨其中长斯产量是187.25万吨同比去年增长了30.58%然后主要原因是因为中磊的长斯CP8装置以及江苏星拓的长斯 CP12装置是在2023年的2月份以及8月份投产的然后今年是满产的产量然后去年同期的话是减产的然 ...

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call [1] Core Points and Arguments - The content of the conference call is strictly for internal reference among participants, and any disclosure or external sharing of the information is prohibited [1] Other Important but Possibly Overlooked Content - Participants are reminded not to request any information in any form from the call [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a significant recovery in the polyester filament price spread, leading to a substantial increase in the company's net profit for Q1 2024 compared to both year-on-year and quarter-on-quarter [4][9] - The company achieved a revenue of 14.452 billion yuan in Q1 2024, representing a year-on-year increase of 15.5% but a quarter-on-quarter decrease of 16.3%. The net profit attributable to the parent company was 275 million yuan, up 45.3% year-on-year and 38.0% quarter-on-quarter [3][4] Financial Performance Summary - In Q1 2024, the company reported: - Revenue: 14.452 billion yuan, up 15.5% year-on-year, down 16.3% quarter-on-quarter - Net profit: 275 million yuan, up 45.3% year-on-year, up 38.0% quarter-on-quarter - Gross profit margin: 5.9%, up 0.5 percentage points year-on-year, up 1.38 percentage points quarter-on-quarter - Net profit margin: 1.9%, up 0.4 percentage points year-on-year, up 0.7 percentage points quarter-on-quarter - Operating cash flow: -1.712 billion yuan [3][4][9] Market Position and Outlook - The company is the largest polyester filament manufacturer in China, with a market share exceeding 12%. It plans to increase its production capacity by 400,000 tons in 2024 and 650,000 tons in 2025 [6] - The report anticipates that the company's revenue will reach 67.001 billion yuan in 2024, 70.854 billion yuan in 2025, and 77.478 billion yuan in 2026, with net profits projected at 1.845 billion yuan, 2.378 billion yuan, and 2.700 billion yuan respectively [9][19] Investment Thesis - The company is expected to benefit from a favorable industry environment, with a projected increase in polyester filament demand and a reduction in competitive pressures due to slower capacity expansion in the industry [6][9] - The report maintains a "Buy" rating based on the company's growth potential and favorable valuation metrics, with projected P/E ratios of 11, 9, and 8 for the years 2024, 2025, and 2026 respectively [9][19]

证券研究报告 [一Tab季le_度Tit业le]绩 符合预期，降本增效推动盈利释放 公司研究 [Table_ReportDate] 2024年4月26日 [T点ab评le_报Rep告ortType] [Table_Summary] 事件：2024年4月25日晚，新凤鸣发布 2024 年一季度报告。2024年一 [T新ab凤le鸣_S(to6c0k3A2n2d5R.anSkH]) 季度公司实现营业总收入 144.52 亿元，同比增长 15.53%，环比下降 16.31%；实现归母净利润 2.75 亿元，同比增长 45.25%，环比增长 投资评级 买入 37.95%；实现扣非后归母净利润 2.30 亿元，同比增长 102.96%，环比增 长 41.10%；实现基本每股收益 0.18 元，同比增长 38.46%，环比增长 上次评级 买入 38.46%。 [T左ab前le明_A u t能ho源r]行 业首席分析师 执业编号：S1500518070001 点评： 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com ➢ 长丝行业成本有所上行，公司产业链一体化优势推动盈利改善。成本 端 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown stable growth in net profit and revenue in Q1 2024, with a year-on-year revenue increase of 15.53% and a net profit increase of 45.25% [4]. - The production and sales of polyester fibers have also seen significant year-on-year growth, with filament production increasing by 29.1% and short fiber production by 24.9% [4]. - The company is expanding its production capacity steadily, with plans to increase filament capacity by 40,000 tons in 2024 and 65,000 tons in 2025 [4]. - A major integrated refining project in Indonesia is set to be launched, with an expected annual revenue of $10.44 billion and a net profit of $1.33 billion once operational [4]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 14.452 billion yuan, with a net profit of 275 million yuan [4]. - The gross margin improved to 5.90%, up by 0.48 percentage points year-on-year [4]. - The company forecasts EPS of 1.23 yuan for 2024, with a reasonable valuation range of 14.76 to 17.22 yuan based on a PE ratio of 12-14 times [5]. Production and Capacity - The company has a current capacity of 7.4 million tons/year for civil polyester filament, with plans to increase PTA capacity to 10 million tons by mid-2026 [4]. - The production volume for polyester filament in Q1 2024 was 1.85 million tons, with sales of 1.58 million tons [4]. Market Comparison - The company’s stock has shown a relative increase of 2.2% over the last three months compared to the CSI 300 index [2].

上 市 公 司 基础化工 2024 年4 月25日 新凤鸣 (603225) 公 司 研 究 ——24Q1 业绩符合预期，看好聚酯产业链景气修复 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144.5亿，同比增长15.5%，环比下降16.3%； 实现归母净利润2.8亿，同比增长45.3%，环比增长38.2%，符合我们的预期。在库存收 证 市场数据： 2024年04月25日 益影响下，公司毛利率水平达到5.9%，同比提升0.48pct。费用方面，24Q1公司期间费 券 收盘价（元） 13.82 用率达到 4.4%，同比小幅增长 0.1pct，主要在于研发费用提升较大，推测可能是公司加 研 一年内最高/最低（元） 15.49/9.75 快涤纶长丝品类布局所致。 究 市净率 1.2 报 息率（分红/股价） - 告 流通A股市值（百万元） 21137  2024Q1 长丝产销同比提升，但是价差存在季节性收窄。2023 年公司中磊化纤和江苏新 上证指数/深证成指 3052.90/9264.48 拓分别新增 30、72万吨长丝产能，在新增产能以 ...

Investment Rating - The report maintains a "Recommended" rating for the company Xin Feng Ming (603225.SH) [1] Core Views - The company reported a revenue of 14.452 billion yuan in Q1 2024, representing a year-on-year increase of 15.53% and a quarter-on-quarter decrease of 16.31%. The net profit attributable to shareholders was 275 million yuan, up 45.25% year-on-year and 37.95% quarter-on-quarter [1] - The growth in sales volume of polyester filament and overall improvement in price margins contributed to the year-on-year performance increase. The company achieved sales volumes of POY, FDY, DTY, and short fibers of 1.0819 million tons, 327,200 tons, 169,100 tons, and 287,500 tons, respectively, with year-on-year growth rates of 22.90%, 4.07%, 8.54%, and 42.54% [1] - The gross profit margin for Q1 2024 was 5.90%, an increase of 0.48 percentage points year-on-year, indicating enhanced profitability due to improved price margins [1] - The supply-demand dynamics for polyester filament are expected to improve marginally, with supply expansion slowing and domestic consumption showing positive trends due to stable growth policies [1] - The company is expanding its production capacity and has plans to add 400,000 tons/year of polyester filament and 650,000 tons/year of differentiated filament in 2024 and 2025, respectively [1] - Revenue projections for 2024-2026 are estimated at 67.285 billion yuan, 71.891 billion yuan, and 76.970 billion yuan, with net profits of 1.808 billion yuan, 2.340 billion yuan, and 2.787 billion yuan, reflecting year-on-year growth rates of 66.44%, 29.45%, and 19.08% respectively [1] Summary by Sections Financial Performance - Q1 2024 revenue: 14.452 billion yuan, up 15.53% YoY, down 16.31% QoQ - Q1 2024 net profit: 275 million yuan, up 45.25% YoY, up 37.95% QoQ - Sales volumes for key products showed significant year-on-year growth [1] Market Outlook - Domestic textile and apparel demand is improving, with retail sales in the sector reaching 369.4 billion yuan in the first quarter, a 2.5% increase YoY - Export figures also show improvement, with textile and apparel exports at 65.9 billion USD, up 2.0% YoY [1] Capacity Expansion - Current production capacities include 7.4 million tons/year for civil polyester filament, 1.2 million tons/year for short fibers, and 5 million tons/year for PTA - Plans for future capacity expansion include significant increases in polyester filament and PTA production [1] Investment Recommendations - Expected EPS for 2024-2026: 1.18 yuan, 1.53 yuan, and 1.82 yuan, with corresponding PE ratios of 11.69, 9.03, and 7.58 [1]