证券代码：603225 证券简称：新凤鸣 公告编号：2024-052 新凤鸣集团股份有限公司 2023 年年度股东大会决议公告 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法律责任。 二、 议案审议情况 审议结果：通过 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 21 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 858,274,725 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.9967 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，由董事长庄耀中先生主持，采用现场投票与网 (一) 股东大会召开的时间：2024 年 4 月 15 日 (二) 股东大会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 络投票相结合的方式 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is expected to turn profitable in 2023, achieving operating revenue of 61.469 billion yuan, a year-on-year increase of 21.03%, and a net profit attributable to shareholders of 1.086 billion yuan, marking a turnaround from losses [6][8] - The production and sales of polyester fibers have shown stable growth, with the production and sales of polyester filament yarn reaching 6.8 million tons and 6.82 million tons respectively, both up by approximately 18.6% year-on-year [6][11] - Improved downstream demand has led to an increase in gross profit margins, with the gross margin for chemical fiber products rising to 5.77%, an increase of 2.30 percentage points year-on-year [6][12] - The company is expanding its production capacity steadily, with plans to increase filament capacity by 400,000 tons and 650,000 tons in 2024 and 2025 respectively [6][12] - A significant integrated refining and chemical project in Indonesia is set to be launched, with a total investment of 8.624 billion USD, expected to generate an average annual revenue of 10.438 billion USD and a net profit of 1.328 billion USD after tax [6][12] Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 1.23 yuan, 1.55 yuan, and 1.71 yuan respectively, with a reasonable valuation range of 14.76 to 17.22 yuan based on a PE ratio of 12-14 times for 2024 [7][14] - The projected operating revenue for 2024 is 63.974 billion yuan, with a net profit of 1.886 billion yuan, reflecting a year-on-year growth of 73.7% [8][14] - The gross margin is expected to improve to 7.4% in 2024 and further to 8.0% in 2025 [14][12] Production and Capacity - The company has a current capacity of 7.4 million tons per year for civilian polyester filament, with plans to increase PTA capacity to 10 million tons by mid-2026 [6][12] - The company’s market share in the domestic market exceeds 12% [6][12] Market Performance - The company’s stock closed at 13.58 yuan on March 26, with a 52-week price range of 9.75 to 15.49 yuan [2] - The absolute and relative performance against the CSI 300 index shows fluctuations, with a 1.6% increase over one month and an 8.0% increase over two months [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.30 CNY, up from the previous target of 16.50 CNY [1][2]. Core Views - The company's performance in 2023 met expectations, with the filament industry showing an upward trend and increasing concentration. The demand from downstream sectors is expected to rise, supported by high oil prices, which may lead to an expansion in filament price differentials [1][2]. - The report highlights that the company achieved a net profit attributable to shareholders of 1.99 billion CNY in 2023, representing a year-on-year increase of 140.75%. The adjusted net profit was 9.01 billion CNY, up 337.41% year-on-year [1][2]. - The long filament industry is experiencing a favorable market structure, with limited new capacity and an acceleration in the exit of small and medium enterprises, which is expected to further enhance industry concentration [1][2]. Summary by Sections Financial Performance - The company reported a total revenue of 61.47 billion CNY in 2023, a 21% increase from the previous year. The operating profit was 3.22 billion CNY, and the net profit attributable to shareholders was 1.09 billion CNY, reflecting a significant recovery from previous losses [1][2]. - The earnings per share (EPS) for 2023 was 1.22 CNY, with projections of 1.47 CNY for 2024 and 1.81 CNY for 2025 [1][2]. Industry Outlook - The report indicates that the long filament industry is in a recovery phase, with a favorable supply-demand balance and high industry prosperity expected to continue. The company plans to increase its production capacity for differentiated polyester fiber materials and polyester film materials, which is anticipated to align with industry growth rates [1][2]. - Downstream demand is expected to improve, with price differentials likely to expand, enhancing the company's profitability. The average prices for various filament products are projected to increase in 2024 [1][2]. Valuation Metrics - The report provides a comparison of the company's valuation metrics with peers, indicating a price-to-earnings (PE) ratio of 20.90 for 2023, projected to decrease to 12.13 in 2024 and 10.10 in 2025 [4][2]. - The company's market capitalization is reported at 22.68 billion CNY, with a 52-week price range of 9.95 to 15.02 CNY [2][4].

Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company achieved a net profit of approximately 1.086 billion yuan in 2023, marking a turnaround from losses in the previous year, with a significant increase in production and sales [2]. - The polyester filament industry is expected to see an upward trend in profitability due to reduced new capacity additions and the exit of outdated facilities, leading to a recovery in the industry [2]. - The company is expanding its overseas presence with a planned 16 million tons/year integrated refining and chemical project in Indonesia, which is expected to enhance its product value and diversify its operations [2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 61.469 billion yuan, with a year-on-year growth rate of 21% [4]. - The net profit attributable to the parent company for 2023 was 1.086 billion yuan, reflecting a staggering year-on-year growth of 628.4% [4]. - The average selling prices for various products showed slight declines, with POY, FDY, DTY, and short fibers averaging 6796, 7675, 8499, and 6524 yuan/ton respectively [2]. Production Capacity - The company’s polyester filament production capacity reached 7.4 million tons in 2023, with a domestic market share exceeding 12% [2]. - Production volumes for POY, FDY, DTY, and short fibers were approximately 4.65 million tons, 1.41 million tons, 740 thousand tons, and 1.17 million tons respectively, with growth rates of 20%, 18%, 13%, and 129% year-on-year [2]. Industry Outlook - The polyester filament industry is anticipated to enter a phase of recovery, with high operating rates maintained at nearly 90% throughout 2023, the highest level since 2017 [2]. - The company is well-positioned to benefit from the industry's recovery and is expected to enhance its market position through strategic overseas investments [3].

新凤鸣集团股份有限公司 2023 年年度股东大会 会议资料 2024 年 4 月 新凤鸣 2023 年年度股东大会会议资料 目 录 | 2023 | 年年度股东大会通知 3 | | | --- | --- | --- | | 2023 | 新凤鸣集团股份有限公司 年年度股东大会会议议程 6 | | | 议案一、2023 | 年度董事会工作报告 8 | | | 议案二、2023 | 年度监事会工作报告 12 | | | 议案三、2023 | 年度财务决算 15 | | | 议案四、《2023 | 年年度报告》及摘要 16 | | | 议案五、关于续聘会计师事务所的议案 17 | | | | 议案六、2023 | 年度利润分配方案 18 | | | 2023 年度日常关联交易执行情况并预计 2024 | 议案七、关于确认公司 | | | 2024 | 议案九、关于公司 年度向金融机构申请融资额度的议案 32 | | | 2024 | 议案十一、关于 年度开展外汇衍生品交易业务的议案 35 | | | 新凤鸣集团股份有限公司 | | | | 2023 | 新凤鸣集团股份有限公司 年年度股东大会会议须知 4 | | ...

新凤鸣集团股份有限公司 证券代码：603225 证券简称：新凤鸣 公告编号：2024-049 关于以集中竞价交易方式回购股份进展公告 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 10,000 万元~15,000 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 万股 54.94 | | 累计已回购股数占总股本比例 | 0.04% | | 累计已回购金额 | 614.99 万元 | | 实际回购价格区间 | 11.02 元/股~11.67 元/股 | 一、 回购股份的基本情况 上述回购进展符合既定的回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出回 购决策并予以实施，同时根据回购股份事项进展 ...

章四夕女士的辞职不会影响公司相关工作的正常进行，根据《公司法》《公 司章程》等有关规定，章四夕女士的辞职申请自送达公司董事会时生效。 公司董事会对章四夕女士在公司任职期间为公司发展所作的贡献表示感谢！ 特此公告。 | 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-051 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | | 新凤鸣集团股份有限公司 关于公司高级管理人员辞职的公告 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"）董事会近日收到公司总裁助 理章四夕女士的书面辞职报告，章四夕女士因个人原因拟辞去公司总裁助理职务。 辞职后，章四夕女士将不在公司担任任何职务。 新凤鸣集团股份有限公司董事会 2024 年 4 月 2 日 1 ...

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-050 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 新凤鸣集团股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2024 年 3 月 31 日，累计共有 56,000.00 元"凤 21 转 债"已转换成公司股票，累计转股数为 3,382 股，占可转债转股前公司已发行股 份总额的 0.0002%。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的可转债金额为 2,499,944,000.00 元，占可转债发行总量的 99.9978%。 2024年度第一季度转股情况：本季度可转债转股的金额为 0元，因转股形 成的股份数量为 0 股。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准新凤鸣集团股份有限公司公开发行可 转换公司债券的批复》（证监许可〔2021〕41 ...

公司研 究 证 券研究 报 告 其他石化 2024年04月01日 新 凤鸣（603225）2023年报点评 推 荐 （维持） 2023 年长丝盈利显著修复，2024 年利润有望 目标价：15.9元 继续改善 当前价：14.64元 事项： 华创证券研究所  公司发布 2023年年报，2023年实现营收614.69亿元，同比增长 21.03%；实 现归母净利润10.86亿元，同比增长628.44%（此为2022年调整后的口径）， 证券分析师：杨晖 扣非归母净利润 9.01 亿元，同比增长 337.41%。其中 Q4 实现营收 172.69 亿 元，同比增长 34.45%/环比增长 7.82%。归母净利润 1.99 亿元，同比增长 邮箱：yanghui@hcyjs.com 140.75%/环比下降51.04%；扣非归母净利润1.63亿元，同比增长129.24%/环 执业编号：S0360522050001 比下降55.83%。 证券分析师：王鲜俐 评论： 2023年长丝盈利同比改善显著，PTA板块有所亏损。长丝方面，2023年盈利 邮箱：wangxianli@hcyjs.com 显著修复。截至2023年年底，公司长 ...

证券研究报告 公司点评 新凤鸣(603225.SH) 基础化工｜ 化学纤维 行业景气回升， 产能规划清晰 2024年 03月 26日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 507.87 614 .69 665.15 728.00 796.80 归母净利润(亿元) -2.05 10.86 21.33 29.75 37.38 评级变动 首次 每股收益（元） -0.13 0.71 1.39 1.95 2.44 交易数据 每股净资产（元） 10.09 10.81 20.24 33.41 49.95 当前价格（元） 13.58 P/E -103.90 19.62 9.99 7.16 5.70 52周价格区间（元） 9.95-15.02 P/B 1.38 1.29 0.69 0.42 0.28 总市值（百万） 20770.21 资料来源：iFinD，财信证券 流通市值（百万） 20770.21 总股本（万股） 152947.10 投资要点： 流通股（万股） 152947.10  公司发布 2023 年年报，全年实现营业收入 614.69 亿元，同比增长 21 ...