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 ...

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 "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].

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].

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, 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].

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].

| 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 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《中华人民共 和国会计法》《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》《国有企业、上市公司选聘会计师事 务所管理办法》等法律法规、规范性文件的最新规定，为进一步提升规范运作 水平、完善公司治理结构，公司全面梳理相关治理制度，通过对照自查并结合 实际情况和经营发展需要，制定《会计师事务所选聘制度》，以及修订《外汇 衍生品交易业务管理制度》，并将《期货交易管理制度》《套期保值业务管理 制度》合并修订为《期货交易管理制度》。 具体内容详见同日于上海证券交易所网站（www.sse.com.cn）披露的《会 计师事务所选聘制度》《外汇衍生品交易业务管理制度》《期货交易管理制 度》。 特此公告。 新凤鸣集团股份有限公司 关于公司制定《会计师事务所选聘制度》 以及修订部分制度的公告 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"）于 2024 年 3 月 25 日召开第 六届董事会第十四次 ...