Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company reported a significant improvement in performance, with expectations for profit expansion during peak seasons [4][6] - The company's revenue for the first three quarters of 2024 reached 49.197 billion yuan, a year-on-year increase of 11.31% [4] - The net profit attributable to shareholders for the same period was 746 million yuan, a decrease of 15.91% year-on-year [4] - The report highlights the impact of declining oil prices on raw material costs, which has affected the industry [5] Financial Summary - The company’s projected revenue for 2024 is 68.199 billion yuan, with net profit expected to be 1.11867 billion yuan [3][6] - Earnings per share (EPS) is forecasted to be 0.73 yuan for 2024, increasing to 1.01 yuan by 2026 [3][6] - The price-to-earnings (P/E) ratio is projected to decrease from 15.81 in 2023 to 11.13 in 2026, indicating improving valuation [3][6] - The company’s gross profit margin for the first three quarters was 5.61%, down 0.74 percentage points year-on-year [4] Sales Performance - The sales volume for POY, FDY, DTY, and short fibers in the first three quarters were 3.8061 million tons, 1.0876 million tons, 563,900 tons, and 919,900 tons respectively, showing year-on-year growth of 15.23%, 4.39%, 3.72%, and 12.61% [5] - The average selling prices for these products showed slight variations, with POY at 6,809 yuan/ton, FDY at 7,713 yuan/ton, DTY at 8,746 yuan/ton, and short fibers at 6,584 yuan/ton [5] Market Conditions - The report notes a decline in international oil prices, with the WTI average price at 75.20 USD/barrel, down 6.81% [5] - Weak downstream consumption and insufficient cost support in the industry have further weakened demand [5] - Despite the challenging market conditions, leading companies have maintained a strong pricing strategy [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [15]. Core Views - The company experienced short-term pressure on its performance in Q3 2024, with a year-on-year revenue increase of 11.31% but a decline in net profit by 15.91% [1]. - The company's cash flow from operating activities showed significant growth, increasing by 572.11% year-on-year in the first three quarters of 2024 [3]. - The report highlights the company's ongoing expansion in PTA production capacity, which is expected to enhance its competitive edge and profitability in the long run [6]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 49.197 billion yuan, with a net profit of 746 million yuan [1]. - The gross profit margin for the first three quarters of 2024 was 5.61%, a decrease of 0.74 percentage points compared to the same period last year [2]. - The company’s revenue for 2024 is projected to be 64.846 billion yuan, with a net profit of 1.075 billion yuan, reflecting a slight decline in profit compared to 2023 [7]. Operational Highlights - The company’s production and sales of key products such as DTY, FDY, and POY showed stable growth, with production increases of 9.30%, 7.36%, and 14.84% respectively in the first three quarters of 2024 [4]. - The average selling prices for major products experienced slight fluctuations, with DTY and FDY prices increasing by 3.05% and 0.67% respectively [4]. - The company is actively working on a 5 million-ton PTA project, which is part of its strategy to create a complete polyester filament industry chain [6]. Future Projections - The company is expected to achieve revenues of 64.846 billion yuan in 2024, 69.566 billion yuan in 2025, and 75.011 billion yuan in 2026, with corresponding net profits of 1.075 billion yuan, 1.640 billion yuan, and 1.952 billion yuan respectively [7]. - The projected EPS for the next three years is 0.71 yuan in 2024, 1.08 yuan in 2025, and 1.28 yuan in 2026, indicating a positive growth trajectory [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 14.04 CNY from the previous 15.15 CNY [2][3]. Core Insights - The company's Q3 2024 performance was slightly below expectations, with revenue of 17.924 billion CNY, 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 CNY, reflecting a year-on-year decline of 65.42% and a quarter-on-quarter decline of 57.23% [2]. - The report highlights that the decline in performance was primarily due to fluctuations in oil prices and a slight inventory accumulation in downstream production caused by high-temperature weather [2][3]. - The company is actively repurchasing shares to bolster investor confidence, having repurchased 14.72 million shares, representing 0.97% of the total share capital by the end of August [2]. Financial Summary - For Q3 2024, the gross margin and net margin were reported at 5.61% and 1.52%, respectively, showing a year-on-year decrease of 0.12% and 0.24% [2]. - The sales volume of POY, FDY, and DTY for Q3 2024 was 1.48 million tons, 390 thousand tons, and 200 thousand tons, respectively, with quarter-on-quarter increases of 18.8%, 4.3%, and 5.2% [2]. - The report projects that the industry will see a slowdown in new capacity additions, with planned increases of 2.65 million tons in 2024 and 2.85 million tons in 2025, reflecting year-on-year growth rates of 6.2% and 6.6% [2]. Market Position - The company operates in a favorable industry landscape, with the domestic filament capacity reaching 42.86 million tons by the end of 2023, a year-on-year increase of 9.98%. The top six companies account for nearly 70% of the total capacity, indicating a trend of increasing concentration in the industry [2]. - The report emphasizes the expectation of a recovery in demand driven by seasonal inventory replenishment in the winter, despite current challenges in downstream demand [2].

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. ...

| 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 | | ...

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. ...

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 ...

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]

新凤鸣（603225.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 主产品价差收窄，24Q3 利润同环比下降 2024 年 10 月 29 日 ➢ 事件：2024 年 10 月 28 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现营业收入 491.97 亿元，同比增长 11.31%；归属于上市公司股 东的净利润为 7.46 亿元，同比下滑 15.91%；归属于上市公司股东的扣除非经常 性损益的净利润为 6.37 亿元，同比下滑 13.60%。 ➢ 24Q3 归母净利润同环比下降。2024 年第三季度，公司实现营业收入 179.24 亿元，同比增长 11.91%，环比增长 6.56%；归属于上市公司股东的净利润为 1.41 亿元，同比下降 65.41%，环比下降 57.23%；归属于上市公司股东的扣除非经 常性损益的净利润为 0.98 亿元，同比下降 73.41%，环比下降 68.23%。 ➢ 24Q1~Q3 主产品产销高增。2024 年前三季度，公司实现 POY 产/销量分 别为 386.2/380.6 万吨，同比+14.8%/+15.2%；实现 ...