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]

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-122 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 日常关联交易对上市公司的影响：关联交易的价格公允、合理，公司与 关联人的关联交易严格按照关联交易定价原则执行，关联交易金额占比较小，不 会影响公司业务和经营的独立性，不会对公司财务状况和经营成果产生不利影 响。 新凤鸣集团股份有限公司 关于新增公司 2024 年度与关联方日常关联交易预计金额的公告 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： 是否需要提交股东大会审议：是 （二）2024年与关联方日常关联交易预计情况 公司于2024年3月26日披露了《新凤鸣集团股份有限公司关于确认公司2023 1 一、日常关联交易的基本情况 现根据公司的日常生产经营需要，拟增加与关联方新凤鸣控股集团有限公司 （以下简称"新凤鸣控股")和浙江赛弥尔新材料科技有限公司（以下简称"赛 弥尔"）日常关联交易预计金额6,500.00万元，具 ...

证券代码：603225 证券简称：新凤鸣 公告编号：2024-124 新凤鸣集团股份有限公司 关于召开 2024 年第五次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第五次临时股东大会 召开的日期时间：2024 年 11 月 13 日 14 点 00 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 13 日 至 2024 年 11 月 13 日 无 二、 会议审议事项 本次股东大会审议议案及投票股 ...

| 股票代码：603225 | 股票简称：新凤鸣 公告编号：2024-125 | | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | 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。 一、董事会会议召开情况 新凤鸣集团股份有限公司（以下简称"公司"）第六届董事会第二十五次会 议于 2024 年 10 月 28 日以现场表决和通讯表决相结合的方式在公司五楼一号会 议室召开。本次董事会会议通知于 2024 年 10 月 18 日以电话方式发出。会议由 董事长庄耀中先生召集并主持，会议应出席董事 8 名，实际出席董事 8 名，公司 监事、高级管理人员列席了本次会议。本次会议的召开和表决程序符合《公司法》 《证券法》和本公司章程的有关规定，合法有效。 二、董事会会议审议情况 会议审议通过了以下议案，并形成了决议： 1、审议通过了《2024 年第三季度报告》 公司董事会同意公司 2024 年第三季度报告的内容（详见上海证券交易所网 站（www.sse.com.cn）《新凤鸣集团股份有限公司 20 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2024-121 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 2024 年三季度主要经营数据公告 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"）根据《上海证券交易所上市 公司自律监管指引第 3 号行业信息披露：第十三号——化工》要求，现将 2024 年三季度主要经营数据披露如下： 1 特此公告。 新凤鸣集团股份有限公司董事会 2024 年 10 月 29 日 2 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2024年1-9月 产量（万吨） | 2024年1-9月 销量（万吨） | 2024年1-9月 营业收入（万元） | | | --- | --- | --- | --- | --- | | POY | 386.20 | 380.61 | | 2,591,767.32 | | FDY | 11 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥17,924,242,400.87, representing an increase of 11.91% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥140,919,663.04, a decrease of 65.41% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥98,170,076.80, down 73.41% from the previous year[2]. - Basic earnings per share for Q3 2024 were ¥0.10, reflecting a decline of 62.96% compared to the same period last year[4]. - Net profit for the first three quarters of 2024 was ¥745.52 million, a decrease of 16% from ¥886.68 million in the same period of 2023[16]. - The total comprehensive income attributable to the parent company was CNY 744,216,054.94, compared to CNY 888,958,126.44 in the same period last year[17]. Assets and Liabilities - The total assets at the end of the reporting period were ¥53,364,058,276.21, an increase of 18.22% from the end of the previous year[4]. - Total assets increased to ¥53.36 billion in Q3 2024, up from ¥45.14 billion in Q3 2023, representing a growth of 18.2%[13]. - Total liabilities rose to ¥36.46 billion in Q3 2024, compared to ¥28.34 billion in Q3 2023, marking an increase of 28.8%[13]. - The company's total non-current assets reached ¥34.67 billion, up from ¥30.59 billion in the previous year, reflecting a growth of 13.5%[12]. - The total equity attributable to shareholders increased to ¥16.90 billion in Q3 2024, compared to ¥16.80 billion in Q3 2023, showing a slight increase of 0.6%[13]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥4,084,311,359.98, showing a significant increase of 572.11%[2]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 4,084,311,359.98, a significant increase compared to CNY 607,681,766.32 in the same period of 2023[18]. - Total revenue from sales of goods and services received in cash reached CNY 55,698,173,556.86, up from CNY 47,481,162,771.48 year-on-year[18]. - The total cash and cash equivalents at the end of the period amounted to CNY 8,828,495,475.45, an increase from CNY 7,345,818,391.43 at the end of the previous year[19]. - Cash flow from financing activities generated a net inflow of CNY 3,341,945,670.33, slightly down from CNY 3,732,380,363.96 in the same period last year[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 26,172[9]. - The largest shareholder, Zhuang Kuilong, holds 337,521,813 shares, accounting for 22.14% of the total shares[9]. - The company has a repurchase account holding 42,157,691 shares, representing 2.76% of the total share capital[10]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone accounting for over 47%[9]. Operational Insights - The company reported a decrease in net profit primarily due to reduced product price differences compared to the previous year[7]. - The company experienced a significant increase in cash received from sales, contributing to improved cash flow for the year-to-date[8]. - The company is actively involved in market expansion and new product development, although specific details were not disclosed in the report[10]. - Research and development expenses for the first three quarters of 2024 amounted to ¥919.26 million, compared to ¥881.04 million in 2023, indicating an increase of 4.3%[16]. Inventory and Investments - Inventory stood at ¥4.91 billion, compared to ¥4.31 billion in the previous year, indicating a growth of 14.1%[11]. - Long-term equity investments increased to ¥414.96 million from ¥374.40 million, reflecting a growth of 10.5%[11]. - The company's fixed assets decreased to ¥23.89 billion from ¥25.02 billion, a decline of 4.5%[11]. - The deferred income tax assets rose to ¥380.70 million in Q3 2024, compared to ¥335.28 million in Q3 2023, indicating an increase of 13.5%[12].

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-126 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 转债 | | 新凤鸣集团股份有限公司 第六届监事会第十五次会议决议公告 二、监事会会议审议情况 本公司监事会及全体监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。 一、监事会会议召开情况 新凤鸣集团股份有限公司（以下简称"公司"）第六届监事会第十五次会议 于 2024 年 10 月 28 日以现场表决方式在公司五楼一号会议室召开。本次监事会 会议通知于 2024 年 10 月 18 日以电话方式发出。会议由监事会主席陆斗平先生 召集并主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召开和表决 程序符合《公司法》《证券法》和本公司章程的有关规定，合法有效。 表决结果：3 票同意，0 票反对，0 票弃权。 2、审议通过了《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》 会议审议通过了以下议案，并形成了决议： 1、审议通过了《2024 年 ...

| 股票代码：603225 | 股票简称：新凤鸣 公告编号：2024-123 | | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | 新凤鸣集团股份有限公司 关于为控股子公司提供财务借款的公告 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"）拟以自有资金为控股子公 司桐乡市鸿益热电有限公司（以下简称"鸿益热电"）提供总计不超过35,000万 元人民币的财务借款，利率为3.1%，借款期限为1年，自公司将借款汇入鸿益热 电银行账户之日起计算，鸿益热电可提前还款。 本次财务借款事项已经公司第六届董事会第八次独立董事专门会议、第 六届董事会第二十五次会议、第六届监事会第十五次会议审议通过。本事项无需 提交股东大会审议。 特别风险提示：鸿益热电的其他股东未同比例进行财务借款，请投资者 关注相关风险。 一、财务借款事项概述 为满足控股子公司鸿益热电项目建设的资金需求，公司拟以自有资金为鸿益 热电提供总计不超过35,000万元人民币的财务借 ...