Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company has shown significant profit growth in the first half of 2024, with a year-on-year increase in revenue of 10.96% and a net profit increase of 26.17% [1][2]. - The growth in performance is attributed to favorable demand in the polyester filament industry, rising product prices, and the continuous release of production capacity [2][6]. - The company is a leading player in the domestic polyester filament market, with a production capacity of 7.4 million tons and a market share exceeding 12% [2][6]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 31.272 billion yuan and a net profit of 605 million yuan, with a net profit margin of 1.93%, an increase of 0.23 percentage points year-on-year [1][2]. - The average selling prices of key products such as POY, FDY, and DTY increased by 1.99%, 3.01%, and 4.80% respectively, contributing to the overall revenue growth [6]. - The company’s operating cash flow was negative at -660 million yuan, a decline of 202.89% year-on-year, primarily due to reduced sales efficiency and increased inventory [2][6]. Industry Context - The domestic polyester industry is mature and stable, with significant growth potential driven by the increasing demand for differentiated and functional polyester fibers [2][6]. - The company is expanding its upstream PTA production capacity, which is expected to reach 10 million tons by the end of 2025, enhancing its supply chain stability and cost control [6][7]. - The report anticipates continued revenue growth for the company, projecting revenues of 67.119 billion yuan, 72.637 billion yuan, and 76.706 billion yuan for 2024, 2025, and 2026 respectively [7].

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 15.15 yuan from the previous 19.18 yuan [2][6]. Core Views - The company's mid-year performance meets expectations, with a revenue of 31.3 billion yuan in Q2 2024, reflecting a year-on-year increase of 10.96%, and a net profit of 605 million yuan, up 26.17% year-on-year [2]. - The second quarter's performance benefited from the "one price" model adopted by leading companies in the filament industry, leading to improved gross margins [2]. - The report anticipates a recovery in demand driven by winter restocking needs, despite a slowdown in production due to high temperatures affecting demand in Q3 2024 [2]. Financial Summary - Revenue for 2024 is projected at 62.07 billion yuan, with a net profit forecast of 1.54 billion yuan, reflecting a year-on-year growth of 41.7% [3]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 1.01 yuan, 1.27 yuan, and 1.52 yuan respectively [2][3]. - The company reported a net profit margin of 1.96% in Q2 2024, with a gross margin of 6.11%, both showing slight improvements year-on-year [2]. Market and Industry Outlook - The domestic filament capacity is expected to reach 42.86 million tons by the end of 2023, with a year-on-year increase of 9.98% [2]. - The report highlights a trend of increasing industry concentration, with major players strengthening their market positions as smaller companies exit the market [2]. - The anticipated new capacity additions for the industry in 2024 and 2025 are 2.65 million tons and 2.85 million tons respectively, indicating a slowdown in capacity growth compared to previous years [2].

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 10.59 CNY [2] Core Views - The company has shown significant year-on-year improvement in performance, with a positive outlook on demand recovery leading to an upward trend in the industry [5][6] - The company reported a revenue of 31.27 billion CNY in H1 2024, representing an 11.0% increase year-on-year, and a net profit of 600 million CNY, up 26.2% year-on-year [5][7] - The company is expected to benefit from a stable pricing model and a recovery in the long filament market, with projected net profits for 2024-2026 being 1.5 billion, 2.04 billion, and 2.57 billion CNY respectively [6][12] Financial Summary - Revenue projections for the company are as follows: 61.47 billion CNY for 2023, 63.16 billion CNY for 2024, 73.52 billion CNY for 2025, and 79.71 billion CNY for 2026, with growth rates of 21%, 3%, 16%, and 8% respectively [2][12] - The company’s net profit is projected to increase significantly from a loss of 205 million CNY in 2022 to 1.5 billion CNY in 2024, with a year-on-year growth rate of 628% [2][12] - The earnings per share (EPS) is expected to rise from -0.13 CNY in 2023 to 1.69 CNY in 2026 [2][12] - The company’s return on equity (ROE) is projected to improve from -1% in 2022 to 11% in 2026 [2][12] Market Position and Strategy - The company holds a significant market share in the polyester filament industry, with a production capacity of 7.4 million tons and a domestic market share exceeding 12% [5][6] - The company has implemented a pricing model that supports profitability, with a production and sales rate of 96.8% in H1 2024 [5][6] - The company is expanding its production capacity and product variety, including plans for differentiated filament production [5][6] Industry Outlook - The report indicates a rational expansion trend in the long filament industry, with only 95,000 tons of new capacity expected in 2024 [6] - Demand for textiles is showing signs of marginal improvement, with domestic retail sales in clothing categories showing slight growth [6] - The overall long filament market is expected to see an increase in profitability due to improved demand and stable pricing [6]

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved steady growth in H1 2024, with revenue of 31.27 billion yuan, up 11.0% YoY, and net profit attributable to shareholders of 605 million yuan, up 26.2% YoY [2] - Q2 2024 revenue was 16.82 billion yuan, up 7.3% YoY and 16.4% QoQ, with net profit attributable to shareholders of 329 million yuan, up 13.7% YoY and 19.7% QoQ [2] - The company's polyester filament sales volume reached 3.388 million tons in H1 2024, up 6.7% YoY, and short fiber sales volume was 623,000 tons, up 25.7% YoY [2] - The company launched a restricted stock incentive plan in August 2024, setting performance targets for revenue and net profit growth from 2024 to 2026, reflecting confidence in long-term development [2] - The company is expanding its upstream PTA capacity, with a planned 5.4 million tons project expected to reach 10 million tons by the end of 2025, ensuring raw material supply for polyester filament production [2] Financial Performance Summary Revenue and Profit - 2024E revenue is projected at 68.11 billion yuan, with net profit attributable to shareholders of 1.513 billion yuan [7] - 2025E revenue is projected at 73.88 billion yuan, with net profit attributable to shareholders of 2.031 billion yuan [7] - 2026E revenue is projected at 80.84 billion yuan, with net profit attributable to shareholders of 2.408 billion yuan [7] Profitability Ratios - Gross margin is expected to improve from 5.8% in 2023 to 7.2% in 2026 [7] - ROE (diluted) is projected to increase from 6.5% in 2023 to 11.4% in 2026 [7] Valuation Metrics - 2024E P/E ratio is 11x, decreasing to 7x by 2026 [7] - 2024E P/B ratio is 1.0x, decreasing to 0.8x by 2026 [7] Industry and Company Outlook - The company is expected to benefit from the upcoming peak season for polyester filament demand and industry-wide production cuts, which may improve supply-demand dynamics and enhance profitability [2] - The company continues to strengthen its position as a leading polyester producer, with capacity expansion expected to further increase market share [2]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 31.272 billion yuan for the first half of 2024, representing a year-on-year increase of 10.96% but a quarter-on-quarter decrease of 6.05% [4] - The net profit attributable to the parent company was 604.7 million yuan, showing a year-on-year increase of 26.17% and a quarter-on-quarter decrease of 0.37% [4] - The company is actively responding to environmental policies by implementing measures to reduce carbon emissions, including the installation of photovoltaic power generation systems and waste heat power generation [4] - Earnings per share (EPS) for 2024 is projected to be 1.04 yuan, with a reasonable valuation range of 12.48 to 14.56 yuan based on a price-to-earnings (PE) ratio of 12-14 times [4] Financial Performance Summary - The company’s revenue for 2023 is estimated at 61.469 billion yuan, with a year-on-year growth of 21.0% [5] - The net profit for 2023 is projected to be 1.086 billion yuan, reflecting a significant year-on-year increase of 628.4% [5] - The gross profit margin is expected to improve from 5.8% in 2023 to 6.9% in 2024 [7] - The company’s total assets are projected to reach 46.763 billion yuan by 2024 [8] Sales and Pricing - The sales volume for POY in the first half of 2024 was 2.3268 million tons, up 8.73% year-on-year, while PTA sales volume decreased by 4.55% to 226,500 tons [4] - The average price for POY was 6,885.30 yuan per ton, reflecting a year-on-year increase of 1.99% [4] Valuation Metrics - The projected price-to-earnings (P/E) ratio for 2024 is 10.24, indicating a favorable valuation compared to industry peers [7] - The projected price-to-book (P/B) ratio for 2024 is 0.92, suggesting the stock is undervalued relative to its book value [7]

证券代码：603225 证券简称：新凤鸣 公告编号：2024-108 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 1,472.02 | | 累计已回购股数占总股本比例 | 0.97% | | 累计已回购金额 | 18,436.81 万元 | | 实际回购价格区间 | 元/股~14.85 元/股 10.31 | 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》， ...

2024 年 08 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 2024Q2 涤纶长丝环比量价齐升，看好全年业绩 增长 ——新凤鸣（603225）2024 年中报点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|--------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/08/30 \n 12M | | 新凤鸣 | -13.6% | -23.1% | -12.3% | | 沪深 300 | -1.4% | -7.6% | -12.3% | | 市场数据 | | | 2024/08/30 | | 当前价格（元） | | | 10.85 | | ...

二、监事会会议审议情况 会议审议通过了以下议案，并形成了决议： | 股票代码：603225 | 股票简称：新凤鸣 公告编号：2024-107 | | --- | --- | | 转债代码：113623 | 转债简称：凤 21 转债 | 新凤鸣集团股份有限公司 第六届监事会第十四次会议决议公告 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"）第六届监事会第十四次会议 于 2024 年 8 月 30 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 8 月 25 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。 2、审议通过了《关于向 2024 年限制性股票激励计划激励对象授予限制性 股票的议案》 1 监事会同意公司本次激励计划的激励对象名单，同意公司以 2024 年 8 月 30 日为授予日 ...

新凤鸣（603225） 2024 年限制性股票激励计划激励对象人员名单 新凤鸣集团股份有限公司 2024 年限制性股票激励计划激励对象人员名单 （截至授予日） 新凤鸣（603225） 2024 年限制性股票激励计划激励对象人员名单 | 50 | 谢承业 | 控股子公司中层管理人员 | | --- | --- | --- | | 51 | 苗勇 | 控股子公司中层管理人员 | | 52 | 张保强 | 控股子公司中层管理人员 | | 53 | 段江峰 | 控股子公司中层管理人员 | | 54 | 邵广文 | 中层管理人员 | | 55 | 肖永平 | 控股子公司中层管理人员 | | 56 | 陆武良 | 控股子公司中层管理人员 | | 57 | 车强 | 控股子公司中层管理人员 | | 58 | 杨新强 | 控股子公司中层管理人员 | | 59 | 沈海良 | 控股子公司中层管理人员 | | 60 | 费会祥 | 控股子公司中层管理人员 | | 61 | 屈敏飞 | 控股子公司中层管理人员 | | 62 | 施中其 | 控股子公司中层管理人员 | | 63 | 钱学明 | 中层管理人员 | | 64 | 沈奇波 ...

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-104 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 新凤鸣集团股份有限公司 关于调整公司 2024 年限制性股票激励计划相关事项 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。 2、2024 年 8 月 7 日至 2024 年 8 月 16 日，公司将本激励计划拟激励对象名 单在公司内部进行了公示。在公示时限内，公司监事会未收到任何组织或个人 对本次拟激励对象提出的异议。2024 年 8 月 17 日，公司披露了《新凤鸣集团股 份有限公司监事会关于公司 2024 年限制性股票激励计划激励对象名单的公示情 况说明及核查意见》，并披露了《新凤鸣集团股份有限公司关于 2024 年限制性 股票激励计划内幕信息知情人买卖公司股票情况的自查报告》。 新凤鸣集团股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日召开 第六届董事会第二十三次会议及第六届监事会第十四次会议，审议 ...