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新凤鸣(603225):计提较大规模资产减值,业绩仍保持增长
Changjiang Securities· 2025-05-06 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 14.56 billion yuan in Q1 2025, representing a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 18.6%. The net profit attributable to shareholders was 310 million yuan, up 11.4% year-on-year but down 13.7% quarter-on-quarter. The net profit after deducting non-recurring gains and losses was 260 million yuan, reflecting a year-on-year increase of 13.1% and a quarter-on-quarter decrease of 20.3% [4][8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 6.5%, which is an increase of 0.6 percentage points year-on-year and 0.8 percentage points quarter-on-quarter. The net profit margin was 2.1%, up 0.2 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [8]. - The company recorded significant asset impairment losses of 100 million yuan in Q1 2025 due to inventory devaluation pressures from declining oil prices [8]. Industry Outlook - The supply-demand situation for polyester filament yarn is expected to improve, with the industry entering a phase of limited capacity expansion. The industry’s concentration has increased, with the top five companies now holding a 65% market share. It is anticipated that new annual capacity will be around 2 million tons in 2025, leading to tighter supply and improved market conditions [8]. - Despite trade tensions, China's dominance in polyester filament supply is expected to mitigate long-term impacts on the industry, as the direct export of polyester filament to the U.S. is minimal [8]. Future Projections - The company is projected to benefit from the rising market conditions for polyester filament yarn, with expected net profits attributable to shareholders of 1.46 billion yuan in 2025, 1.88 billion yuan in 2026, and 2.30 billion yuan in 2027 [8].
新凤鸣(603225) - 2024年年度股东大会会议资料
2025-05-06 08:45
新凤鸣集团股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 新凤鸣 2024 年年度股东大会会议资料 目 录 | 新凤鸣集团股份有限公司 年年度股东大会通知 3 | 2024 | | --- | --- | | 新凤鸣集团股份有限公司 年年度股东大会会议须知 4 | 2024 | | 新凤鸣集团股份有限公司 年年度股东大会会议议程 6 | 2024 | | 议案一、2024 年度董事会工作报告 8 | | | 议案二、2024 年度监事会工作报告 13 | | | 议案三、2024 年度财务决算 16 | | | 议案四、《2024 年年度报告》及摘要 17 | | | 议案五、关于续聘会计师事务所的议案 18 | | | 议案六、2024 年度利润分配方案 19 | | | 议案七、关于预计 2025 年度公司及其下属子公司之间担保额度的议案 20 | | | 议案八、关于公司 2025 年度向金融机构申请融资额度的议案 23 | | | 议案九、关于公司董事 2024 年度薪酬执行情况及 2025 年度薪酬方案的议 | | | 案 24 | | | 议案十、关于公司非董事高级管理人员 ...
新凤鸣(603225) - 关于召开2024年度暨2025年第一季度业绩暨现金分红说明会的公告
2025-05-06 08:15
证券代码:603225 证券简称:新凤鸣 公告编号:2025-050 新凤鸣集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分 红说明会的公告 会议召开时间:2025 年 06 月 04 日 (星期三) 13:30-14:30 会议召开地点:上海证券交易所上证路演中心(网址: https://roadshow.sseinfo.com/) 会议召开方式:上证路演中心视频直播和网络互动 投资者可于 2025 年 05 月 27 日 (星期二) 至 06 月 03 日 (星 期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 xfmboard@xfmgroup.com 进行提问。公司将在说明会 上对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(以下简称"公司")已分别于 2025 年 4 月 25 日、2025 年 4 月 29 日发布公司 2024 年度报告、2025 年第 一季度报告,为便于广大投资者更全面深入地了解公司 2024 年度、 2025 年第一季度经营成果、财务状况,公司计划于 2025 年 06 月 04 日 (星期三) 13: ...
新凤鸣:产销稳步提升,PTA项目投产一体化程度加深-20250506
Huaan Securities· 2025-05-06 04:40
[Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 4/29 6/29 8/29 10/2912/29 2/28 新凤鸣 沪深300 [Table_Author] 分析师:王强峰 [Table_Author] 分析师:王强峰 [Table_StockNameRptType] 新凤鸣(603225) 公司点评 产销稳步提升,PTA 项目投产一体化程度加深 | 投资评级:买入(维持) [Table_Rank] | | | | --- | --- | --- | | 报告日期: | 2025-05-05 | | | [Table_BaseData] 收盘价(元) | | 10.84 | | 近 12 个月最高/最低(元) | | 15.86/9.59 | | 总股本(百万股) | | 1,525 | | 流通股本(百万股) | | 1,512 | | 流通股比例(%) | | 99.15 | | 总市值(亿元) | | 165 | | 流通市值(亿元) | | 164 | 执业证书号:S0010522110002 电话:13621792701 邮箱:wangqf@hazq ...
浙江桐乡:“无中生有”的产业奇迹
3 6 Ke· 2025-05-05 23:30
Core Insights - The article highlights the remarkable economic transformation of Tongxiang City, emphasizing its ability to create significant industrial growth from seemingly limited resources, showcasing a unique "from nothing to something" capability [1][9][24]. Group 1: Economic Development - Tongxiang has demonstrated rapid industrial growth, with notable statistics such as the ability of Tongkun's digital brain to generate approximately 1.5 million OT data in one second and the production line of Tai Rui Machinery producing an injection molding machine in just nine minutes [1]. - The city has achieved a remarkable industrial output value of over 225.86 billion yuan in 2024, transitioning from "China's woolen sweater town" to "the world's woolen sweater capital" [7][9]. - The local economy is characterized by a high density of business ownership, with one in five residents being a business owner, contributing to the city's wealth and economic dynamism [13][24]. Group 2: Industrial Innovation - Tongxiang has established itself as a leader in the new materials industry, with significant contributions to the global wind power sector, producing one out of every three wind turbine blades [15][18]. - The city has developed a complete industrial chain in new materials, from production to processing and composite materials manufacturing, attracting numerous enterprises and fostering a collaborative industrial environment [18][23]. - The establishment of the "U Town Light" supercomputing center has positioned Tongxiang at the forefront of digital innovation, facilitating the digital transformation of traditional industries, particularly in new materials [20][21]. Group 3: Government Support and Strategic Planning - The local government has implemented strategic plans, such as the "135N industrial cluster" strategy, to cultivate the new materials industry, allocating significant funding for development [24][28]. - Tongxiang has established a supportive infrastructure, including the first "light-storage integrated" demonstration park in Zhejiang Province, ensuring sufficient energy supply for enterprises [27][29]. - Various incentive programs, such as the "Eagle Plan" for large enterprises and the "Chick Plan" for startups, provide financial support and resources to foster innovation and growth in the new materials sector [28][29]. Group 4: Future Prospects - The new materials market is projected to grow significantly, with a compound annual growth rate of 13.3% from 2020 to 2025, potentially reaching a market size of 5.6 trillion USD by 2025 [32]. - Tongxiang is positioned to become a key player in the new materials industry, producing 25% of the world's glass fiber and 31% of China's chemical fiber materials, indicating its potential to lead in this sector [32]. - The article concludes by emphasizing the importance of cities like Tongxiang in driving national economic growth, highlighting their role in the broader economic landscape [34][35].
新凤鸣(603225):公司动态研究:扎实推进降本增效,聚酯龙头迈向高质量发展
Guohai Securities· 2025-05-05 15:05
2025 年 05 月 05 日 公司研究 评级:买入(维持) [Table_Title] 扎实推进降本增效,聚酯龙头迈向高质量发展 ——新凤鸣(603225)公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新凤鸣 | -10.1% | -7.2% | -23.2% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格(元) | | | 10.78 | | 周价格区间(元) 52 | | | 9.53-16.29 | | 总市值(百万) | | | 16,436.96 | | 流通市值(百万) | | | 16,296.90 | | 总股本(万股) | | | 152,476.44 | | 流通股本(万股) | | | 151,177.14 | | 日均成交额(百万) | | | 117.04 | | 近一月换手(%) | | | 0.81 | | 研究所: | | | | --- ...
新凤鸣(603225):一季度业绩符合预期 销售毛利率同比提升
Xin Lang Cai Jing· 2025-05-02 00:37
事件:公司发布2025年一季报,报告期内实现收入145.6亿元,同比增长0.73%,归母净利润3.06 亿元, 同比增长11.35%,扣非净利润2.60 亿元,同比增长13.13%。 具有较强的规模化优势,持续完善产业链一体化。公司已形成"PTA-聚酯-纺丝-加弹"产业链一体化和规 模化的经营格局,截至目前公司涤纶长丝产能805万吨,市场占有率超过12%,国内民用涤纶长丝行业 第二;涤纶短纤产能120万吨,国内涤纶短纤产量位居第一。今年下半年公司预计新增40 万吨长丝产 能,未来产能投放将会根据行业整体需求情况稳步推进。公司PTA 扩产项目也在持续推进中,截至目 前公司PTA 产能达到770 万吨,预计到2025 年年底,公司PTA 产能将突破1000 万吨,公司独山能源 PTA 基地也将成为规模性的PTA-聚酯一体化基地,大大提升了公司资源配置效率和效益。 维持"增持"投资评级。预计2025-2027 年公司归母净利润分别为14.6 亿、18.2 亿、22.3 亿元,EPS 分别 为 0.96、1.19、1.46 元,当前股价对应PE分别为11、9、7 倍,维持"增持"投资评级。 风险提示:下游市场需求不足 ...
新凤鸣(603225):一季度净利同比提升 涤纶长丝格局改善
Xin Lang Cai Jing· 2025-05-01 02:28
Core Viewpoint - The company is experiencing a year-on-year increase in net profit for 2024 and Q1 2025, driven by growth in polyester filament sales and production capacity expansion [1][2]. Group 1: Financial Performance - In 2024, the company expects revenue of 67.09 billion yuan (up 9.1% year-on-year) and a net profit of 1.1 billion yuan (up 1.3% year-on-year) [1]. - Q1 2025 revenue is projected at 14.56 billion yuan (up 0.7% year-on-year, down 18.6% quarter-on-quarter) with a net profit of 310 million yuan (up 11.4% year-on-year, down 13.7% quarter-on-quarter) [1]. - The company’s polyester filament production capacity is currently 8.05 million tons, expected to reach 8.45 million tons by the end of 2025 [1]. Group 2: Product Sales and Pricing - Polyester filament sales for 2024 are projected at 5.247 million tons for POY, 1.4985 million tons for FDY, and 808,400 tons for DTY, reflecting year-on-year increases of 13.4%, 5.5%, and 5.6% respectively [1]. - The average selling prices for POY, FDY, and DTY in 2024 are expected to be 6,670 yuan, 7,527 yuan, and 8,801 yuan per ton, with year-on-year changes of -1.9%, -1.9%, and +3.6% respectively [2]. - The gross profit margins for POY, FDY, and DTY are 4.3%, 10.9%, and 7.8%, showing year-on-year changes of -0.6, -0.3, and +2.3 percentage points respectively [2]. Group 3: PTA Production and Market Dynamics - The company has a PTA production capacity of 7.7 million tons, with most of it used for self-supply [2]. - In 2024, PTA sales are expected to be 484,700 tons (down 1.9% year-on-year) with a gross profit margin of -1.3% [2]. - The average selling price for PTA in Q1 2025 is projected at 4,381 yuan per ton (down 16% year-on-year, up 2% quarter-on-quarter) [2]. Group 4: Short Fiber Performance - The company leads the domestic market in polyester staple fiber with a production capacity of 1.2 million tons [3]. - In 2024, short fiber sales are expected to reach 1.304 million tons (up 11.8% year-on-year) with an average selling price of 6,559 yuan per ton (up 0.6% year-on-year) [3].
新凤鸣:2024年报及2025一季报点评:业绩稳中有增,涤丝龙头完善一体化产业链-20250430
ZHESHANG SECURITIES· 2025-04-30 01:30
证券研究报告 | 公司点评 | 化学纤维 业绩稳中有增,涤丝龙头完善一体化产业链 ——新凤鸣 2024 年报及 2025 一季报点评 ❑ 4 月 25 日,公司发布 2024 年报:2024 年,公司实现营业收入 670.91 亿元,同比 +9.15%;实现归母净利润 11.00 亿元,同比+1.32%;加权平均净资产收益率为 6.46%,同比减少 0.22 个百分点。销售毛利率 5.63,同比减少 0.21 个百分点;销 售净利率 1.64%,同比减少 0.13 个百分点。 其中,2024Q4 实现营收 178.94 亿元,同比+3.62%,环比-0.17%;实现归母净利 润 3.55 亿元,同比+77.92%,环比+151.84%;平均净资产收益率为 2.08%,同比 增加 0.89 个百分点,环比增加 1.25 个百分点。销售毛利率 5.68%,同比增加 1.16 个百分点,环比增加 0.76 个百分点;销售净利率 1.98%,同比增加 0.82 个 百分点,环比增加 1.19 个百分点。 ❑ 同时,4 月 29 日,公司发布 2025 年一季报:2025Q1 实现营收 145.57 亿元,同 比+0. ...
新凤鸣(603225):2024年报及2025一季报点评:业绩稳中有增,涤丝龙头完善一体化产业链
ZHESHANG SECURITIES· 2025-04-30 01:11
证券研究报告 | 公司点评 | 化学纤维 ❑ 同时,4 月 29 日,公司发布 2025 年一季报:2025Q1 实现营收 145.57 亿元,同 比+0.73%,环比-18.65%;实现归母净利润 3.06 亿元,同比+11.35%,环比- 13.66%;平均净资产收益率为 1.76%,同比增加 0.13 个百分点,环比减少 0.32 个百分点。销售毛利率 6.51%,同比增加 0.61 个百分点,环比增加 0.83 个百分 点;销售净利率 2.11%,同比增加 0.21 个百分点,环比增加 0.13 个百分点。 点评 业绩稳中有增,涤丝龙头完善一体化产业链 ——新凤鸣 2024 年报及 2025 一季报点评 事件 ❑ 4 月 25 日,公司发布 2024 年报:2024 年,公司实现营业收入 670.91 亿元,同比 +9.15%;实现归母净利润 11.00 亿元,同比+1.32%;加权平均净资产收益率为 6.46%,同比减少 0.22 个百分点。销售毛利率 5.63,同比减少 0.21 个百分点;销 售净利率 1.64%,同比减少 0.13 个百分点。 其中,2024Q4 实现营收 178.94 亿元, ...