XfmGroup(SH:603225) Chang Jiang Shang Bao·2025-06-19 23:56Core Viewpoint - New Feng Ming (603225.SH) is enhancing its integrated layout by investing in a port company to optimize logistics efficiency [2][3] Investment Plan - New Feng Ming's wholly-owned subsidiary, Zhejiang Dushan Energy Co., Ltd., plans to invest 70.088 million yuan to acquire a 36% stake in Zhejiang Jinlian Port Co., Ltd. [2][4] - After the transaction, Jinlian Port will become an associate company of New Feng Ming [4] Financial Performance - New Feng Ming is benefiting from the recovery of the domestic economy, leading to increased demand for polyester filament [2] - The company expects to achieve a revenue of 67.091 billion yuan and a net profit of 1.1 billion yuan in 2024, representing year-on-year growth of 9.15% and 1.32% respectively [2][9] - In Q1 2025, New Feng Ming reported a revenue of 14.557 billion yuan, a year-on-year increase of 0.73% [9] Industry Position - New Feng Ming is a leading player in the civil polyester industry, with a polyester filament production capacity of 8.05 million tons and a market share exceeding 12% [8] - The company has been actively enhancing its upstream supply chain and is expanding its PTA production capacity [8] Strategic Goals - The investment in Jinlian Port aims to improve the self-sufficiency of the raw material supply chain for Dushan Energy [3][7] - New Feng Ming plans to upgrade facilities to increase terminal throughput and optimize logistics efficiency [3][7] PTA Production Capacity - New Feng Ming's PTA production capacity is expected to exceed 10 million tons by the end of 2025, with ongoing expansion projects [8][9] - The company has already achieved a total PTA production capacity of 7.7 million tons [8]