TKGF(SH:601233) Chang Jiang Shang Bao·2025-06-23 00:48Core Viewpoint - Company is enhancing its integrated layout by investing in upstream projects and acquisitions to secure raw material supply and extend its industrial chain [1][2][3] Group 1: Project Development - Company has officially launched the construction of the Changcao East Open-pit Coal Mine project in Xinjiang, with a total investment of approximately 6.144 billion yuan and an annual production capacity of 5 million tons [1][2] - The project is expected to generate an average annual output value of about 1.8 billion yuan and an average annual after-tax profit of 442 million yuan, with a tax internal rate of return of 9.37% and a payback period of 10.42 years [2] Group 2: Acquisition Strategy - Company plans to acquire 100% equity of Xinjiang Zhongcan Comprehensive Energy Co., Ltd. for 1.5427 million yuan, which is a wholly-owned subsidiary of Zhejiang Leixin Industrial Co., Ltd., a major shareholder [1][2] - This acquisition is part of the company's strategy to further extend its industrial chain and ensure stable fuel supply for local production facilities [2] Group 3: Industry Position and Capacity - Company is a leading player in the polyester filament industry, with a production capacity of 10 million tons of crude oil processing rights, 10.2 million tons of PTA, 13 million tons of polymerization, and 13.5 million tons of polyester filament by the end of 2024 [3] - Company has maintained the top sales position in China's polyester filament industry for 24 consecutive years from 2001 to 2024 [3] Group 4: Research and Development - Company has significantly increased its R&D spending, with total R&D expenses of 5.363 billion yuan from 2022 to 2024 [4] - The company has developed a comprehensive range of polyester filament products, including POY, FDY, DTY, and others, which are primarily used in apparel and home textile manufacturing [4] Group 5: Financial Performance - Company achieved a revenue of 101.3 billion yuan in 2024, marking a significant milestone, although it experienced a slight revenue decline of 8.01% in Q1 2025 due to weak market demand [5] - Despite the revenue adjustment, the company's profitability remains strong, with net profits increasing from 125 million yuan in 2022 to 1.202 billion yuan in 2024, and a 5.36% increase in Q1 2025 net profit to 611 million yuan [5]