TKGF(SH:601233) Xin Lang Cai Jing·2025-09-05 02:31Core Viewpoint - The company reported a decrease in revenue for H1 2025, but managed to achieve a slight increase in net profit, indicating stable overall performance despite challenging market conditions [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%, while net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 2.93% [1]. - For Q2 2025, the company reported operating revenue of 24.738 billion yuan, a year-on-year decrease of 8.73% but a quarter-on-quarter increase of 27.38%. Net profit for the quarter was 486 million yuan, showing a year-on-year increase of 0.04% but a quarter-on-quarter decrease of 20.54% [1]. Product Pricing and Cost Dynamics - The prices of polyester products followed the decline in costs, with major products' prices showing year-on-year decreases: POY at 6,160.30 yuan/ton (-9.99%), FDY at 6,464.69 yuan/ton (-15.90%), DTY at 7,688.11 yuan/ton (-9.07%), and PTA at 4,267.54 yuan/ton (-19.11%) [2]. - The procurement prices for key raw materials were PX at 6,040.91 yuan/ton (-18.92%), PTA at 4,284.51 yuan/ton (-18.06%), and MEG at 4,016.97 yuan/ton (+0.71%) [2]. Strategic Expansion - The company successfully expanded into the coal sector by acquiring high-quality coal mine resources in the Turpan region, with reserves of 500 million tons and an initial mining scale of 5 million tons/year [3]. - The coal quality is noted for its high calorific value and low impurities, which will enhance the company's overall production capabilities [3]. Future Outlook - The company is expected to benefit from policy implementations and seasonal demand recovery, with projected net profits for 2025, 2026, and 2027 being 2.277 billion, 2.750 billion, and 2.965 billion yuan respectively [3]. - The current stock price corresponds to a PE ratio of 15.1, 12.5, and 11.6 for the years 2025-2027, indicating a favorable investment opportunity [3].