Core Viewpoint - Tongkun Co., Ltd. reported a net profit attributable to shareholders of 1.097 billion yuan in the first half of the year, representing a year-on-year increase of 2.93% [1] Financial Performance - In Q2 2025, the company achieved a net profit of 486 million yuan, showing a slight year-on-year growth of 0.04% but a quarter-on-quarter decline of 20.54% [1] - The forecasted net profits for the years 2025, 2026, and 2027 are 2.16 billion yuan, 3.09 billion yuan, and 3.79 billion yuan respectively [1] Industry Position - As the world's largest producer of polyester filament, the company maintains a leading position in the industry with a product range covering six categories of civilian polyester filament and over 1,000 varieties [1] - The company is actively advancing the construction of its gas head project, which is expected to be operational between the end of 2026 and the first quarter of 2027, thereby enhancing its full-chain integration from oil, coal, to gas [1] Investment Rating - The current stock price corresponds to price-to-earnings ratios of 16.3, 11.4, and 9.3 times for the years 2025, 2026, and 2027 respectively, with a "buy" investment rating recommended [1]
研报掘金丨华鑫证券:予桐昆股份“买入”评级,长丝龙头盈利能力恢复