TKGF(SH:601233) Xin Lang Zheng Quan·2025-10-29 11:27Core Viewpoint - Tongkun Co., Ltd. is the largest producer of polyester filament globally, with a complete "PTA - Polyester - Polyester Filament" industrial chain, providing significant scale and cost advantages [1] Group 1: Business Performance - In Q3 2025, Tongkun's revenue reached 67.397 billion yuan, ranking first among 14 companies in the industry, significantly surpassing the second-ranked Donghua Energy at 23.307 billion yuan [2] - The main business revenue from polyester pre-oriented yarn was 26.979 billion yuan, accounting for 61.10% of total revenue [2] - The net profit for the same period was 1.562 billion yuan, also ranking first in the industry, with Donghua Energy's net profit at only 84.3997 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tongkun's debt-to-asset ratio was 66.30%, slightly down from 66.67% year-on-year, but higher than the industry average of 46.91% [3] - The gross profit margin for Q3 2025 was 5.81%, up from 5.14% year-on-year, but below the industry average of 6.71% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 28.96% to 50,100, while the average number of circulating A-shares held per account increased by 40.76% [5] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 9.4667 million shares to 35.9221 million shares [5] - New shareholder Penghua CSI Segmented Chemical Industry Theme ETF Link A holds 25.2748 million shares [5] Group 4: Future Outlook - The company is expected to achieve revenues of 99.86 billion yuan, 103.74 billion yuan, and 105.27 billion yuan for the years 2025 to 2027, with net profits of 2.135 billion yuan, 2.486 billion yuan, and 2.747 billion yuan respectively [5] - Guojin Securities predicts that after a brief industry downturn, Tongkun will benefit from capacity clearing and maintain its cost advantages [6] - Future revenue projections for 2025, 2026, and 2027 are 100.484 billion yuan, 109.913 billion yuan, and 120.202 billion yuan, with net profits of 1.779 billion yuan, 2.055 billion yuan, and 2.369 billion yuan respectively [6]