新凤鸣(603225)：三季度归母净利同比提升 涤纶长丝需求待回暖

Core Insights - The company's Q3 net profit attributable to shareholders increased by 13.3% year-on-year but decreased by 60.4% quarter-on-quarter, with revenue at 18.05 billion yuan, reflecting a 0.7% year-on-year growth and a 4.7% quarter-on-quarter decline [1] Group 1: Financial Performance - Q3 revenue was 18.05 billion yuan, showing a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.7% [1] - The net profit attributable to shareholders was 160 million yuan, representing a year-on-year increase of 13.3% but a significant quarter-on-quarter decline of 60.4% [1] - Gross margin and net margin were reported at 5.0% and 0.9%, respectively, with a period expense ratio of 4.3% [1] Group 2: Production and Sales - The production of polyester filament yarn (POY), fully drawn yarn (FDY), and drawn textured yarn (DTY) was 1.42 million tons, 390,000 tons, and 260,000 tons, respectively, with year-on-year increases of 11%, 4%, and 23% [2] - Sales volumes for POY, FDY, and DTY were 1.34 million tons, 420,000 tons, and 260,000 tons, showing year-on-year changes of -10%, +8%, and +27% [2] - The average selling prices for POY, FDY, and DTY were 6,094 yuan/ton, 6,331 yuan/ton, and 7,840 yuan/ton, reflecting year-on-year declines of 12%, 19%, and 10% [2] Group 3: Industry Context - The PTA production capacity was 7.7 million tons, with a significant year-on-year increase in production by 456% to 590,000 tons [3] - The average selling price of PTA was 4,195 yuan/ton, down 20% year-on-year [3] - The polyester filament yarn industry in Jiangsu and Zhejiang regions had an operating rate of 92%, with downstream weaving machines operating at 59% [2][3]