XfmGroup(SH:603225) Xin Lang Cai Jing·2025-11-03 08:33Core Viewpoint - The company, Xin Feng Ming, reported a year-on-year increase in revenue and net profit for Q3 2025, indicating a recovery in demand for polyester filament and an optimistic industry outlook [1] Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 51.542 billion yuan, a year-on-year increase of 4.8%, and a net profit attributable to shareholders of 0.869 billion yuan, a year-on-year increase of 16.6% [1] - For Q3 2025, the company reported a revenue of 18.051 billion yuan, a year-on-year increase of 0.7%, but a quarter-on-quarter decrease of 4.7%, with a net profit of 0.161 billion yuan, a year-on-year increase of 14.0% [1] Group 2: Industry Demand and Capacity - The apparent consumption of polyester filament in the first three quarters of 2025 reached 26.72 million tons, a year-on-year increase of 6.6%, indicating a continuous recovery in demand [1] - The operating rate of downstream weaving machines has improved since early August 2025, reaching 69.0% by October 30, 2025, driven by the traditional peak season [1] - The average operating rate for polyester filament in Q3 2025 was 89.3%, a year-on-year increase of 5.0 percentage points, but a quarter-on-quarter decrease of 1.5 percentage points [2] Group 3: Inventory and Profitability - Polyester filament inventory remained at a reasonable level, with the average inventory days for POY in Q3 2025 being 18.9 days, a decrease of 0.8 days year-on-year [2] - The profitability of polyester filament remained stable in Q3 2025, with the price spreads for POY, DTY, FDY-PTA, and MEG being 1,077 yuan, 2,153 yuan, 1,314 yuan per ton, respectively, showing a year-on-year narrowing of 7.5%, 13.61%, and 19.28% [3] Group 4: Future Outlook - The company is expected to see performance improvement as terminal demand stabilizes and increases, with projected net profits of 1.2 billion yuan, 1.3 billion yuan, and 1.6 billion yuan for 2025-2027, corresponding to EPS of 0.77 yuan, 0.88 yuan, and 1.07 yuan, and PE ratios of 21.1X, 18.6X, and 15.2X [4]