TKGF(SH:601233) Ge Long Hui A P P·2026-01-13 06:36Core Viewpoint - Dongwu Securities research report indicates that with the ongoing reduction in polyester chain competition, Tongkun Co., Ltd. is expected to see an improvement in profitability, and the company is viewed positively for future growth potential, receiving an initial "Buy" rating [1] Group 1: Industry Overview - By the end of December 2025, major domestic polyester filament manufacturers plan to implement self-discipline production cuts to maintain prices, with a planned reduction of 10% for POY and 15% for FDY, with further reductions expected around the Chinese New Year [1] - Tongkun Co., Ltd. is the largest polyester filament producer globally, with a PTA production capacity of 10.2 million tons per year and a polyester filament capacity of 13.5 million tons per year, leading the industry in both capacity and output [1] Group 2: Company Developments - As of the first half of 2025, Tongkun Co., Ltd. is constructing a 1.2 million tons per year green differentiated fiber project, which is divided into two phases: the first phase includes the construction of two sets of polyester filament production units with a total capacity of 600,000 tons per year and a texturing workshop, utilizing some relocated equipment from the former Hengsheng company; the second phase will also include two sets of polyester filament units with a total capacity of 600,000 tons per year [1] - The company will steadily advance the project while balancing industry supply and demand and market conditions [1]