TKGF(SH:601233) Haitong Securities·2024-09-03 06:14Investment Rating - The investment rating for the company is "Outperform the Market" [6][12]. Core Views - The company reported significant improvements in performance, with a revenue of 48.215 billion yuan in H1 2024, representing a year-on-year increase of 30.67% and a quarter-on-quarter increase of 5.40%. The net profit attributable to the parent company reached 1.065 billion yuan, a year-on-year increase of 911.35% and a quarter-on-quarter increase of 54.00% [6][7]. - The increase in price and sales volume has led to substantial revenue growth across various products, with notable increases in sales volume for POY, FDY, DTY, and PTA [6][7]. - The company is expected to maintain a strong growth trajectory, with projected EPS of 1.30, 1.76, and 2.16 yuan for 2024, 2025, and 2026 respectively, and a BPS of 15.82 yuan for 2024 [6][7]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 48.215 billion yuan, up 30.67% year-on-year, and a net profit of 1.065 billion yuan, up 911.35% year-on-year [6][7]. - Sales volumes for key products in H1 2024 were as follows: POY at 4.4109 million tons (+30.98% YoY), FDY at 0.9541 million tons (+51.78% YoY), DTY at 0.5087 million tons (+12.27% YoY), and PTA at 0.7218 million tons (+109.95% YoY) [6][7]. - The average prices for these products also saw slight increases, contributing to overall revenue growth [6][7]. Project Developments - The company has successfully launched several key projects, including the Tongkun (Yangkou Port) polyester integration project and the Xinjiang Zhongkun new materials project, which are expected to enhance production efficiency and revenue generation [6][8]. - The completion of these projects is anticipated to further improve the company's integrated production capabilities across the polyester value chain [6][8]. Valuation and Forecast - The company is projected to have an EPS of 1.30 yuan in 2024, with a reasonable valuation range of 15.60 to 18.20 yuan based on a PE ratio of 12-14 times [6][7]. - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 96.765 billion yuan in 2024 and a net profit of 3.133 billion yuan [7][9].