TKGF(601233) 长江证券·2024-09-10 07:10Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6]. Core Views - The company has shown significant growth in performance, with a revenue of 48.21 billion yuan for the first half of 2024, representing a year-on-year increase of 30.7%. The net profit attributable to shareholders reached 1.07 billion yuan, a staggering increase of 911.4% year-on-year [4]. - The company's main business, excluding Zhejiang Petrochemical, achieved a net profit of 660 million yuan in the first half of 2024, up 44.8% from 460 million yuan in the same period of 2023. The company also reported investment income from joint ventures and associates of 410 million yuan, turning from loss to profit [5]. - The polyester filament segment's gross margin improved to 6.56%, an increase of 0.40 percentage points year-on-year, while the petrochemical segment's gross margin rose to 1.75%, up 1.38 percentage points year-on-year [5]. - The company has significantly increased its production capacity, with a total of 13 million tons/year of polymerization capacity and 13.5 million tons/year of filament capacity, an increase of 1.8 million tons/year compared to the same period last year [5]. - The company is optimistic about the supply-demand dynamics of polyester filament, with a compound annual growth rate of 8.2% over the past decade. The industry is expected to enter an upward cycle due to limited new capacity additions [5][6]. - The company is expanding its overseas refining operations, with a total investment of 5.95 billion USD in the Taikun Petrochemical project in Indonesia, which will enhance its long-term growth prospects [6]. - The company forecasts net profits of 2.59 billion yuan, 4.11 billion yuan, and 5.11 billion yuan for 2024, 2025, and 2026, respectively, indicating strong growth potential [6].