XfmGroup(SH:603225) Caixin Securities·2024-09-10 09:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company has shown significant improvement in performance, with a revenue increase of 10.96% year-on-year in the first half of 2024, reaching 31.27 billion yuan, and a net profit of 6.04 billion yuan, up 26.17% year-on-year [4][5] - The company is well-positioned in the domestic polyester filament industry, holding the second-largest market share, and is expanding its PTA production capacity to enhance operational efficiency [4][5] - The stock price target for 2024 is set between 11.30 and 14.69 yuan per share, based on a price-to-earnings ratio of 10-13 times [5][6] Financial Summary - The company's main revenue is projected to grow from 614.69 billion yuan in 2023 to 665.15 billion yuan in 2024, with net profit expected to rise from 10.86 billion yuan to 17.23 billion yuan in the same period [3][7] - Earnings per share (EPS) are forecasted to increase from 0.71 yuan in 2023 to 1.13 yuan in 2024, reflecting a positive trend in profitability [3][7] - The company has a solid financial structure, with a projected return on equity (ROE) of 9.45% by 2026, indicating strong profitability potential [7]