新凤鸣：业绩大幅提升，看好长丝景气持续复苏

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a significant increase in performance, with a revenue of 31.27 billion yuan for the first half of 2024, representing a year-on-year growth of 11.0%. The net profit attributable to shareholders reached 600 million yuan, up 26.2% year-on-year, and the net profit after deducting non-recurring gains and losses was 540 million yuan, reflecting a 46.3% increase year-on-year [5]. - The growth in product sales and recovery in demand have contributed to the improved profitability. The company’s polyester products have seen increased production and sales, with notable year-on-year growth in various product categories [5]. - The outlook for the polyester filament supply-demand balance is optimistic, with limited new capacity expected in the industry, suggesting a favorable environment for price increases and profitability [6]. - The company is expanding its overseas refining operations, which is expected to enhance its long-term growth potential. The total investment for the integrated refining project in Indonesia is adjusted to 5.95 billion USD, with a capacity of 10 million tons per year [6]. - The company has increased its share repurchase amount to between 250 million yuan and 500 million yuan, which is seen as a positive signal of confidence in future growth [6]. - The company is positioned as a leading player in the domestic polyester filament market, benefiting from scale advantages and cost control capabilities, with projected net profits of 1.62 billion yuan, 2.63 billion yuan, and 3.10 billion yuan for 2024-2026 [6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 31.27 billion yuan, a year-on-year increase of 11.0%. The net profit attributable to shareholders was 600 million yuan, up 26.2% year-on-year, and the net profit after deducting non-recurring items was 540 million yuan, reflecting a 46.3% increase year-on-year. In Q2 alone, revenue was 16.82 billion yuan, with a year-on-year growth of 7.3% and a quarter-on-quarter growth of 16.4% [5]. Product Performance - The production and sales of polyester products have shown significant growth, with production volumes for various products such as POY, FDY, DTY, and PTA increasing year-on-year. The gross margin for the first half of 2024 was 6.01%, with a net margin of 1.93%, both showing improvements compared to the previous year [5]. Industry Outlook - The domestic polyester filament market has seen a compound annual growth rate of 8.2% over the past decade. The supply-demand dynamics are expected to improve, with limited new capacity additions projected for 2024, leading to a tight balance in the market [6]. Strategic Initiatives - The company is actively pursuing overseas refining projects, which are expected to provide substantial growth opportunities. The investment in the Indonesian refining project is a strategic move to enhance its market position [6]. Shareholder Confidence - The increase in the share repurchase program is indicative of the company's confidence in its future performance and growth prospects [6].