TKGF(601233) 财信证券·2024-11-05 08:38Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report indicates that the pricing power in the petrochemical industry is strengthening, and it anticipates a recovery in performance in the future [1][4] - The company has shown a significant increase in revenue and net profit in the first three quarters of 2024, with revenue reaching 760.49 billion yuan, up 23.17% year-on-year, and net profit at 10.07 billion yuan, up 11.41% year-on-year [3][4] - The report highlights the company's ongoing efforts to enhance its industrial chain integration, including projects that will increase production capacity significantly [5] Financial Performance Summary - The company's revenue for 2022 was 619.93 billion yuan, which is projected to grow to 930.79 billion yuan in 2024 and reach 1,027.41 billion yuan by 2026 [2][6] - The net profit attributable to shareholders is expected to rise from 1.30 billion yuan in 2022 to 14.97 billion yuan in 2024, and further to 20.15 billion yuan in 2026 [2][6] - Earnings per share (EPS) are projected to increase from 0.05 yuan in 2022 to 0.62 yuan in 2024, and reach 0.84 yuan in 2026 [2][6] Market Analysis - The report notes that the polyester filament market experienced fluctuations in the third quarter, with a notable decrease in international oil prices affecting raw material support [4] - Despite a weak demand environment, leading companies are maintaining firm pricing strategies, which has resulted in an increase in price differentials [4] - The average price differential for polyester in the third quarter was 1,350 yuan/ton, reflecting an increase of 155 yuan/ton compared to the previous quarter [4] Strategic Developments - The company is actively expanding its production capabilities, with significant projects underway, including a 5 million ton PTA and 2.4 million ton polyester filament integrated production project [5] - The report emphasizes the importance of these developments in enhancing the company's competitive position within the industry [5]