XfmGroup(603225) 长城证券·2024-11-05 11:36Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [15]. Core Views - The company experienced short-term pressure on its performance in Q3 2024, with a year-on-year revenue increase of 11.31% but a decline in net profit by 15.91% [1]. - The company's cash flow from operating activities showed significant growth, increasing by 572.11% year-on-year in the first three quarters of 2024 [3]. - The report highlights the company's ongoing expansion in PTA production capacity, which is expected to enhance its competitive edge and profitability in the long run [6]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 49.197 billion yuan, with a net profit of 746 million yuan [1]. - The gross profit margin for the first three quarters of 2024 was 5.61%, a decrease of 0.74 percentage points compared to the same period last year [2]. - The company’s revenue for 2024 is projected to be 64.846 billion yuan, with a net profit of 1.075 billion yuan, reflecting a slight decline in profit compared to 2023 [7]. Operational Highlights - The company’s production and sales of key products such as DTY, FDY, and POY showed stable growth, with production increases of 9.30%, 7.36%, and 14.84% respectively in the first three quarters of 2024 [4]. - The average selling prices for major products experienced slight fluctuations, with DTY and FDY prices increasing by 3.05% and 0.67% respectively [4]. - The company is actively working on a 5 million-ton PTA project, which is part of its strategy to create a complete polyester filament industry chain [6]. Future Projections - The company is expected to achieve revenues of 64.846 billion yuan in 2024, 69.566 billion yuan in 2025, and 75.011 billion yuan in 2026, with corresponding net profits of 1.075 billion yuan, 1.640 billion yuan, and 1.952 billion yuan respectively [7]. - The projected EPS for the next three years is 0.71 yuan in 2024, 1.08 yuan in 2025, and 1.28 yuan in 2026, indicating a positive growth trajectory [7].