XfmGroup(SH:603225) Xinda Securities·2025-04-29 01:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 67.09 billion yuan in 2024, representing a year-on-year growth of 9.15%. The net profit attributable to the parent company was 1.10 billion yuan, a growth of 1.32% year-on-year [2] - The first quarter of 2025 showed a revenue of 14.56 billion yuan, with a year-on-year increase of 0.73% [3] - The supply-demand dynamics in the industry are improving, with a notable increase in demand for polyester filament due to a 12.5% growth in retail sales of clothing in 2024 [4] - The company is expected to benefit from the optimization of industry supply structure, with a forecasted net profit of 1.30 billion yuan in 2025, reflecting an 18.3% growth [7] Financial Summary - In 2024, the company achieved a gross profit margin of 5.6%, with a projected increase to 6.3% in 2025 [6] - The earnings per share (EPS) for 2025 is estimated at 0.85 yuan, with a price-to-earnings (P/E) ratio of 12.86 [7] - The company’s total revenue is expected to reach 70.91 billion yuan by 2027, with a modest growth rate of 1.0% [6][9]