TKGF(SH:601233) Shenwan Hongyuan Securities·2025-04-29 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved significant year-on-year performance improvement, with revenue for 2024 reaching 101.31 billion yuan, a 22.59% increase, and net profit attributable to shareholders at 1.202 billion yuan, a 50.8% increase [7] - The polyester filament production and sales have improved year-on-year, although the overall market conditions have shown signs of decline due to increased supply and weak demand [7] - The PTA market is experiencing a recovery, but it remains in a state of bottom oscillation due to excess supply [7] - The profitability of Zhejiang Petrochemical has improved, and it is expected to continue to enhance in 2025 [7] - Future earnings forecasts have been adjusted downwards due to the impact of tariffs and oil price fluctuations, with net profits for 2025 and 2026 revised to 1.987 billion yuan and 3.084 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 82.64 billion yuan in 2023, 101.31 billion yuan in 2024, 103.08 billion yuan in 2025, 108.27 billion yuan in 2026, and 109.98 billion yuan in 2027 [6][9] - Net profit attributable to shareholders is projected to grow from 797 million yuan in 2023 to 1.987 billion yuan in 2025, and further to 4.198 billion yuan by 2027 [6][9] - The company's earnings per share are expected to increase from 0.34 yuan in 2023 to 0.83 yuan in 2025, reaching 1.75 yuan in 2027 [6][9] - The company's return on equity (ROE) is projected to improve from 2.2% in 2023 to 5.2% in 2025, and further to 9.2% in 2027 [6][9]