Workflow
新凤鸣:2024年报及2025一季报点评:业绩稳中有增,涤丝龙头完善一体化产业链-20250430

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 67.09 billion yuan in 2024, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 1.10 billion yuan, up 1.32% year-on-year [2][10] - The company is benefiting from the gradual release of new production capacity, with polyester filament sales reaching 7.55 million tons in 2024, an increase of 10.83% year-on-year [2][11] - The company is positioned as a leading player in the polyester industry, with a focus on integrated operations and cost reduction strategies [11][12] Financial Performance Summary - In 2024, the company reported a revenue of 67.09 billion yuan and a net profit of 1.10 billion yuan, with a gross profit margin of 5.63% [2][12] - For Q4 2024, the company achieved a revenue of 17.89 billion yuan, a year-on-year increase of 3.62%, and a net profit of 0.36 billion yuan, up 77.92% year-on-year [2][3] - In Q1 2025, the company reported a revenue of 14.56 billion yuan, a year-on-year increase of 0.73%, and a net profit of 0.31 billion yuan, up 11.35% year-on-year [3][12] Industry Outlook - The polyester industry is expected to face short-term pressures due to factors such as tariffs and declining downstream orders, but long-term prospects remain positive due to the high market share of domestic polyester filament production [10][11] - The company is expected to benefit from the high concentration of the polyester filament industry, which may lead to improved profitability for leading firms [10][11] - The company is projected to achieve net profits of 1.55 billion yuan, 2.08 billion yuan, and 2.51 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.01, 1.37, and 1.65 yuan [12][14]