XfmGroup(SH:603225) Guohai Securities·2025-05-05 15:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively overcoming adverse impacts from oil price fluctuations, with a steady growth in net profit for 2024. The company achieved an operating revenue of 67.09 billion yuan, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 1.10 billion yuan, a year-on-year increase of 1.32% [4][5] - The company is positioned as a leading player in the polyester industry, with a focus on cost reduction and efficiency improvement, aiming for high-quality development [2][11] Financial Performance - In 2024, the company achieved an operating revenue of 67.09 billion yuan, with a net profit of 1.10 billion yuan. The sales gross margin was 5.63%, and the net profit margin was 1.64% [5][12] - For Q4 2024, the company reported an operating revenue of 17.89 billion yuan, a year-on-year increase of 3.62%, and a net profit of 355 million yuan, a year-on-year increase of 77.92% [5][8] - The company’s cash flow from operating activities for 2024 was 6.79 billion yuan, a year-on-year increase of 85.57% [6] Production Capacity and Market Position - The company ranks second in the domestic civil polyester filament industry, with a production capacity of 8.05 million tons for polyester filament and 1.20 million tons for polyester staple fiber [9][11] - The company plans to add 400,000 tons of filament capacity in the second half of the year, with a PTA expansion project ongoing, aiming to exceed 10 million tons of PTA capacity by the end of 2025 [9][10] Profit Forecast - The company’s revenue is projected to reach 70.85 billion yuan in 2025, with net profits of 1.52 billion yuan, reflecting a growth rate of 38% [11][12] - The expected P/E ratios for 2025, 2026, and 2027 are 10.8, 8.9, and 8.1 respectively, indicating a favorable valuation outlook [11][12]