XfmGroup(603225) Tebon Securities·2025-05-12 10:23Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company has shown steady revenue growth, with a reported revenue of 67.09 billion yuan in 2024, reflecting a year-on-year increase of 9.1% [6]. - The company is expected to benefit from a favorable supply-demand balance in the polyester filament industry, with a projected demand growth of 18% in 2024 [7]. - The company is expanding its production capacity, with plans to add two new polyester filament production lines in 2025, which will further enhance its market position [6][7]. Financial Performance Summary - In 2024, the company achieved a net profit of 1.1 billion yuan, a slight increase of 1.3% year-on-year, with a net profit margin of 1.6% [6][10]. - The company’s gross margin for 2024 was reported at 5.6%, maintaining stability compared to the previous year [6][10]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.93 yuan, with a net profit forecast of 1.415 billion yuan, representing a year-on-year growth of 28.6% [9][10]. Production and Sales Summary - In 2024, the company’s sales volumes for POY, FDY, and DTY were 5.25 million tons, 1.5 million tons, and 810 thousand tons, respectively, showing increases of 13.4%, 5.5%, and 5.6% year-on-year [6]. - The company’s polyester filament production capacity reached 8.05 million tons by the end of 2024, securing over 12% market share, making it one of the largest manufacturers in China [6][7]. Market Outlook - The report indicates that the polyester filament industry is experiencing a slowdown in production capacity growth, with the compound annual growth rate (CAGR) expected to drop from 7.1% (2017-2023) to 1.5% (2024-2026) [7]. - The industry is undergoing consolidation, with larger companies increasing their market share while smaller players exit the market [7].