TKGF(SH:601233) Caixin Securities·2025-07-07 09:15Investment Rating - The investment rating for the company is "Buy" [2][9]. Core Insights - The company is investing a total of 6.144 billion in the construction of the Changcaodong open-pit coal mine in Xinjiang, which will have an annual coal production capacity of 5 million tons, enhancing its integrated layout in the region [9]. - The project is expected to generate an average annual output value of approximately 1.8 billion and an average annual after-tax profit of 442 million, with a payback period of 10.42 years [9]. - The company aims to improve the supply of raw materials for its polyester fiber business and ensure stable fuel supply for local production facilities in Xinjiang [9]. - The company has strategically positioned itself in the Xinjiang market, leveraging the region's abundant and low-cost raw material resources to enhance its polyester industry chain [9]. - Revenue forecasts for the company are projected to be 110.68 billion, 119.58 billion, and 131.51 billion for the years 2025, 2026, and 2027 respectively, with net profits expected to reach 2.095 billion, 3.606 billion, and 4.698 billion in the same years [7][9]. Financial Metrics Summary - The company’s revenue for 2023 is reported at 82.64 billion, with a projected increase to 101.31 billion in 2024 and 110.68 billion in 2025 [10]. - The earnings per share (EPS) are expected to grow from 0.33 in 2023 to 0.87 in 2025, and further to 1.95 by 2027 [7][10]. - The price-to-earnings (P/E) ratio is projected to decrease from 32.07 in 2023 to 12.20 in 2025, indicating a potential increase in valuation attractiveness [7][10]. - The book value per share (BPS) is expected to rise from 14.75 in 2023 to 16.03 in 2025, reflecting a strengthening financial position [7][10].