XfmGroup(SH:603225) KAIYUAN SECURITIES·2025-08-29 04:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company reported a slight year-on-year revenue growth of 7.10% in H1 2025, achieving a revenue of 334.91 billion yuan and a net profit of 7.09 billion yuan, which is a 17.28% increase year-on-year [4][5] - The company is expected to benefit from the seasonal demand in the long filament market during the "Golden September and Silver October" period, which is anticipated to enhance profitability [4][6] - The long filament industry is experiencing a low inventory level, which is expected to support price stability and profitability in the medium to long term [6] Financial Summary - For H1 2025, the company produced 396.0 million tons of polyester filament, with a sales volume of 357.2 million tons, resulting in a production and sales rate of 90.2% [5] - The gross profit margin for H1 2025 was 6.42%, with a net profit margin of 2.12% [5] - The company forecasts net profits of 16.09 billion yuan, 20.49 billion yuan, and 25.52 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.06 yuan, 1.34 yuan, and 1.67 yuan [4][8] Market Position and Outlook - The company is positioned well within the long filament industry, with an expected gradual slowdown in production capacity growth, which may enhance long-term profitability [6] - The industry is characterized by high concentration, which is likely to improve pricing power and collaborative effects among leading companies [6]