TKGF(SH:601233) Xinda Securities·2025-08-29 08:21Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" [1] Core Views - The company's operating performance is steadily improving, with a focus on enhancing the advantages of industrial chain collaboration [1][3] - The supply-demand landscape is gradually improving, which may highlight the competitive advantages of leading companies in the industry [3][4] - The company has made strategic breakthroughs in the coal sector, enhancing the completeness of its industrial chain [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%. The net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 2.93% [1] - The second quarter saw operating revenue of 24.738 billion yuan, a year-on-year decrease of 8.73%, but a quarter-on-quarter increase of 27.38% [2] - The average Brent crude oil price in the first half of 2025 was $71 per barrel, a year-on-year decrease of 15% [3] Profit Forecast and Investment Rating - The forecasted net profit attributable to shareholders for 2025-2027 is 2.119 billion, 3.059 billion, and 3.497 billion yuan, with year-on-year growth rates of 76.3%, 44.3%, and 14.3% respectively [6] - The diluted EPS for the same period is projected to be 0.88, 1.27, and 1.45 yuan per share [6] - The report maintains a "Buy" rating based on the expected improvement in the polyester filament industry and the company's enhanced industrial chain collaboration advantages [6]