XfmGroup(SH:603225) Tianfeng Securities·2025-08-29 12:45Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][18]. Core Views - The company's profitability is gradually improving, with a reported net profit of 709 million yuan for H1 2025, representing a year-on-year increase of 17.28% [1]. - The sales volume of PTA and DTY has significantly increased, with a notable rise in DTY sales by 22% year-on-year [2]. - The company is actively enhancing its upstream supply chain and has initiated the PTA project, expecting to exceed 10 million tons of PTA capacity by the end of 2025 [3]. - The company anticipates a recovery in the polyester filament market during the peak season, with low inventory levels and improving downstream demand [4]. Financial Performance - For H1 2025, the company achieved operating revenue of 33.491 billion yuan, a year-on-year increase of 7.1%, and a net profit of 709 million yuan, up 17.28% [1]. - The sales volumes for various products in H1 2025 were as follows: POY 2.42 million tons (+4%), FDY 720,000 tons (+2%), DTY 440,000 tons (+22%), short fibers 640,000 tons (+2%), and PTA 1.09 million tons (+380%) [2]. - The average selling prices for major products decreased year-on-year, with POY at 6194 yuan/ton (-10%), FDY at 6484 yuan/ton (-19%), and DTY at 8094 yuan/ton (-8%) [2]. - The company forecasts net profits of 1.5 billion yuan, 2 billion yuan, and 2.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 15, 12, and 9 [4]. Market Outlook - The company is focusing on the integration of PTA and polyester production, with the third phase of the PTA project expected to start trial production by the end of 2024 [3]. - As of August 22, 2025, the inventory days for POY, FDY, and DTY were at historical low levels, indicating a favorable market condition for the upcoming peak season [4]. - The company is exploring the field of fiber new materials and has established a strategic partnership for the production of 100% bio-based polyester [3].