TKGF(SH:601233) Guolian Minsheng Securities·2025-09-04 09:43Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has shown signs of demand recovery, with stable performance in its financial results [4][14] - In the first half of 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.4%, while net profit attributable to shareholders was 1.097 billion yuan, an increase of 2.9% year-on-year [4][13] - The polyester segment has seen slight improvement, and the investment income from Zhejiang Petrochemical has steadily increased [14] - The demand for polyester filament yarn continues to recover, with a year-on-year increase in consumption [15] - Profitability in the polyester filament yarn sector is gradually improving, with price spreads showing signs of recovery [16] Financial Summary - For the years 2025 to 2027, the projected net profit attributable to shareholders is 1.8 billion yuan, 3.1 billion yuan, and 4.5 billion yuan respectively, with corresponding EPS of 0.75 yuan, 1.29 yuan, and 1.89 yuan [17] - The company’s operating revenue is expected to decline by 8.97% in 2025, followed by modest growth in subsequent years [18] - The company’s asset-liability ratio stands at 65.96% [8] - The projected P/E ratios for 2025, 2026, and 2027 are 19.6X, 11.3X, and 7.7X respectively [18]