TKGF(SH:601233) Guohai Securities·2025-09-08 10:03Investment Rating - The report maintains a "Buy" rating for the company [1][26]. Core Views - The company's performance in the first half of 2025 shows stability and improvement, with a focus on the recovery of polyester filament profitability [3][6]. - The company is expected to benefit from the optimization of the competitive landscape in the polyester filament industry and the support from its projects in Indonesia [12]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%, while net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 2.93% [6]. - The company reported a net profit of 486 million yuan in Q2 2025, with a year-on-year increase of 0.04% and a quarter-on-quarter decrease of 20.5% [7]. - The gross profit margin for POY in H1 2025 was 8.11%, an increase of 2.50 percentage points year-on-year [6]. Product Segment Performance - For H1 2025, POY revenue was 27 billion yuan, down 11% year-on-year, with a gross margin of 8.11% [6]. - FDY revenue was 6.7 billion yuan, down 9% year-on-year, with a gross margin of 3.59% [6]. - DTY revenue was 4.2 billion yuan, down 3% year-on-year, with a gross margin of 7.19% [6]. Future Growth Prospects - The company is advancing new projects, including the completion of equipment installation for the Fujian Henghai CP1 project and the ongoing construction of the Xinjiang coal mine resource, which is expected to support future growth [10][12]. - The company forecasts operating revenues of 101.3 billion yuan, 105.3 billion yuan, and 111.3 billion yuan for 2025, 2026, and 2027, respectively [11][12]. Market Position and Competitive Landscape - The polyester filament industry is expected to benefit from a reduction in competition due to slower supply expansion and a demand characterized by essential needs [8][12]. - The company is positioned as a leader in the polyester filament industry, which is anticipated to enhance its growth potential [12].