XfmGroup(SH:603225) Guoxin Securities·2025-10-31 02:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][28] Core Views - The company's net profit attributable to shareholders increased year-on-year in Q3, but saw a quarter-on-quarter decline due to price pressures on products [1][7] - The demand for polyester filament yarn is expected to recover, although the short-term supply-demand dynamics in the industry remain weak [4][28] - The company maintains a strong market position with over 15% market share in the domestic polyester filament yarn sector, ranking second in the industry [15] Financial Performance - In Q3 2025, the company reported revenue of 18.05 billion yuan, a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.7% [1][7] - The net profit attributable to shareholders was 160 million yuan, reflecting a year-on-year increase of 13.3% but a significant quarter-on-quarter decline of 60.4% [1][7] - The gross margin and net margin were 5.0% and 0.9%, respectively, with total expense ratio at 4.3% [1][7] Production and Sales - The production of polyester filament yarn (POY/FDY/DTY) in Q3 was 1.42 million tons, 390,000 tons, and 260,000 tons respectively, showing year-on-year growth of 11%, 4%, and 23% [2][11] - Sales volumes for POY, FDY, and DTY were 1.34 million tons, 420,000 tons, and 260,000 tons, with a year-on-year decline for POY but increases for FDY and DTY [2][11] - The average selling prices for POY, FDY, and DTY were 6094 yuan/ton, 6331 yuan/ton, and 7840 yuan/ton, reflecting year-on-year decreases of 12%, 19%, and 10% respectively [2][11] PTA Production and Outlook - The company has a PTA production capacity of 7.7 million tons, with Q3 production reaching 590,000 tons, a year-on-year increase of 456% [3][17] - The average selling price for PTA was 4195 yuan/ton, down 20% year-on-year [3][17] - The company is progressing with its PTA Phase IV project, expecting to exceed 10 million tons in total capacity by the end of 2025 [3][17] Short Fiber Business - The company leads the domestic market in polyester staple fiber with a production capacity of 1.2 million tons [3][17] - In Q3, the production and sales of polyester staple fiber were both 330,000 tons, with a year-on-year increase of 3% and 9% respectively [3][17] - The average selling price for polyester staple fiber was 5957 yuan/ton, down 9% year-on-year [3][17]