新凤鸣（603225）：Q3业绩同比增长，重视长丝+PTA行业机遇

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company achieved a net profit attributable to shareholders of 160 million yuan in Q3 2025, representing a year-on-year increase of 13.42% [1] - For the first three quarters of 2025, the company reported a total revenue of 51.542 billion yuan, up 4.77% year-on-year, and a net profit of 869 million yuan, up 16.55% year-on-year [1] - The polyester filament price spread stabilized, while PTA processing fees remained low, indicating a challenging market environment [2] - The supply growth of polyester filament is slowing, with industry capacity growth expected to drop to 3.3% in 2026, enhancing supply discipline [3] - The domestic textile and apparel industry is nearing the end of a destocking cycle, with expectations for a replenishment cycle to begin in 2026 [4] Financial Data and Forecasts - The company’s revenue is projected to grow from 61.47 billion yuan in 2023 to 82.76 billion yuan in 2027, with a compound annual growth rate of approximately 6.8% [10] - The net profit attributable to shareholders is forecasted to be 1.096 billion yuan in 2025, with a significant increase to 2.641 billion yuan by 2027 [11] - The company's earnings per share (EPS) is expected to remain stable at 0.72 yuan in 2025, increasing to 1.73 yuan by 2027 [11] - The price-to-earnings (P/E) ratio is projected to decrease from 22.10 in 2025 to 9.17 in 2027, indicating potential undervaluation [10][12]