新凤鸣（603225）：公司信息更新报告：投建埃及长丝项目，全球化布局进一步提速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to invest approximately $280 million to build a 360,000 tons/year functional fiber project in Egypt, which is expected to enhance its international influence and market competitiveness [6] - The report maintains profit forecasts for 2025-2027, estimating net profits of 1.113 billion, 2.049 billion, and 2.552 billion yuan, with corresponding EPS of 0.73, 1.34, and 1.67 yuan [6] - The current stock price corresponds to a PE ratio of 21.5, 11.7, and 9.4 times for the years 2025-2027 [6] Financial Summary and Valuation Indicators - Revenue for 2023 is projected at 61.469 billion yuan, with a year-on-year growth of 21.0%, and is expected to reach 67.280 billion yuan in 2025 [8] - The net profit for 2023 is estimated at 1.086 billion yuan, with a significant year-on-year increase of 628.4%, and is projected to grow to 2.552 billion yuan by 2027 [8] - The gross margin is expected to improve from 5.8% in 2023 to 8.0% in 2027, while the net margin is projected to increase from 1.8% to 3.4% over the same period [8] - The company's ROE is forecasted to rise from 6.5% in 2023 to 11.5% in 2027 [8] Industry Outlook - The domestic polyester filament industry is expected to see a slowdown in new capacity growth, with steady demand leading to an increase in profitability [7] - The PTA industry is anticipated to experience a reversal in profitability, with a significant portion of the industry currently facing losses, creating a collaborative demand for recovery [7] - The report highlights that the domestic PTA industry's capacity concentration is high, providing leading companies with pricing power and fostering industry self-discipline [7]