XfmGroup(603225) 甬兴证券·2024-04-02 16:00Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company achieved a net profit of approximately 1.086 billion yuan in 2023, marking a turnaround from losses in the previous year, with a significant increase in production and sales [2]. - The polyester filament industry is expected to see an upward trend in profitability due to reduced new capacity additions and the exit of outdated facilities, leading to a recovery in the industry [2]. - The company is expanding its overseas presence with a planned 16 million tons/year integrated refining and chemical project in Indonesia, which is expected to enhance its product value and diversify its operations [2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 61.469 billion yuan, with a year-on-year growth rate of 21% [4]. - The net profit attributable to the parent company for 2023 was 1.086 billion yuan, reflecting a staggering year-on-year growth of 628.4% [4]. - The average selling prices for various products showed slight declines, with POY, FDY, DTY, and short fibers averaging 6796, 7675, 8499, and 6524 yuan/ton respectively [2]. Production Capacity - The company’s polyester filament production capacity reached 7.4 million tons in 2023, with a domestic market share exceeding 12% [2]. - Production volumes for POY, FDY, DTY, and short fibers were approximately 4.65 million tons, 1.41 million tons, 740 thousand tons, and 1.17 million tons respectively, with growth rates of 20%, 18%, 13%, and 129% year-on-year [2]. Industry Outlook - The polyester filament industry is anticipated to enter a phase of recovery, with high operating rates maintained at nearly 90% throughout 2023, the highest level since 2017 [2]. - The company is well-positioned to benefit from the industry's recovery and is expected to enhance its market position through strategic overseas investments [3].