TKGF(SH:601233) Haitong Securities·2024-05-13 03:32Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][18] Core Views - The company has shown significant revenue growth, achieving an operating income of 82.64 billion yuan in 2023, a year-on-year increase of 33.3% [6][8] - The net profit attributable to shareholders reached 797 million yuan, reflecting a remarkable year-on-year growth of 539.1% [6][8] - The company is expanding its production capacity in the polyester filament sector, with a production volume of 10.43 million tons in 2023, up 34.2% year-on-year [6][12] - The company is also initiating a major integrated refining project in Indonesia, with a total investment of 8.624 billion USD, expected to generate an average annual revenue of 10.438 billion USD upon completion [7][12] Financial Performance Summary - In 2023, the company reported an operating income of 82.64 billion yuan, with a net profit of 797 million yuan [8][14] - The earnings per share (EPS) for 2024 is projected to be 1.30 yuan, with a price-to-earnings (P/E) ratio of 12-14 times, indicating a reasonable value range of 15.60-18.20 yuan [7][14] - The gross profit margin is expected to improve from 5.1% in 2023 to 7.8% by 2026 [8][14] Production and Sales Growth - The company’s polyester filament production and sales are on a stable growth trajectory, with a production volume of 3.14 million tons in Q1 2024, a year-on-year increase of 62.8% [6][11] - The sales volume for the same period reached 2.59 million tons, up 34.7% year-on-year [6][11] Capacity Expansion - The company has a total PTA production capacity of 10.2 million tons per year and plans to continue expanding its polyester filament capacity, maintaining its leading position in the market [6][12] - The global market share for the company’s filament is 18%, while its domestic market share stands at 28% [6][12]