证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 桐昆股份(601233.SH) 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com [刘奕麟 Table_OtherReport] 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 公司盈利显著改善，看好涤丝龙头业绩释放弹性 [Table_ReportDate] 2025 年 4 月 30 日 ➢ 行业供需格局改善，公司业绩显著提升。油价端，2024 年国际油价中 高位震荡运行，上半年油价呈现冲高后回落企稳态势；下半年受全球宏 观经济形势转弱、地缘担忧情绪放缓影响，国际油价震 ...

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" [1] Core Views - The report highlights significant improvement in the company's profitability, with a focus on the resilience of the polyester filament industry and the expected performance release of the leading company [1][6] - The supply-demand dynamics in the industry are improving, leading to a notable enhancement in the company's performance [3][4] - The company is expected to benefit from the optimization of the supply structure and the increase in industry concentration [4][6] Financial Performance Summary - In 2024, the company achieved a revenue of 101.31 billion yuan, a year-on-year increase of 22.59%, and a net profit attributable to shareholders of 1.20 billion yuan, up 50.80% year-on-year [1] - For Q1 2025, the company reported a revenue of 19.42 billion yuan, a year-on-year decrease of 8.01%, but a net profit of 611 million yuan, reflecting a year-on-year growth of 5.36% [2] - The report forecasts the company's net profit for 2025-2027 to be 2.28 billion, 2.99 billion, and 3.70 billion yuan respectively, with year-on-year growth rates of 89.5%, 31.7%, and 23.5% [6] Industry Analysis - The report notes that the average Brent crude oil price for 2024 is expected to be 79.86 USD/barrel, a decrease of 2.31 USD/barrel from 2023, impacting raw material costs [3] - The polyester filament industry is projected to see a consumption increase of 8.7% in 2024, with a total apparent consumption of 42 million tons [3] - The report anticipates the elimination of 2-2.5 million tons of outdated capacity in the polyester filament industry during 2024-2025, which may lead to a negative growth in effective capacity [4]

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Tongda Electric, with a significant increase in revenue and net profit in both the annual and quarterly reports [1][2] - In 2024, the company achieved an operating income of 666 million yuan, representing a year-on-year growth of 16.62%, and a net profit attributable to shareholders of 25.61 million yuan, up 10.52% [1] - The first quarter of 2025 showed even more robust growth, with operating income reaching 185 million yuan, a 50.85% increase year-on-year, and a net profit of 18.74 million yuan, up 59.21% [1] Group 2 - Tongda Electric is positioned as a smart transportation system service provider, leveraging an integrated solution of "vehicle-road-field-cloud" to establish a customer base primarily among bus manufacturers and operators, while gradually penetrating the commercial vehicle sector [1] - The company has established long-term stable partnerships with major domestic bus manufacturers, including Yutong Bus, Haige Bus, and King Long Bus, and has also formed supply relationships with commercial vehicle manufacturers [1] - The sales of buses, particularly those over 5 meters, have continued to grow in 2024, alongside successful market expansion efforts in the truck and engineering machinery sectors, contributing to the company's positive operational performance [1] Group 3 - In the mobile medical field, the company integrates high-precision medical equipment with vehicles to address challenges such as shock resistance and electromagnetic interference, aiming to provide convenient and efficient medical services [2] - The mobile medical series generated an operating income of 18.86 million yuan in 2024, reflecting a year-on-year growth of 34.16% [2] - The company is committed to responding to the industry's trends towards intelligence and sustainability, as highlighted by the government's focus on energy-saving and carbon reduction in transportation [2]

1、中国人民银行副行长邹澜在国新办新闻发布会上表示，将根据国内外经济形势和金融市场运行情况， 适时降准降息，保持流动性充 裕，发挥好货 币政策工具箱总量和结构双重功能，创设新的结构性货币政策工具，围绕稳就业、稳增长的重点领域精准发力，做好金融支持。还在研究丰富政策工具 箱，将适时推出增量政策，助力稳就业、稳企业、稳市场、稳预期。 2、 国家能源局发布 关于促进能源领域民营经济发展若干举措的通知 ，其中提出，支持投资建设能源基础设施。支持民营企业参股投资核电项目，建 立健全长效工作机制。支持民营企业投资建设水电、油气储备设施、液化天然气接收站等基础设施项目，支持民营企业参与油气管网主干线或支线项 目。支持民营企业参与"沙戈荒"大基地投资建设，鼓励民营企业建设光热发电、生物质能多元化利用和可再生能源供暖等项目。 今日导读 1. 4月28日，据国家数据局消息，70个"公共数据跑起来"示范场景正式发布，公共数据开发利用进一步加快。 2. 中国黄金协会最新统计数据显示， 2025年一季度，国内黄金ETF持仓增长23.47吨。至3月底，国内黄金ETF持有量为138.21吨。 3. 高盛最新发布的全球资金流向报告显示，在3 ...

Group 1 - The Ministry of Industry and Information Technology has issued a notice to initiate the 2025 National Energy Conservation and Carbon Reduction Technology Equipment Recommendation work [1] - The initiative aims to support the achievement of carbon peak and carbon neutrality goals, focusing on key industries such as steel, non-ferrous metals, petrochemicals, chemicals, building materials, data centers, and communication base stations [1] - The program will promote energy-saving and carbon reduction technologies and high-efficiency energy-saving equipment that demonstrate significant effects, mature technology, economic benefits, and potential for widespread adoption [1] Group 2 - The recommended technologies and equipment should enable comprehensive system energy conservation and carbon reduction or innovative integration across industries and fields [1] - The initiative is expected to accelerate technological upgrades and large-scale equipment renewal in key industries [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China is initiating the 2025 National Energy Conservation and Carbon Reduction Technology Equipment Recommendation work in the industrial and information sectors, focusing on five categories of technologies aimed at enhancing energy efficiency and reducing carbon emissions [1] Group 1: Key Industry Areas - The first category includes energy conservation and carbon reduction technologies in key industries such as steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, light industry, textiles, and electronics, emphasizing process innovation and optimization technologies like short-process manufacturing [1] - Technologies for energy efficiency improvement in data centers, communication base stations, and communication rooms are also included, such as collaborative applications of computing power and energy, efficient cooling, and green intelligent computing system solutions [1] Group 2: Low-Carbon Transition Technologies - The second category focuses on low-carbon transition technologies, including clean low-carbon hydrogen production and application, efficient energy storage, and industrial green microgrid technologies for renewable energy consumption [1] - It also encompasses efficient utilization of waste heat and pressure, energy substitution, and multi-energy complementary technologies [1] Group 3: Industrial Carbon Reduction Technologies - The third category addresses industrial carbon reduction technologies, which include low-carbon raw material fuel substitution, lifecycle carbon emission reduction, carbon capture and high-value transformation, carbon emission accounting and monitoring, and non-CO2 greenhouse gas reduction and substitution technologies [1] Group 4: Digital and Green Transformation Technologies - The fourth category involves digital and green collaborative transformation technologies, such as digital energy and carbon management that integrate big data, artificial intelligence, industrial internet, and 5G technologies for energy consumption and carbon emission data collection, intelligent analysis, and system optimization [1] Group 5: Efficient Energy-Saving Equipment - The fifth category includes efficient energy-saving equipment that meets or exceeds the first-level energy efficiency standards of relevant national standards, covering industrial mass-produced equipment like electric motors, transformers, industrial boilers, fans, volumetric air compressors, industrial refrigeration equipment, and heat pumps [1]

Core Insights - The aerospace long march chemical engineering company has achieved a new record of 590 days of continuous operation for its semi-waste boiler gasifier at Anhui Haoyuan Chemical Group, surpassing the previous record of 489 days [1] - The gasifier has expanded its coal feedstock range to over 20 types, demonstrating versatility in operation [1] Group 1 - The company operates three gasifiers, including a 2000-ton semi-waste boiler gasifier for its caprolactam project, which successfully produced qualified synthetic ammonia products after ignition on September 12, 2023 [1] - The gasifier has maintained a stable steam output of around 50 tons without any decline during the 590 days of uninterrupted operation [1] Group 2 - Continuous R&D innovation in core equipment and process flow has contributed to the operational success, including the use of slag cold wall technology and online ash cleaning technology to address industry challenges [2] - The project features a new three-in-one synthetic gas separation and washing tower, which is cost-effective and space-efficient, while also extending the lifespan of gas pipelines [2] Group 3 - Energy-saving and carbon reduction upgrades have been implemented, such as recovering heat from synthetic gas to produce high-quality steam and optimizing the coal drying system to reduce energy consumption [2] - The company has reported energy savings of approximately 40% by modifying the circulation fan lift when coal quality is stable, and up to 44% when coal quality fluctuates by using variable frequency drives [3]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Insights - The Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has outperformed the CSI 300 index by 4.19%, while over the past year, it has underperformed by 3.63% [4][17] Market Performance - The building materials index has shown a 3.00% increase over the last three months, while the CSI 300 index has decreased by 1.20% [4][13] - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement is 332.84 CNY/ton, showing a slight decrease of 0.03% [26][28] - The clinker inventory ratio has increased to 63.80%, up by 2.46 percentage points [26][28] Glass Sector - The spot price of float glass remains stable at 1331.00 CNY/ton, while the futures price has decreased by 1.05% to 1128 CNY/ton [82][83] - The inventory of float glass has decreased by 0.11%, totaling 5,618 million weight boxes [84][85] Fiberglass Sector - The fiberglass market is seeing stable prices for alkali-free yarn, with various types priced between 3,800 to 6,700 CNY/ton [6][19] Consumer Building Materials - The price of asphalt is 4,390 CNY/ton, showing a week-on-week decrease of 1.13% [6] - The price of acrylic acid has increased by 5.26% week-on-week to 8,000 CNY/ton [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、致同会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 鉴于公司重大资产重组涉及金额较大、流程复杂，需预留充足资金保障交易顺利实施，为维护公司长期 利益及股东权益，根据公司章程关于利润分配的相关规定，2024年度拟不派发现金股利，不转增，不送 股。 第二节 公司基本情况 1、公司简介 ■ 2、报告期公司主要业务简介 2024年对于环保行业而言是充满挑战与机遇的一年。这一年里，随着国家政策的支持力度加大、技术创 新能力的提升以及市场需求的变化，环保行业呈现出新的发展趋势。 （一）机遇方面 政策导向明确，高质量发展成 ...

Group 1: Ecological Restoration and Biodiversity - The Shandong Yellow River Delta National Nature Reserve is experiencing a surge in bird breeding, with larger eggs and earlier nesting times for the endangered crested ibis, indicating improved ecological conditions [1] - The average PM2.5 concentration in Shandong reached record lows last year, reflecting significant changes due to green and low-carbon transformation efforts [1] - The reserve has seen an increase in biodiversity, with bird species rising from 187 to 374 due to successful ecological restoration efforts [2] Group 2: Economic Opportunities from Ecological Practices - The removal of the invasive species Spartina alterniflora has led to the restoration of native vegetation and increased habitat for waterbirds, with a total investment of approximately 500 million yuan for the restoration of 131,000 acres [2] - The transformation of Aishan Village into an economic hub through the cultivation of mugwort has generated over 300,000 yuan annually for the village collective and created jobs for more than 300 people [3] Group 3: Circular Economy Innovations - The Xinfang Modern Agricultural Industrial Park utilizes CO2 from industrial waste to enhance strawberry production, demonstrating effective resource recycling [4] - The North Chen Advanced Recycling Technology Company has developed a safe and efficient method for recycling retired lithium batteries, achieving over 99% recovery of electrolytes [5] Group 4: Energy Efficiency and Sustainability - Shandong Hongcan Material Technology Company has reduced the production time for aluminum alloy automotive parts from over 120 minutes to just 140 seconds, achieving over 10% energy savings per ton produced [6] - The introduction of compressed air energy storage systems in Shandong is aimed at stabilizing renewable energy supply, with a project capable of generating 600 million kWh annually and reducing carbon emissions by 490,000 tons [8]