Group 1 - The company reported a total revenue of 67.09 billion yuan for 2024, representing a year-on-year increase of 9.1% [1] - The net profit attributable to shareholders for 2024 was 1.1 billion yuan, up 1.3% year-on-year, while the net profit after deducting non-recurring gains and losses was 960 million yuan, an increase of 7.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of 17.89 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter decrease of 0.2% [1] Group 2 - The polyester filament industry is experiencing a supply-demand balance, with a projected apparent consumption of 42 million tons in China for 2024, an increase of 8.7% year-on-year [2] - The company completed maintenance on five production units and added one new filament unit in 2024, leading to improved performance metrics across various production lines [2] - The gross profit margin and net profit margin for 2024 are expected to be 5.6% and 1.6%, respectively, showing limited changes compared to the previous year [2] Group 3 - The polyester filament industry is expected to see an upward trend in its economic environment, with a projected decrease in new capacity by 2.3% year-on-year for 2024 [3] - The industry has initiated a "High-Quality Development Initiative" aimed at improving profitability through self-regulation [3] - Despite trade tensions, the impact on the domestic polyester filament industry is expected to be limited due to China's dominant supply position [3]

丨证券研究报告丨 公司研究丨点评报告丨新凤鸣（603225.SH） [Table_Title] 规模持续提升，业绩延续上行 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营业收入 670.9 亿元（同比+9.1%），实现归属净利润 11.0 亿 元（同比+1.3%），实现归属扣非净利润 9.6 亿元（同比+7.1%）。其中 Q4 单季度实现收入 178.9 亿元（同比+3.6%，环比-0.2%），实现归属净利润 3.5 亿元（同比+77.9%，环比+151.8%）， 实现归属扣非净利润 3.3 亿元（同比+100.4%，环比+232.9%）。公司拟每股派发现金红利 0.225 元（含税），合计派发现金红利 3.36 亿元（含税）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新凤鸣（603225.SH） cjzqdt11111 [Table_Title2] 规模持续提升，业绩延续上行 [Table_Summary2] ...