Investment Rating - The report maintains a "Buy" rating for Tongkun Co., Ltd. [5] Core Views - The industry landscape is continuously optimizing, and under the expectation of "anti-involution," the company's performance is expected to gradually recover [5] - The company has adjusted its profit forecast, expecting revenues of 92.67 billion yuan, 99.82 billion yuan, and 104.81 billion yuan for 2025-2027, with corresponding net profits of 2.02 billion yuan, 2.47 billion yuan, and 3.42 billion yuan [5][6] Financial Performance Summary - In the first three quarters of 2025, the company achieved operating revenue of 67.397 billion yuan, a year-on-year decrease of 11.38%, and a net profit attributable to shareholders of 1.549 billion yuan, an increase of 53.83% [4] - For Q3 2025, the company reported operating revenue of 23.239 billion yuan, a quarter-on-quarter decrease of 6.06%, and a net profit of 0.452 billion yuan, a quarter-on-quarter decrease of 6.88% [4] - The company's production volumes for POY, FDY, and DTY in Q3 were 2.46 million tons, 0.52 million tons, and 0.30 million tons, with year-on-year changes of +8%, -8%, and +6% respectively [4] Market Conditions Summary - Demand in Q3 was weak, impacting the sales of long filaments, with actual consumption in the polyester filament industry declining significantly [4] - As of October 30, the inventory levels of long filaments decreased, indicating a potential easing of inventory pressure [4] - The PTA market is at a low point, with average processing fees dropping, suggesting a high demand for price gap recovery and favorable conditions for joint production cuts among major players [4] Strategic Focus Summary - The company is focusing on the coal-based industrial chain, with significant progress in acquiring quality coal mine resources in the Turpan area [4] - The construction of the Zhongkun coal gas project is underway, expected to be operational by late 2026 to early 2027, which will integrate the oil, coal, and gas industrial chains [4]