Core Viewpoint - The domestic polyester filament industry is planning to implement self-discipline production cuts to stabilize prices, with specific reductions of 10% for POY and 15% for FDY by the end of December 2025 [1] Group 1: Company Performance - In the first three quarters of 2025, the company achieved revenue of 51.5 billion yuan, a year-on-year increase of 5% [1] - The company's net profit attributable to shareholders reached 870 million yuan, up 17% year-on-year, while the net profit excluding non-recurring items was 780 million yuan, reflecting a 22% increase year-on-year [1] - In Q3 2025, the company reported revenue of 18.05 billion yuan, a year-on-year increase of 0.7% but a quarter-on-quarter decrease of 4.7% [1] - The net profit attributable to shareholders in Q3 was 160 million yuan, up 14% year-on-year but down 60% quarter-on-quarter [1] - The net profit excluding non-recurring items for Q3 was 120 million yuan, a year-on-year increase of 18% but a quarter-on-quarter decrease of 71% [1] Group 2: Industry Trends - The large refining industry is pushing back against internal competition, which is expected to improve the polyester chain's profitability [1] - Starting from Q4 2025, PX prices in China have been rising due to an expanded price gap in overseas refined oil, leading to reduced PX production capacity [1] - There will be no new PTA production capacity in China in 2026, and processing fees are expected to recover as the industry continues to push back against internal competition [1] - The profitability of filament production is expected to remain strong, prompting companies to implement a new round of self-discipline production cuts [1] Group 3: Investment Plans - The company plans to invest 280 million USD in a polyester project in Egypt, which will cover an area of 360 acres and include the construction of manufacturing plants for POY, FDY, and DTY, with an annual production capacity of 360,000 tons of functional polyester fibers [2] - The project will also involve leasing a nearby port for tank area construction, which will help the company mitigate trade barriers and enhance its international influence and market competitiveness [2] Group 4: Profit Forecast and Investment Rating - With the ongoing push against internal competition in the polyester chain, the company's profitability is expected to improve [2] - Projected net profits for the company are estimated to be 1.1 billion yuan in 2025, 1.7 billion yuan in 2026, and 2.3 billion yuan in 2027, corresponding to A-share P/E ratios of 26, 17, and 13 times respectively [2] - The company is viewed positively for its future growth potential, leading to an initial "buy" rating [2]

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，东吴证券1月13日发布研报称，给予新凤鸣（603225.SH）"买入"评级。评级理由主要包 括：1）2025年前三季度，公司的盈利情况同比明显改善；2）大炼化行业反内卷持续推进，聚酯链景气 有望上行；3）公司拟投资2.8亿美元，投建埃及长丝项目。风险提示：原油价格大幅波动的风险；市场 竞争加剧；产品价格波动；项目建设进度不及预期。 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 （记者 王瀚黎） ...

新凤鸣（603225） 国内聚酯链反内卷推进，埃及长丝项目打开 远期成长空间 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 61,469 | 67,091 | 70,525 | 73,390 | 83,828 | | 同比（%） | 21.03 | 9.15 | 5.12 | 4.06 | 14.22 | | 归母净利润（百万元） | 1,086 | 1,100 | 1,145 | 1,709 | 2,346 | | 同比（%） | 628.44 | 1.32 | 4.01 | 49.29 | 37.29 | | EPS-最新摊薄（元/股） | 0.71 | 0.72 | 0.75 | 1.12 | 1.54 | | P/E（现价&最新摊薄） | 27.43 | 27.07 | 26.03 | 17.43 | 12.70 | [Table_Tag] [Table_Summary] 投资要点 2026 年 01 ...

东吴证券研报指出，随着聚酯链反内卷持续推进，认为桐昆股份后续盈利能力有望改善。看好公司未来 成长性，首次覆盖给予"买入"评级。2025年12月底，国内涤纶长丝大厂计划落实自律减产保价，计划 POY减产10%、FDY减产15%，后续根据春节时点持续扩大减产。桐昆股份为全球最大的涤纶长丝生产 企业，在建120万吨/年绿色差异化纤维项目：截至2025H1，公司合计拥有PTA产能1020万吨/年，涤纶 长丝产能1350万吨/年，长丝产能及产量位列行业第一。2025年10月，公司宣布建设120万吨/年绿色差 别化纤维建设项目，共分为两期：第一期建设2套合计60万吨/年聚酯长丝生产装置及加弹车间，为利用 部分原恒盛公司腾退设备的搬迁重建；第二期建设2套合计60万吨/年聚酯长丝装置，公司将综合平衡行 业供需及市场状况稳步推进。 ...