证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 新凤鸣(603225.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_A 左前明 uthor 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 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 相关研究 [《Table_O 首次覆盖报告：扩张 therReport] 节奏加快，打 造低成本龙头》2021.6.30 《60 万吨聚酯投产，成长性持续强 化》2021.7.5 《单季度业绩创新高，验证龙头盈利 弹性》2021.7.14 《2 季度公司业绩高增，持续布局产 能扩张》2021.8.18 《尽显龙头成本优势，扩张产能迎投 产大年》2021.11.02 《新凤鸣：22Q1 公司业绩承压，但扩 能投产势头强劲》2022.5.12 《新凤鸣：行 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 67.09 billion yuan in 2024, representing a year-on-year growth of 9.15%. The net profit attributable to the parent company was 1.10 billion yuan, a growth of 1.32% year-on-year [2] - The first quarter of 2025 showed a revenue of 14.56 billion yuan, with a year-on-year increase of 0.73% [3] - The supply-demand dynamics in the industry are improving, with a notable increase in demand for polyester filament due to a 12.5% growth in retail sales of clothing in 2024 [4] - The company is expected to benefit from the optimization of industry supply structure, with a forecasted net profit of 1.30 billion yuan in 2025, reflecting an 18.3% growth [7] Financial Summary - In 2024, the company achieved a gross profit margin of 5.6%, with a projected increase to 6.3% in 2025 [6] - The earnings per share (EPS) for 2025 is estimated at 0.85 yuan, with a price-to-earnings (P/E) ratio of 12.86 [7] - The company’s total revenue is expected to reach 70.91 billion yuan by 2027, with a modest growth rate of 1.0% [6][9]