智通财经APP讯， 双星新材(002585.SZ)发布公告，公司股票连续三个交易日(2025 年12月3日、2025年 12月4日、2025年12月5日)日收盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交易规则》的 有关规定，属于股票交易异常波动的情形。近期在《行业自律倡议书》的推动下，BOPET行业龙头企 业达成减产共识，以实现供需平衡，推动行业健康发展，但产品长期涨价的持续性具有不确定性，对公 司业绩影响有限。 ...

上市公司认为必要的风险提示：1、经自查，公司不存在违反信息公平披露的情形。2、近期在《行业自 律倡议书》的推动下，BOPET行业龙头企业达成减产共识，以实现供需平衡，推动行业健康发展，但 产品长期涨价的持续性具有不确定性，对公司业绩影响有限，敬请广大投资者注意投资风险。3、公司 郑重提醒广大投资者：《证券时报》和巨潮资讯网(http://www.cninfo.com.cn)为公司选定的信息披露媒 体，公司所有信息均以在上述指定媒体刊登的信息为准。公司将严格遵循法律法规，认真履行信息披露 义务，及时做好信息披露工作。 格隆汇12月7日丨双星新材(002585.SZ)公告，江苏双星彩塑新材料股份有限公司(以下简称"公司")股票 连续三个交易日(2025年12月3日、2025年12月4日、2025年12月5日)日收盘价格涨幅偏离值累计超过 20％，根据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动的情形。 ...

Core Viewpoints - The company reported a net profit of 2.176 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 24.12%, with Q3 alone achieving a net profit of 713 million yuan, marking the best quarterly performance since Q3 2022 [1] - The company's product structure is continuously optimized, with the proportion of low-margin construction rebar decreasing from 12.61% in 2024 to 9.33%, while the share of higher-margin special steel long products has risen to over 35%, driving steady profit growth [1] - The company is making significant advancements in high-end materials, achieving breakthroughs in critical areas, which is expected to enhance profitability [1][2] Company Performance - In Q3 2025, the company's gross margin reached a new high of 15.07%, indicating strong profitability driven by product structure optimization [1] - The gross margin for advanced steel materials reached 20.3% by Q3 2025, with a continuous increase in profit contribution from these high-margin products [1] Industry Outlook - Recent measures to reduce production capacity in the steel industry are expected to stabilize steel prices and enhance profit margins for steel companies [2] - The cumulative crude steel production in China has decreased by 2.6% year-on-year as of September 2025, indicating a trend towards supply-demand balance in the industry [2] Profit Forecast and Investment Recommendations - The company has adjusted its forecasts for special steel long product sales upwards and construction rebar sales downwards, predicting earnings per share of 4.62, 4.92, and 5.27 yuan for 2025-2027 [3] - Based on a comparable company PB valuation of 1.45X for 2025, the target price is set at 6.68 yuan, maintaining a buy rating [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.68 CNY, based on a projected PB of 1.45X for 2025 [3][5]. Core Insights - The company has optimized its product structure, leading to steady profit growth. The proportion of low-margin construction rebar has decreased from 12.61% in 2024 to 9.33% in 2025, while the share of higher-margin special steel long products has increased to over 35% [9]. - The company has made significant advancements in high-end materials, achieving breakthroughs in critical areas. The gross margin for advanced steel materials reached 20.3% by Q3 2025, contributing positively to profits [9]. - Industry-wide production reduction measures are expected to stabilize steel prices, providing profit space for steel companies. As of September 2025, national crude steel production has decreased by 2.6% year-on-year, indicating a trend towards supply-demand balance [9]. Financial Performance Summary - The company reported a net profit attributable to shareholders of 2.176 billion CNY for the first three quarters of 2025, a year-on-year increase of 24.12%. The Q3 2025 net profit reached 713 million CNY, marking the best quarterly performance since Q3 2022 [9]. - Revenue projections for 2025-2027 are adjusted to 62.527 billion CNY, 62.218 billion CNY, and 62.538 billion CNY respectively, with corresponding net profits of 2.973 billion CNY, 3.330 billion CNY, and 3.839 billion CNY [3][12]. - The company's gross margin is expected to improve from 14.0% in 2025 to 15.0% in 2027, while the net profit margin is projected to rise from 4.8% to 6.1% over the same period [12].

Summary of Conference Call on Polyester Bottle Chip Industry Industry Overview - The conference call involved leading companies in the polyester bottle chip industry, including Yisheng, China Resources, Wankai, Sinopec, and Sanfangxiang, which reached a consensus to reduce production by 20% to enhance industry profitability [2][3][4]. Key Points and Arguments - **Production Reduction Plan**: The industry has initiated a self-regulatory production cut of 20%, aiming to improve profit margins and stabilize processing fees at around 500 RMB per ton [2][3][6]. - **Capacity Control**: A commitment was made to prohibit any new polyester bottle chip production capacity for the next three years, ensuring controlled market supply and stable processing fees [2][4]. - **Industry Supervision Committee**: An industry supervision committee will be established to monitor the execution of the production cut and oversee industry operating rates, with the goal of reducing social inventory to reasonable levels [2][9]. - **Market Demand**: From January to May 2025, order volumes remained stable compared to the previous year, with exports around 700,000 tons and domestic growth rates of approximately 7% [2][14][15]. - **Price Dynamics**: The first quarter of 2025 saw favorable price differentials for polyester chips, but the second quarter faced pressure due to rising upstream raw material prices (PX, PTA) and increased operating rates [2][11]. Additional Important Insights - **Export Performance**: China’s bottle chip exports account for about 40% of total production, with export prices and volumes outperforming domestic sales despite rising shipping costs [5][17]. - **Future Capacity Outlook**: An additional 2 million tons of production capacity is expected to be introduced in the first half of 2025, but no new capacity is anticipated from 2026 onwards, indicating a potential improvement in industry profitability [5][12]. - **Inventory Levels**: Current social inventory has decreased significantly compared to the end of last year, although it remains high relative to historical data due to recent increases in total inventory levels [10]. - **Market Sentiment**: The industry outlook is cautiously optimistic, supported by the cooperation of major enterprises, particularly state-owned companies like China Resources [8]. Conclusion The polyester bottle chip industry is undergoing significant changes with a focus on production cuts and capacity control to stabilize prices and improve profitability. The establishment of a supervisory committee and the commitment to avoid new capacity additions reflect a strategic shift towards sustainable growth in the sector.