| 套 | 年 | 气 | 装 | 启 | 该 | 装 | 前 | 停 | 车 | 陕 | 吨 | 的 | 合 | 成 | 制 | 醇 | 近 | 中 | 此 | 上 | 旬 | 检 | 修 | 装 | 信 | 息 | 置 | 重 | 置 | 月 | 置 | 西 | 1 | 0 | 日 | 于 | 万 | / | 乙 | 4 | 二 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

——公司简评报告 [table_main] 投资要点 买入（维持） 报告原因：业绩点评 [桐昆股份（ Table_NewTitle] 601233）：盈利同比改善明 显，继续稳固龙头优势 [Table_Reportdate] 2025年05月08日 公 司 简 评 ➢ 风险提示：下游需求不及预期风险；上游能源原料价格剧烈波动；国际政策变动风险。 | [盈利预测与估值简表 Table_profits] | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | 主营收入(百万元) | 61993.35 | 82639.85 | 101306.83 | 95756.72 | 106385.64 | 110795.26 | | 同比增速(%) | 4.84% | 33.30% | 22.59% | -5.48% | 11.10% | 4.14% | | 归母净利润(百万元) | 130.21 | 797.04 | 1201.90 | 2364.28 | ...

继续去化。聚酯工厂随着库存去化,减产的可能 直纺短纤负荷(周) 88. 90% 91. 30% 0. 02 性较低,包括FDY、短纤、瓶片所谓的减产很难 涤纶短纤产销 77.00% 125. 00% 48. 00% 以上数据来自万得资讯。 涤纱开机率(周) 67.00% 67. 00% 0. 00 再生棉型负荷指数(周) 50. 40% 50. 40% 0. 00 涤纶短纤与纯涤纱价格 涤纶短纤现金流 14000 10000 10000 1800 (探偵) 太原始密 T325年深刻价格 (群贝) 解日示52E= 舞想坝金流 ·1.4D直纺条短 9000 9000 13000 1400 8000 8000 12000 1000 7000 7000 6000 11000 600 6000 5000 200 10000 5000 4000 -200 9000 + 3000 2021-01-01 2022-01-01 2023-01-01 2024-01-01 202 5-01-01 2021-01-01 2022-01-01 2023-01-01 2025-01-01 2024-01-01 涤棉纱65/35 45S ...

2024 年公司涤纶长丝、PTA 产销量增长较大。2024 年，公司实现涤纶长丝产量1282 万吨，同比 +22.41%，销量1298 万吨，同比+25.46%；实现PTA 产量118 万吨，同比+16.88%，销量127 万吨，同比 +40.07%。与涤纶长丝和PTA 相比，切片产销率有所下降，2024年实现产量10.33 万吨，同比-39.13%， 销量9.96 万吨，同比-39.34%。 在建项目较多，广西石化聚醚项目计划四季度投产。公司福建恒海项目、安徽佑顺项目、恒翔二期项 目，宇欣二期项目均处于建设阶段，印尼项目已完成上报版可研报告等编制，并在此基础上不断调整和 优化项目实施方案。广西石化聚醚项目正式启动，计划2025 年四季度建成投产。 风险提示。行业市场环境波动，市场需求不及预期，原材料价格上涨。 2024 年公司主要产品产销率增长较大，业绩同比增长。公司在建项目较多，广西石化聚醚项目计划 2025年四季度投产，有望贡献业绩投资要点： 维持"增持" 评级。因油价下跌，长丝产品价格承压，我们下调公司2025-2026 年EPS 为0.85/1.26 元（原 为1.10/1.53 元），新增2027 ...

2025 年 5 月 7 日 行业研究 今日产品价格动向：1）能源：国产 LNG 市场走势偏弱；下游需求有限，国 内动力煤价格弱势运行；原油走势趋弱；市场看空情绪明显，华中汽柴油价 格整体下调。2）化工：华东纯苯价格相对坚挺，南北价差扩大；下游检修 延迟，今日 PX 市场上涨；天然橡胶市场价格走势上行。3）新材料：下游压 价心态不改，负极材料企业仍面临降本增效压力；多晶硅市场活跃度欠佳， 价格有继续走跌趋势；节后市场偏弱势，六氟磷酸锂价格微幅下降。 投资建议：（1）持续看好低估值、高股息、业绩好的"三桶油"及油服板 块。建议关注：中国石油、中国石化、中国海油、中海油服、海油工程、海 油发展；（2）持续看好国产替代趋势下的材料企业，国产半导体材料、面 板材料有望受益，建议关注：晶瑞电材、彤程新材、奥来德；（3）积极的 货币及财政政策陆续出台，地产链及龙头公司有望率先受益，看好农药化肥 及民营大炼化板块，建议关注：万华化学、华鲁恒升、华锦股份；（4）看 好维生素及蛋氨酸板块，建议关注：安迪苏、浙江医药、新和成。 风险分析：原材料快速下跌和维持高位、下游需求不及预期风险。 基础化工 石油化工 交通运输仓储 MXD6 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [6][10]. Core Views - The report emphasizes the importance of focusing on import substitution, domestic demand, and high dividend assets as investment opportunities in the current market environment [6][8]. - It notes that the recent OPEC production cuts have led to a stabilization of international oil prices, with a projected average price of $70 per barrel in 2025 [6][8]. - The chemical industry is experiencing mixed performance, with some sectors like tires and lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [7][22]. Summary by Sections Industry Tracking - International oil prices have fluctuated, with WTI and Brent prices dropping by 7.51% and 8.34% respectively as of May 2 [6][23]. - The domestic gasoline and diesel prices have shown slight declines, reflecting cautious market sentiment amid uncertain tariff policies [24][25]. Price Movements - Significant price increases were observed in sulfuric acid (21.21%) and natural gas (12.74%), while synthetic ammonia saw a notable decline of 13.19% [20][21]. - The report highlights the mixed performance of chemical products, with some experiencing price rebounds while others continue to decline [22][7]. Investment Opportunities - The report suggests focusing on sectors benefiting from import substitution, such as lubricating oil additives and specialty coatings, due to rising domestic prices and difficulties in obtaining imports [8][22]. - It also points out the potential in the tire industry, which has shown resilience against tariff impacts, recommending companies like Senqcia and Sailun Tire [8][22]. Company Focus and Earnings Forecast - The report provides earnings forecasts for key companies, indicating a positive outlook for firms like Xinyangfeng and Ruifeng New Materials, with projected EPS growth [10][22]. - Companies with high dividend yields, such as the "three barrels of oil" (Sinopec, PetroChina, CNOOC), are highlighted as attractive investment options amid rising risk aversion [8][22].

[Table_Chart] 公司价格与沪深 300 走势比较 -40% -20% 0% 20% 4/29 6/29 8/29 10/2912/29 2/28 新凤鸣 沪深300 [Table_Author] 分析师：王强峰 [Table_Author] 分析师：王强峰 [Table_StockNameRptType] 新凤鸣（603225） 公司点评 产销稳步提升，PTA 项目投产一体化程度加深 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 10.84 | | 近 12 个月最高/最低（元） | | 15.86/9.59 | | 总股本（百万股） | | 1,525 | | 流通股本（百万股） | | 1,512 | | 流通股比例（%） | | 99.15 | | 总市值（亿元） | | 165 | | 流通市值（亿元） | | 164 | 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq ...

Core Insights - The article highlights the remarkable economic transformation of Tongxiang City, emphasizing its ability to create significant industrial growth from seemingly limited resources, showcasing a unique "from nothing to something" capability [1][9][24]. Group 1: Economic Development - Tongxiang has demonstrated rapid industrial growth, with notable statistics such as the ability of Tongkun's digital brain to generate approximately 1.5 million OT data in one second and the production line of Tai Rui Machinery producing an injection molding machine in just nine minutes [1]. - The city has achieved a remarkable industrial output value of over 225.86 billion yuan in 2024, transitioning from "China's woolen sweater town" to "the world's woolen sweater capital" [7][9]. - The local economy is characterized by a high density of business ownership, with one in five residents being a business owner, contributing to the city's wealth and economic dynamism [13][24]. Group 2: Industrial Innovation - Tongxiang has established itself as a leader in the new materials industry, with significant contributions to the global wind power sector, producing one out of every three wind turbine blades [15][18]. - The city has developed a complete industrial chain in new materials, from production to processing and composite materials manufacturing, attracting numerous enterprises and fostering a collaborative industrial environment [18][23]. - The establishment of the "U Town Light" supercomputing center has positioned Tongxiang at the forefront of digital innovation, facilitating the digital transformation of traditional industries, particularly in new materials [20][21]. Group 3: Government Support and Strategic Planning - The local government has implemented strategic plans, such as the "135N industrial cluster" strategy, to cultivate the new materials industry, allocating significant funding for development [24][28]. - Tongxiang has established a supportive infrastructure, including the first "light-storage integrated" demonstration park in Zhejiang Province, ensuring sufficient energy supply for enterprises [27][29]. - Various incentive programs, such as the "Eagle Plan" for large enterprises and the "Chick Plan" for startups, provide financial support and resources to foster innovation and growth in the new materials sector [28][29]. Group 4: Future Prospects - The new materials market is projected to grow significantly, with a compound annual growth rate of 13.3% from 2020 to 2025, potentially reaching a market size of 5.6 trillion USD by 2025 [32]. - Tongxiang is positioned to become a key player in the new materials industry, producing 25% of the world's glass fiber and 31% of China's chemical fiber materials, indicating its potential to lead in this sector [32]. - The article concludes by emphasizing the importance of cities like Tongxiang in driving national economic growth, highlighting their role in the broader economic landscape [34][35].

丨证券研究报告丨 公司研究丨点评报告丨桐昆股份（601233.SH） [Table_Title] 产销规模提升，静待景气复苏 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营业收入 1013.1 亿元（同比+22.6%），实现归属净利润 12.0 亿元（同比+50.8%），实现归属扣非净利润 9.3 亿元（同比+105.4%）。其中 Q4 单季度实现收 入 252.6 亿元（同比+20.9%，环比-9.3%），实现归属净利润 2.0 亿元（同环比均扭亏转盈）， 实现归属扣非净利润 1.1 亿元（同环比均扭亏转盈）。公司拟每股派发现金红利 0.1 元（含税）， 合计派发现金红利 2.38 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 桐昆股份（601233.SH） cjzqdt11111 [Table_Title2] 产销规模提升，静待景气复苏 [Table_Summary2] 事件描述 公司发布 202 ...

基础化工 2025 年 05 月 05 日 投资评级：看好（维持） 行业走势图 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 基础化工 沪深300 数据来源：聚源 相关研究报告 《铬盐产业链价格持续上行，本周多 家维生素 ADE 厂家停报—行业周报》 -2025.4.27 《2025 年一季度国内经济平稳起步， 部分农药旺季备货持续下景气上行— 行业周报》-2025.4.20 《本周百菌清、代森锰锌、菊酯等农 药价格上涨，中国调整对原产于美国 的进口商品加征关税措施—行业周 报》-2025.4.13 库存持续释放，涤纶长丝市场走势上行 ——行业周报 推荐标的：【化工龙头白马】万华化学、华鲁恒升、恒力石化、荣盛石化、赛轮 轮胎、扬农化工、新和成、龙佰集团、盐湖股份等；【化纤行业】新凤鸣、桐昆 股份、华峰化学等；【氟化工】金石资源、巨化股份、三美股份、昊华科技等；【农 化&磷化工】兴发集团、利民股份、云图控股、亚钾国际、和邦生物等；【硅】合 盛硅业、硅宝科技；【纯碱&氯碱】远兴能源、三友化工等；【其他】黑猫股份、 振华股份、苏博特、江苏索普等。【新材料】OLE ...