[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 ...

事件：公司发布2025年一季报，报告期内实现收入145.6亿元，同比增长0.73%，归母净利润3.06 亿元， 同比增长11.35%，扣非净利润2.60 亿元，同比增长13.13%。 具有较强的规模化优势，持续完善产业链一体化。公司已形成"PTA-聚酯-纺丝-加弹"产业链一体化和规 模化的经营格局，截至目前公司涤纶长丝产能805万吨，市场占有率超过12%，国内民用涤纶长丝行业 第二；涤纶短纤产能120万吨，国内涤纶短纤产量位居第一。今年下半年公司预计新增40 万吨长丝产 能，未来产能投放将会根据行业整体需求情况稳步推进。公司PTA 扩产项目也在持续推进中，截至目 前公司PTA 产能达到770 万吨，预计到2025 年年底，公司PTA 产能将突破1000 万吨，公司独山能源 PTA 基地也将成为规模性的PTA-聚酯一体化基地，大大提升了公司资源配置效率和效益。 维持"增持"投资评级。预计2025-2027 年公司归母净利润分别为14.6 亿、18.2 亿、22.3 亿元，EPS 分别 为 0.96、1.19、1.46 元，当前股价对应PE分别为11、9、7 倍，维持"增持"投资评级。 风险提示：下游市场需求不足 ...

Core Viewpoint - The company is experiencing a year-on-year increase in net profit for 2024 and Q1 2025, driven by growth in polyester filament sales and production capacity expansion [1][2]. Group 1: Financial Performance - In 2024, the company expects revenue of 67.09 billion yuan (up 9.1% year-on-year) and a net profit of 1.1 billion yuan (up 1.3% year-on-year) [1]. - Q1 2025 revenue is projected at 14.56 billion yuan (up 0.7% year-on-year, down 18.6% quarter-on-quarter) with a net profit of 310 million yuan (up 11.4% year-on-year, down 13.7% quarter-on-quarter) [1]. - The company’s polyester filament production capacity is currently 8.05 million tons, expected to reach 8.45 million tons by the end of 2025 [1]. Group 2: Product Sales and Pricing - Polyester filament sales for 2024 are projected at 5.247 million tons for POY, 1.4985 million tons for FDY, and 808,400 tons for DTY, reflecting year-on-year increases of 13.4%, 5.5%, and 5.6% respectively [1]. - The average selling prices for POY, FDY, and DTY in 2024 are expected to be 6,670 yuan, 7,527 yuan, and 8,801 yuan per ton, with year-on-year changes of -1.9%, -1.9%, and +3.6% respectively [2]. - The gross profit margins for POY, FDY, and DTY are 4.3%, 10.9%, and 7.8%, showing year-on-year changes of -0.6, -0.3, and +2.3 percentage points respectively [2]. Group 3: PTA Production and Market Dynamics - The company has a PTA production capacity of 7.7 million tons, with most of it used for self-supply [2]. - In 2024, PTA sales are expected to be 484,700 tons (down 1.9% year-on-year) with a gross profit margin of -1.3% [2]. - The average selling price for PTA in Q1 2025 is projected at 4,381 yuan per ton (down 16% year-on-year, up 2% quarter-on-quarter) [2]. Group 4: Short Fiber Performance - The company leads the domestic market in polyester staple fiber with a production capacity of 1.2 million tons [3]. - In 2024, short fiber sales are expected to reach 1.304 million tons (up 11.8% year-on-year) with an average selling price of 6,559 yuan per ton (up 0.6% year-on-year) [3].

投资咨询业务资格:证监许可【2012】31号 | 瓶片短纤数据日报 | | | | 国贸期货研究院 | 技资咨询号 Z0017251 | | --- | --- | --- | --- | --- | | | | | | 2025/4/30 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/4/28 | 2025/4/29 | 变动值 | | | PTA现货价格 | 4585 | 4540 | (45.00) | | | | | | | 现货资讯: | | MEG内盘价格 | 4210 | 4216 | 6.00 | 短纤:涤纶短纤涨46至6184。现货市场:涤纶 | | PTA收盘价 | 4480 | 4440 | (40.00) | 短纤生产企业价格稳定,贸易商价格涨跌互现, | | MEG收盘价 | 4190 | 4187 | (3.00) | 部分下游有囤货需求,场内成交分化。 | | | | | | 1.56dtex*38mm半光本白(1.4D)涤纶短纤华东市 | | 1.4D直纺涤短 | 6460 | 6430 | ...

Core Viewpoint - The company is transitioning to a vertical model for industrial AI and has successfully delivered projects in recycled nylon and food-grade recycled PET, establishing a comprehensive solution for recycled polymers [1][3]. Financial Summary - The company maintains a "Buy" rating despite a 32% year-on-year decrease in contract liabilities for 2024, leading to downward adjustments in net profit forecasts for 2025-2027 [2]. - The projected net profits for 2025, 2026, and 2027 are revised to 399 million, 442 million, and 488 million yuan respectively, with corresponding EPS of 1.25, 1.38, and 1.53 yuan [2]. - Revenue for 2024 is expected to be 1.074 billion yuan, a 14% year-on-year decline, while net profit attributable to shareholders is projected at 318 million yuan, a 10% increase [2]. Business Development - The company has completed the "Textile Industry Big Data Factory Project," which is now operational, and has upgraded its industrial AI integrated solutions to focus on vertical models and industry-specific applications [3]. - Revenue from industrial AI integrated solutions reached 67.22 million yuan in 2024, reflecting a 12% year-on-year growth [3]. - The company has successfully delivered projects in recycled nylon and food-grade recycled PET, establishing a series of solutions for recycled polymers [3].

2025 年 04 月 30 日 桐昆股份 (601233) ——业绩符合预期，长丝和炼化业绩均有提升 上 市 公 司 石油石化 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 10.56 | | 一年内最高/最低（元） | 16.44/9.63 | | 市净率 | 0.7 | | 股息率%（分红/股价） | 0.41 | | 流通 A 股市值（百万元） | 25,301 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 15.45 | | 资产负债率% | 65.88 | | 总股本/流通 A 股（百万） | 2,405/2,396 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 0 ...

证券代码：000703 证券简称：恒逸石化 恒逸石化股份有限公司投资者关系活动记录表 编号：20250429 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访  业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 申万宏源证券、国信证券、南方基金、中信证券、壹拾资产、 | | 及人员姓名 | 青骊资产、度势投资、农银汇理基金、五矿信托（以上排名 | | | 不分先后） | | 时间 | 2025 年 4 月 29 日，9：00—10：00 | | 地点 | 电话会议 | | 上市公司接待 | 证券事务代表：赵冠双 | | 人员姓名 | | | | 一、公司基本经营概况 恒逸石化（股票代码：000703.SZ）作为全球领先的"炼 | | | 油—化工—化纤"全产业链一体化龙头企业，始终秉持"一 | | | 滴油，两根丝"的战略定位，通过文莱炼化项目的前瞻性布 | | | 局，成功打通从原油加工到化纤产品的全产业链闭环，构建 | | 投 资 者 关 系 活 ...