芳烃橡胶早报 天 然 橡 胶 & 2 0 号 胶 日期 美金泰标 现货 美金泰混 现货 人民币混 合胶 上海全乳 上海3L 泰国胶水 泰国杯胶 云南胶水 海南胶水 顺丁橡胶 RU主力 NR主力 2025/06/0 3 1660 1650 13440 12850 14950 56.5 49.5 12700 15000 11300 13450 11810 2025/06/0 4 1680 1665 13550 13055 15000 56.0 44.6 12700 14800 11300 13655 12020 2025/06/0 5 1680 1660 13490 12945 14900 56.0 44.7 12800 14800 11300 13545 11965 2025/06/0 6 1680 1670 13570 13050 14950 56.0 44.9 13000 15000 11500 13650 12025 2025/06/0 9 1680 1680 13650 13125 14850 56.0 45.2 13000 14800 11500 13725 12050 日度变化 0 10 80 75 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][8]. Core Insights - The company reported a revenue of 605 million yuan for Q1 2025, representing a year-on-year increase of 15.05%, but a quarter-on-quarter decrease of 18.44%. The net profit attributable to the parent company was 16 million yuan, down 56.32% year-on-year and down 217.18% quarter-on-quarter [2][6]. - The report highlights that the short fiber industry is stabilizing, with the average prices of PTA and MEG in Q1 2025 being 4951 yuan/ton and 4670 yuan/ton, respectively, showing year-on-year changes of -15.67% and +2.10% [13]. - The company has a strong focus on differentiated and functional products, with a rich product series and excellent quality, which has led to rapid growth in recent years, particularly with the increase in low-melting-point fiber production [13]. Financial Performance - The company expects net profits attributable to the parent company for 2025-2027 to be 140 million yuan, 180 million yuan, and 220 million yuan, respectively, with corresponding PE ratios of 15.5X, 12.1X, and 10.0X [8]. - The operating cash flow for Q1 2025 was -95 million yuan, showing a year-on-year increase of 21.41% but a quarter-on-quarter decrease [2][6]. - The report provides a detailed financial forecast, projecting total revenue to grow from 2.355 billion yuan in 2024 to 3.284 billion yuan in 2027 [17].

海报新闻记者 田柳 报道 业绩稳健 利润空间走低 天富龙以差别化涤纶短纤维的研发、生产和销售为主营业务，产品布局由再生有色涤纶短纤维，拓展至 差别化复合纤维及聚酯新材料，覆盖以"人"为核心的商务、出行、家居、健康护理、衣着等场景。 近几年，天富龙的业绩表现不俗。招股书显示，2022年至2024年，公司营收分别为25.76亿元、33.36亿 元和38.41亿元，归母净利润分别为3.58亿元、4.31亿元和4.54亿元。 值得注意的是，尽管天富龙的营收和净利润连年走高，但利润空间却持续收窄。2022年至2024年，天富 龙的综合毛利率分别为18.86%、18.31%和16.50%，两年时间下跌2.36个百分点。 在综合毛利率不断走低的背景下，天富龙的净利润之所以稳步攀升，主要是因为其享受到了政策扶持。 报告期内，天富龙因享受增值税即征即退税收优惠而增加计入损益的金额分别为0.63亿元、0.54亿元以 及0.87亿元，分别占各期净利润的16.05%、11.68%和17.77%。 图源自天富龙官网 4月23日，扬州天富龙集团股份有限公司（以下简称"天富龙"）上交所主板IPO通过审核。25日，天富龙 提交了注册申请。 ...