新凤鸣集团股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元 25,000 万元~50,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 2,377.64 | | 累计已回购股数占总股本比例 | 1.56% | | 累计已回购金额 | 27,655.5708 万元 | | 实际回购价格区间 | 元/股~14.85 元/股 9.60 | 一、 回购股份的基本情况 2024 年 1 月 31 日，新凤鸣集团股份有限公司（以下简称"公司"）第六届董 事会第十次会议审议并通过了《关于以集中竞价交易方式回购股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 performance was impacted by fluctuating crude oil prices, leading to a decline in profitability, but cash flow improved significantly [2] - Revenue for Q3 2024 reached 17,924 million yuan, up 11.91% YoY and 6.56% QoQ, while net profit attributable to shareholders was 141 million yuan, down 65.41% YoY and 57.23% QoQ [3] - The company's cash flow from operating activities in Q3 2024 surged to 4,745 million yuan, showing significant YoY and QoQ growth [3] - The report expects the company's performance to improve in Q4 2024 due to seasonal demand from e-commerce festivals and Christmas orders [3] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 49,197 million yuan, up 11.31% YoY, but net profit attributable to shareholders fell 15.91% YoY to 746 million yuan [2] - Gross profit margin for Q3 2024 was 4.92%, down 2.72 percentage points YoY and 1.19 percentage points QoQ [3] - Net profit margin for Q3 2024 was 0.79%, down 1.75 percentage points YoY and 1.17 percentage points QoQ [3] - The company's POY sales volume in Q3 2024 increased 18.83% QoQ to 1,479,300 tons, but the average price fell 3.19% QoQ to 6,690.11 yuan/ton [3] Industry and Market Position - The company is a leading player in the domestic polyester filament industry, with a market share of over 12% in the civilian polyester filament sector [5] - As of 2023, the company's polyester filament production capacity reached 7.4 million tons, ranking second in the domestic market [5] - The company has a vertically integrated production chain from PTA to polyester and spinning, enhancing its competitive advantage [5] - The polyester filament industry is expected to see further consolidation, with large enterprises leveraging scale and technological advantages to expand [4] Future Outlook - The report forecasts the company's revenue for 2024-2026 to be 63,651 million yuan, 70,854 million yuan, and 77,478 million yuan, respectively [6] - Net profit attributable to shareholders is expected to be 1,083 million yuan, 1,447 million yuan, and 1,711 million yuan for 2024-2026, with corresponding P/E ratios of 16x, 12x, and 10x [6] - The company plans to optimize its product structure and enhance competitiveness, focusing on differentiated filament production in the next 1-2 years [5] - The polyester fiber industry is expected to benefit from domestic economic stabilization policies, driving demand growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 49.197 billion yuan in Q3 2024, representing a year-on-year increase of 11.31%, while the net profit attributable to shareholders decreased by 15.91% to 746 million yuan [1] - The polyester filament industry is experiencing significant pressure due to lower-than-expected demand and rising costs, leading to a decline in profitability [1] - The company is gradually ramping up its production capacity, with an expected addition of 400,000 tons in the second half of 2024 [1] - The long-term competitive landscape of the polyester filament industry is becoming more rational, with a high concentration ratio of 81.5% for the top six producers [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 17.924 billion yuan, with a year-on-year decline in net profit of 65.41% [1] - The company’s sales volumes for POY, FDY, DTY, short fibers, and PTA were 1.479 million tons, 388,000 tons, 202,000 tons, 307,000 tons, and 111,000 tons respectively, with significant growth in POY sales [1] - The average prices for POY, FDY, DTY, short fibers, and PTA in Q3 were 6,690.3 yuan, 7,568.2 yuan, 8,698.7 yuan, 6,645.8 yuan, and 4,771.32 yuan per ton, showing a decline in prices across most products [1][2] Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 972 million yuan, 1.397 billion yuan, and 1.808 billion yuan respectively, with corresponding P/E ratios of 18.56, 12.91, and 9.98 [2][3] - Revenue is expected to grow from 61.469 billion yuan in 2024 to 74.568 billion yuan in 2026, with a compound annual growth rate of approximately 7% [2][3]

新凤鸣（603225.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 主产品价差收窄，24Q3 利润同环比下降 2024 年 10 月 29 日 ➢ 事件：2024 年 10 月 28 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现营业收入 491.97 亿元，同比增长 11.31%；归属于上市公司股 东的净利润为 7.46 亿元，同比下滑 15.91%；归属于上市公司股东的扣除非经常 性损益的净利润为 6.37 亿元，同比下滑 13.60%。 ➢ 24Q3 归母净利润同环比下降。2024 年第三季度，公司实现营业收入 179.24 亿元，同比增长 11.91%，环比增长 6.56%；归属于上市公司股东的净利润为 1.41 亿元，同比下降 65.41%，环比下降 57.23%；归属于上市公司股东的扣除非经 常性损益的净利润为 0.98 亿元，同比下降 73.41%，环比下降 68.23%。 ➢ 24Q1~Q3 主产品产销高增。2024 年前三季度，公司实现 POY 产/销量分 别为 386.2/380.6 万吨，同比+14.8%/+15.2%；实现 ...

证券研究报告 非金融公司|公司点评|新凤鸣（603225） 政策落地，需求有望复苏 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 新凤鸣于 2024 年 10 月 28 日发布 2024 年第三季度业绩报告，2024 年前三季度公司实现营业 收入 491.97 亿元，同比增加 11.31%，实现归母净利润 7.46 亿元，同比减少 15.91%。其中， 2024Q3 实现营业收入 179.24 亿元，同比增加 11.91%，环比增加 6.56%，实现归母净利润 1.41 亿元，同比减少 65.41%，环比-57.23%。 |分析师及联系人 许隽逸 张玮航 陈律楼 陈康迪 SAC：S0590524060003 SAC：S0590524090003 SAC：S0590524080002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 2024年10月29日 glzqdatemark2 新凤鸣(603225) 政策落地，需求有望复苏 | --- | --- | |----------------------------|--------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q3 performance under pressure due to inventory losses, with a year-on-year revenue increase of 11.31% for the first three quarters of 2024, totaling 49.197 billion yuan, while the net profit attributable to shareholders decreased by 15.91% to 746 million yuan [3] - The report anticipates a recovery in long filament profitability due to an improved supply structure, despite a downward adjustment in profit forecasts for 2024-2026 [3] Financial Summary - For Q3 2024, the company achieved revenue of 17.924 billion yuan, a year-on-year increase of 11.91% and a quarter-on-quarter increase of 6.56%. However, the net profit attributable to shareholders was 141 million yuan, down 65.41% year-on-year and 57.23% quarter-on-quarter [3] - The company’s long filament sales volume in Q3 2024 was 2.0699 million tons, with a quarter-on-quarter increase of 14.39%. The average selling prices for POY, FDY, and DTY products decreased by 3.19%, 2.67%, and 1.31% respectively compared to Q2 [3] - The report projects net profits for 2024-2026 to be 1.143 billion yuan, 2.080 billion yuan, and 2.361 billion yuan respectively, with corresponding EPS of 0.75 yuan, 1.36 yuan, and 1.55 yuan [3][5] Industry Outlook - The report indicates that the growth rate of new long filament production capacity will significantly slow down starting in 2024, with an expected net increase of only 900,000 tons in the industry [3] - The long filament industry is expected to see a significant improvement in supply structure, benefiting from steady growth in domestic demand and marginal improvements in terminal textile and apparel exports [3]

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| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-122 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 日常关联交易对上市公司的影响：关联交易的价格公允、合理，公司与 关联人的关联交易严格按照关联交易定价原则执行，关联交易金额占比较小，不 会影响公司业务和经营的独立性，不会对公司财务状况和经营成果产生不利影 响。 新凤鸣集团股份有限公司 关于新增公司 2024 年度与关联方日常关联交易预计金额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 是否需要提交股东大会审议：是 （二）2024年与关联方日常关联交易预计情况 公司于2024年3月26日披露了《新凤鸣集团股份有限公司关于确认公司2023 1 一、日常关联交易的基本情况 现根据公司的日常生产经营需要，拟增加与关联方新凤鸣控股集团有限公司 （以下简称"新凤鸣控股")和浙江赛弥尔新材料科技有限公司（以下简称"赛 弥尔"）日常关联交易预计金额6,500.00万元，具 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2024-121 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 2024 年三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 新凤鸣集团股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号行业信息披露：第十三号——化工》要求，现将 2024 年三季度主要经营数据披露如下： 1 特此公告。 新凤鸣集团股份有限公司董事会 2024 年 10 月 29 日 2 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2024年1-9月 产量（万吨） | 2024年1-9月 销量（万吨） | 2024年1-9月 营业收入（万元） | | | --- | --- | --- | --- | --- | | POY | 386.20 | 380.61 | | 2,591,767.32 | | FDY | 11 ...

证券代码：603225 证券简称：新凤鸣 公告编号：2024-124 新凤鸣集团股份有限公司 关于召开 2024 年第五次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第五次临时股东大会 召开的日期时间：2024 年 11 月 13 日 14 点 00 分 召开地点：浙江省桐乡市洲泉工业区德胜路 888 号公司五楼一号会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 13 日 至 2024 年 11 月 13 日 无 二、 会议审议事项 本次股东大会审议议案及投票股 ...