证 券 研 究 报 告 新凤鸣（603225）2024 年中报点评 强推（维持） Q2 实现同环比增长，Q3 旺季来临后盈利有 望持续改善 事项： ❖ 公司发布 2024 年半年报，2024H1 实现营收 312.72 亿元，同比+10.96%，实现 归母净利润 6.05 亿元，同比+26.17%，其中 24Q2 实现营收 168.20 亿元，同比 增长 7.32%/环比增长 16.38%，归母净利润 3.29 亿元，同比+13.70%/环比 +19.73%，扣非归母净利润 3.09 亿元，同比+21.15%/环比+34.27%。 评论： ❖ 24Q2 涤纶长丝盈利好转，Q3 旺季来临盈利有望持续改善。2024 年上半年涤 纶长丝行业国内下游需求较好，上半年加弹、织造设备持续投产，涤纶长丝直 接需求提升。根据经营数据显示，涤纶长丝 H1 销量合计为 338.77 万吨，同比 +6.7%；单二季度销量合计为 180.95 万吨，环比+14.7%。单价方面，二季度整 体成交价有较好支撑，根据经营数据显示，24H1POY 均价为 0.69 万元/吨，同 比+2.0%，FDY 均价为 0.78 万元/吨，同比+3.0 ...

证券研究报告 公司点评 新凤鸣(603225.SH) 2024 年 09 月 09 日 评级 增持 | --- | --- | |----------------------------------------|-------------| | 当前价格（元） | 10.03 | | | 10.03-15.86 | | 52 周价格区间（元） 总市值（百万） | 15293.39 | | 流通市值（百万） | 15293.39 | | 总股本（万股） | 152476.50 | | 流通股（万股） | 152476.50 | 涨跌幅比较 新凤鸣 化学纤维 -32% -12% 8% 28% 2023-09 2023-12 2024-03 2024-06 2024-09 % 1M 3M 12M 周策 分析师 执业证书编号:S0530519020001 zhouce67@hnchasing.com 相关报告 新凤鸣 -20.52 -28.51 -24.84 化学纤维 -7.52 -14.05 -28.91 1 新凤鸣（603225.SH）2023 年年报点评：行业 景气回升，产能规划清晰 2024-03-28 基础 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2024-110 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 关于"凤21转债"预计满足转股价格修正条件的提示性公告 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： 本次触发转股价格修正条件的期间从 2024 年 8 月 27 日起算，截至 2024 年 9 月 9 日收盘，公司股票已有连续十个交易日的收盘价低于"凤 21 转债"当期转 股价格的 85%（即 13.60 元/股）的情形，预计将触发"凤 21 转债"转股价格的 向下修正条款。若未来触发转股价格向下修正条款，即公司股票在未来二十个交 易日内有五个交易日的收盘价格继续低于当期转股价格的 85%，公司将于触发条 件当日及时召开董事会审议是否行使"凤 21 转债"转股价格向下修正权利，并 及时履行信息披露义务。敬请广大投资者了解相关规定，并关注公司后续公告， 注意投资风险。 一 ...

新凤鸣集团股份有限公司 关于以集中竞价交易方式回购公司股份比例达到 1% 暨股份回购进展公告 证券代码：603225 证券简称：新凤鸣 公告编号：2024-109 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 个月 12 | | 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 | 1,963.37 万股 | | 累计已回购股数占总股本比例 | 1.29% | | 累计已回购金额 | 23,569.6836 万元 | | 实际回购价格区间 | 10.04 元/股~14.85 元/股 | 一、 回购股份的基本情况 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关 ...

证券研究报告| 公司动态点评 2024 年 09 月 03 日 新凤鸣（603225.SH） 1H24 公司利润同比较好增长，产能释放明显 | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|-------|--------|--------|--------|--------| | | | | | | | | | 财务指标 | 2022A | | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 50,787 | | 61,469 | 67,119 | 72,637 | 76,706 | | 增长率 yoy （ % ） | 13.4 | | 21.0 | 9.2 | 8.2 | 5.6 | | 归母净利润（百万元） | -206 | | 1,086 | 1,526 | 2,429 | 2,732 | | 增长率 yoy （ % ） | -109.1 | | 628.4 | 40.5 | 59.2 | 12.5 | | ROE （ % ） | -1.3 | | 6.5 ...

股 票 研 究 ——新凤鸣 2024 年中报点评 中报业绩符合预期，静待需求回暖 新凤鸣(603225) 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_Target] 目标价格： 15.15 上次预测: 19.18 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|----------------------------| | | | | | | | [table_Authors] 孙羲昱 ( 分析师 ) | 杨思远 ( 分析师 ) | 陈浩越 ( 研究助理 ) | | | 021-38677369 | 021-38032022 | 021-38031035 | | | sunxiyu@gtjas.com | yangsiyuan026856@gtjas.com | chenhaoyue028692@gtjas.com | | 登记编号 | S0880517090003 ...

公司点评 二季度业绩同环比提升，看好需求回暖下的景气上行 新凤鸣（603225.SH）/化工 证券研究报告/公司点评 2024 年 9 月 3 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|---------------------------------------------|---------|----------------------------------|--------|---------------------------|--------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 10.59 元 | [Table_Finance] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：孙颖 | 营业收入（百万元） | 50,787 | 61,469 | ...

Investment Rating - Buy (Maintained) [2] Core Views - The company achieved steady growth in H1 2024, with revenue of 31.27 billion yuan, up 11.0% YoY, and net profit attributable to shareholders of 605 million yuan, up 26.2% YoY [2] - Q2 2024 revenue was 16.82 billion yuan, up 7.3% YoY and 16.4% QoQ, with net profit attributable to shareholders of 329 million yuan, up 13.7% YoY and 19.7% QoQ [2] - The company's polyester filament sales volume reached 3.388 million tons in H1 2024, up 6.7% YoY, and short fiber sales volume was 623,000 tons, up 25.7% YoY [2] - The company launched a restricted stock incentive plan in August 2024, setting performance targets for revenue and net profit growth from 2024 to 2026, reflecting confidence in long-term development [2] - The company is expanding its upstream PTA capacity, with a planned 5.4 million tons project expected to reach 10 million tons by the end of 2025, ensuring raw material supply for polyester filament production [2] Financial Performance Summary Revenue and Profit - 2024E revenue is projected at 68.11 billion yuan, with net profit attributable to shareholders of 1.513 billion yuan [7] - 2025E revenue is projected at 73.88 billion yuan, with net profit attributable to shareholders of 2.031 billion yuan [7] - 2026E revenue is projected at 80.84 billion yuan, with net profit attributable to shareholders of 2.408 billion yuan [7] Profitability Ratios - Gross margin is expected to improve from 5.8% in 2023 to 7.2% in 2026 [7] - ROE (diluted) is projected to increase from 6.5% in 2023 to 11.4% in 2026 [7] Valuation Metrics - 2024E P/E ratio is 11x, decreasing to 7x by 2026 [7] - 2024E P/B ratio is 1.0x, decreasing to 0.8x by 2026 [7] Industry and Company Outlook - The company is expected to benefit from the upcoming peak season for polyester filament demand and industry-wide production cuts, which may improve supply-demand dynamics and enhance profitability [2] - The company continues to strengthen its position as a leading polyester producer, with capacity expansion expected to further increase market share [2]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 31.272 billion yuan for the first half of 2024, representing a year-on-year increase of 10.96% but a quarter-on-quarter decrease of 6.05% [4] - The net profit attributable to the parent company was 604.7 million yuan, showing a year-on-year increase of 26.17% and a quarter-on-quarter decrease of 0.37% [4] - The company is actively responding to environmental policies by implementing measures to reduce carbon emissions, including the installation of photovoltaic power generation systems and waste heat power generation [4] - Earnings per share (EPS) for 2024 is projected to be 1.04 yuan, with a reasonable valuation range of 12.48 to 14.56 yuan based on a price-to-earnings (PE) ratio of 12-14 times [4] Financial Performance Summary - The company’s revenue for 2023 is estimated at 61.469 billion yuan, with a year-on-year growth of 21.0% [5] - The net profit for 2023 is projected to be 1.086 billion yuan, reflecting a significant year-on-year increase of 628.4% [5] - The gross profit margin is expected to improve from 5.8% in 2023 to 6.9% in 2024 [7] - The company’s total assets are projected to reach 46.763 billion yuan by 2024 [8] Sales and Pricing - The sales volume for POY in the first half of 2024 was 2.3268 million tons, up 8.73% year-on-year, while PTA sales volume decreased by 4.55% to 226,500 tons [4] - The average price for POY was 6,885.30 yuan per ton, reflecting a year-on-year increase of 1.99% [4] Valuation Metrics - The projected price-to-earnings (P/E) ratio for 2024 is 10.24, indicating a favorable valuation compared to industry peers [7] - The projected price-to-book (P/B) ratio for 2024 is 0.92, suggesting the stock is undervalued relative to its book value [7]

证券代码：603225 证券简称：新凤鸣 公告编号：2024-108 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 1,472.02 | | 累计已回购股数占总股本比例 | 0.97% | | 累计已回购金额 | 18,436.81 万元 | | 实际回购价格区间 | 元/股~14.85 元/股 10.31 | 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》， ...