XfmGroup(603225) 海通证券·2024-09-03 00:39Investment 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]