研報掘金丨財信證券:維持桐昆股份“買入”評級,投建長草東煤礦完善新疆一體化佈局
財信證券研報指出,桐昆股份投建長草東煤礦,完善新疆一體化佈局。建設該項目是公司進一步向上延伸產業鏈,完善聚酯化纖主業原料供應、保障新疆當地生產裝置燃料穩定供應的需要。該項目的建設是公司完善聚酯化纖主業原料供應、保障新疆當地生產裝置燃料穩定供應的需要,2025年公司在新疆的中昆新材料熱電聯產項目、宇欣新材料熱電聯產項目預計消耗燃料煤50萬噸。近年來,公司前瞻佈局新疆市場,利用新疆地區豐富低廉的原材料資源打造滌綸產業鏈優勢。行業週期處於歷史底部,給予公司2025年1.0-1.2倍PB,維持“買入”評級。
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