点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 粗纱业务：25H1量价同比均有增长，25Q2粗纱吨盈利同环比持续走高 测算25H1公司粗纱业务收入约73亿元，同比+17%；销量158万吨，同比+4%；扣非净利润13.4亿元，同比 +150%；测算粗纱业务吨收入约4619元，同比+12%；吨扣非净利润约849元，同比+140%。测算25Q2粗纱业务 收入约37亿元，同比+7%；扣非净利润约7.3亿元，同比+92%；销量78万吨，同比-6%，环比-2%；吨收入4721 元，同比+14%、环比+4%；吨扣非净利润931元，同比+105%，环比+21%。整体来看，粗纱板块量价两端同 比均有改善，盈利能力显著修复。2025H1，玻纤主要下游应用领域需求增加，产品销量同比提升，尤其是风 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002080 | 中材科技 | 32.72 | 5.38% | 44.93万 | 14.55 Z | | 002201 | 九鼎新材 | 8.45 | 4.71% | 23.09万 | · 1.93亿 | | 603256 | 宏和科技 | 36.45 | 4.38% | 20.90万 | 7.49亿 | | 618009 | 耀皮玻璃 | 6.38 | 3.91% | 21.36万 | 1.35亿 | | 600586 | 金晶科技 | 5.13 | 3.64% | 45.37万 | 2.29亿 | | 601636 | 旗滨隼团 | 6.63 | 2.95% | 61.45万 | 4.04亿 | | 300196 | 长海股份 | 15.62 | 2.63% | 9.54万 | 1.47 亿 | | 605006 | 山东坡纤 | 7.78 | 2.37% | 11.78万 | 9078.19万 | | 600176 | 中国巨石 | + 14 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 17.4 CNY [2][8]. Core Insights - The company achieved a revenue of 9.109 billion CNY in the first half of 2025, representing a year-on-year growth of 17.70%, while the net profit attributable to shareholders reached 1.687 billion CNY, up 75.51% year-on-year [2][4]. - The report highlights the acceleration of production base construction, with significant expansions in various locations, including Jiangxi, Sichuan, and Egypt, enhancing the company's global market coverage [2][8]. - The demand for fiberglass products is recovering, supported by increased production in downstream sectors such as electronics and renewable energy, which has positively impacted sales volumes [2][8]. Financial Performance Summary - The total revenue forecast for 2025 is 17.415 billion CNY, with a projected growth rate of 9.8% [4]. - The net profit attributable to shareholders is expected to reach 3.486 billion CNY in 2025, reflecting a growth rate of 42.6% [4]. - The company's earnings per share (EPS) for 2025 is estimated at 0.87 CNY, with a price-to-earnings (P/E) ratio of 17 times [4][8]. Market Position and Competitive Advantage - The company is positioned as a leader in the fiberglass industry, benefiting from significant cost advantages and a robust market presence [2][8]. - The report emphasizes the company's ability to reduce operating expenses, with a decrease in the expense ratio to 8.96% in the first half of 2025 [2][8]. - The company has a strong cash flow, with a net operating cash flow of 1.44 billion CNY, marking a 535% increase compared to the same period in 2024 [2][8].

买入（维持） 当前价：14.45 元 作者 2025 年 9 月 5 日 公司研究 25H1 量价齐升，25Q2 盈利能力同环比持续向好 ——中国巨石（600176.SH）2025 年半年报点评 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 sunwf@ebscn.com 分析师：陈奇凡 执业证书编号：S0930523050002 021-52523819 chenqf@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 40.03 | | --- | --- | | 总市值(亿元)： | 578.45 | | 一年最低/最高(元)： | 8.63/16.72 | | 近 3 月换手率： | 82.41% | 股价相对走势 -10% 11% 31% 52% 73% 09/24 12/24 03/25 06/25 中国巨石 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 10.25 | 14.62 | 22.34 | | 绝对 | 16.63 | ...

资金流向方面，主力资金净流入2217.34万元，特大单买入5131.52万元，占比6.87%，卖出4441.72万 元，占比5.95%；大单买入2.25亿元，占比30.16%，卖出2.10亿元，占比28.12%。 中国巨石今年以来股价涨32.20%，近5个交易日跌5.57%，近20日涨19.84%，近60日涨31.72%。 资料显示，中国巨石股份有限公司位于浙江省桐乡市凤凰湖大道318号，成立日期1999年4月16日，上市 日期1999年4月22日，公司主营业务涉及公司主要从事玻璃纤维及制品的生产、销售。主营业务收入构 成为：玻纤及其制品97.63%，其他(补充)1.98%，其他0.39%。 9月5日，中国巨石盘中上涨2.01%，截至13:10，报14.74元/股，成交7.46亿元，换手率1.28%，总市值 590.06亿元。 中国巨石所属申万行业为：建筑材料-玻璃玻纤-玻纤制造。所属概念板块包括：大盘、基金重仓、 MSCI中国、中国建材集团、PCB概念等。 截至6月30日，中国巨石股东户数10.31万，较上期增加6.61%；人均流通股38836股，较上期减少 6.20%。2025年1月-6月，中国巨石实现营 ...

格隆汇9月4日｜国盛证券研报指出，中国巨石上半年实现归母净利润16.87亿元，同比增长75.51%，其 中非流动资产处置损失等非经常性损失金额1414万元，去年同期为3.33亿元，对应扣非后归母净利润 17.01亿元，同比大幅增长170.74%。单Q2来看，公司取得收入46.3亿元，同比增长6.28%，实现归母净 利润9.57亿元，同比增长56.58%。中国巨石是国内玻纤粗纱及电子厚布领域的龙头企业，成本及结构优 势深厚，头部地位稳固。预计2025-2027年公司归母净利润分别为36.4亿、38.6亿、47.2亿，对应估值分 别为16倍、15倍、13倍，维持"买入"评级。 ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 特种电子布需求蓝海，国内龙头积极扩张 ——建材周专题 2025W34 报告要点 [Table_Summary] 特种电子布需求蓝海，国内龙头积极扩张 基本面：水泥价格延续上涨，玻璃库存由升转降 推荐特种布和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 特种电子布需求蓝海，国内龙头积极扩张 2] ——建材周专题 2025W34 [Table_Summary2] 特种电子布需求蓝海，国内龙头积极扩张 中材科技发布新扩产公告，彰显决心。泰山玻纤拟在山东济宁投资 18.1 亿元建设年产 3500 万 米特种纤维布项目，拟在山东泰安投资 1 ...

Group 1 - The PEEK materials concept increased by 0.80%, ranking second in the concept sector, with 21 stocks rising, including Huami New Materials, Weike Technology, and Shuangyi Technology, which rose by 9.83%, 8.72%, and 8.45% respectively [1][2] - The concept sector saw a net outflow of 1.11 billion yuan, with 13 stocks experiencing net inflows, and 7 stocks receiving over 30 million yuan in net inflows, led by Shuangyi Technology with a net inflow of 90.83 million yuan [2][3] - The top three stocks by net inflow ratio were Meihua Medical, Shuangyi Technology, and Weike Technology, with net inflow ratios of 8.22%, 7.51%, and 7.43% respectively [3] Group 2 - The PEEK materials concept was among the top gainers, while other concepts like F5G and WiFi 6 experienced declines of -5.20% and -5.15% respectively [2] - The stocks with the largest declines included China Jushi, Shengbang Co., and Huitong Co., which fell by 7.48%, 5.14%, and 3.52% respectively [1][5] - The trading volume and turnover rates for leading stocks in the PEEK materials concept were significant, with Shuangyi Technology having a turnover rate of 28.81% and Weike Technology at 13.01% [3][4]

玻璃玻纤 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 中国巨石（600176.SH） 证券研究报告/公司点评报告 2025 年 09 月 02 日 执业证书编号：S0740521120003 Email：nielei@zts.com.cn 联系人：徐思博 Email：xusb@zts.com.cn | 总股本(百万股) | 4,003.14 | | --- | --- | | 流通股本(百万股) | 4,003.14 | | 市价(元) | 16.30 | | 市值(百万元) | 65,251.13 | | 流通市值(百万元) | 65,251.13 | 势凸显》2025-03-21 续修复》2024-10-25 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：孙颖 | | 营业收入（百万元） | | ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by improved supply-demand dynamics in the fiberglass industry and effective operational strategies [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 9.109 billion yuan, a year-on-year increase of 17.70%, and a net profit attributable to shareholders of 1.687 billion yuan, up 75.51% [1]. - For Q2 2025, total revenue was 4.630 billion yuan, reflecting a year-on-year growth of 6.28%, with a net profit of 957 million yuan, an increase of 56.58% [1]. - The mid-year profit distribution plan includes a cash dividend of 1.70 yuan per 10 shares, totaling 680 million yuan, which accounts for 40.34% of the net profit [1]. Group 2: Industry Dynamics - The fiberglass industry has seen improvements in supply and demand, with leading companies optimizing production capacity and product structure, moving away from intense competition [1]. - Demand from key downstream applications, such as wind power and thermoplastics, has increased, leading to a notable rise in fiberglass product prices [1]. Group 3: Operational Strategies - The company is capitalizing on the structural growth opportunities in the wind power market and continuously optimizing its product mix [1]. - The marketing strategy focuses on "increment, stable price, recovery price, and price adjustment," effectively achieving simultaneous growth in volume and price for fiberglass yarn and electronic cloth [1]. - The company is advancing the construction of production bases to enhance quality, efficiency, and stable sales growth [1]. Group 4: Profitability and Competitive Advantage - The company's gross margin improved by 10.71 percentage points to 32.21%, benefiting from multiple rounds of price increases [2]. - The comprehensive expense ratio decreased by 1.29 percentage points, while the net profit margin increased by 6.54 percentage points to 19.30%, indicating a significant recovery in profitability [2]. - The company maintains a leading position in the fiberglass industry, with strong scale and cost advantages, and is focused on high-end product transformation [2]. Group 5: Future Outlook - Earnings per share (EPS) are projected to be 0.80 yuan, 0.91 yuan, and 1.06 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 18x, 16x, and 13x [3]. - The ongoing trend of price stabilization and recovery in the industry is expected to support the company's earnings resilience, maintaining a "buy" rating [3].