证券代码：600176 证券简称：中国巨石 公告编号：2024-067 中国巨石股份有限公司 股份质押公告 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： 振石控股集团有限公司（以下简称"振石集团"）持有中国巨石股份有限公 司（以下简称"公司"）624,225,514 股股份，占公司总股本的 15.59%。截至本 公告披露日，振石集团累计质押公司股份 444,768,000 股，占公司总股本的 11.11%，占其所持公司股份总数的 71.25%。 1、本次股份质押基本情况 | 股东 | 是否为 | 本次质押 | 是否 | 是否 | 质押 | | 质押 | | | 占其所持 | 占公司总 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 控股股东 | 股数（股） | 为限 | 补充 | 起始日 | | 到期日 | | 质权人 | 股份比例 | 股本比例 | 资金用途 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][18]. Core Views - The company has shown a sequential improvement in revenue growth and a significant year-on-year improvement in non-recurring net profit for Q3 2024, with total revenue of 11.632 billion yuan, up 1.81% year-on-year, and a net profit attributable to shareholders of 1.533 billion yuan, down 42.66% year-on-year [1][3]. - The gross profit margin for the first nine months of 2024 was 23.7%, a decrease of 4.93 percentage points year-on-year, but Q3 saw a recovery with a gross margin of 28.2%, up 5.6 percentage points from Q2 [2][10]. - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 1.07 billion yuan, up 121% year-on-year, indicating strong cash flow management and ongoing capacity expansion [3][14]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 11.632 billion yuan, with Q3 revenue at 3.893 billion yuan, reflecting an 8.27% year-on-year increase [1][6]. - The net profit margin for Q3 was 15.4%, showing a sequential improvement from previous quarters [2][10]. Profitability Metrics - The comprehensive gross profit margin for the first nine months was 23.7%, with Q3 gross margin at 28.2%, indicating a recovery in profitability due to effective cost control and price stabilization [2][10]. - The net profit attributable to shareholders for the first nine months was 1.533 billion yuan, with a significant drop of 42.66% year-on-year, but Q3 showed a smaller decline of 6.38% [1][3]. Cash Flow and Capital Expenditure - The company reported a net cash flow from operating activities of 1.07 billion yuan, a substantial increase of 121% year-on-year, reflecting improved cash management [3][14]. - Capital expenditures for the first nine months totaled 1.12 billion yuan, down 5.8% year-on-year, with ongoing capacity expansion projects in progress [3][14]. Future Outlook - The company is expected to benefit from structural price recovery and increased market share in high-end products, with projected EPS for 2024-2026 at 0.57, 0.73, and 0.85 yuan per share, respectively [3][10].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][4] Core Views - The company has shown sequential improvement in revenue growth and significant year-on-year improvement in non-recurring net profit for Q3 2024, with a revenue of 38.93 billion yuan, up 8.27% year-on-year [1][4] - The company's gross margin has improved significantly in Q3 2024, reaching 28.2%, benefiting from effective cost control and price recovery strategies [1][8] - The company is expanding its production capacity steadily, with significant cash flow improvements and ongoing projects in various locations [1][12] Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 116.32 billion yuan, a year-on-year increase of 1.81%, while the net profit attributable to shareholders was 15.33 billion yuan, down 42.66% [1][4] - The non-recurring net profit for the same period was 11.56 billion yuan, down 28.81% year-on-year, with an EPS of 0.383 yuan per share [1][4] - The comprehensive gross margin for the first nine months was 23.7%, a decrease of 4.93 percentage points year-on-year, but Q3 showed a recovery with a gross margin of 28.2% [1][8] - Operating cash flow for the first nine months improved significantly, reaching 10.7 billion yuan, up 121% year-on-year [1][12] Earnings Forecast and Valuation - The company is expected to have EPS of 0.57, 0.73, and 0.85 yuan per share for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.8, 15.5, and 13.3 [1][3][13] - The report highlights the company's structural advantages and competitive position in the fiberglass industry, particularly in high-end products and overseas market expansion [1][12]

Investment Rating - The report assigns a "Buy" rating for China Jushi (600176) with a target price of 13.65 CNY over the next six months [1][17]. Core Views - China Jushi is a leading player in the fiberglass industry with significant competitive advantages, including a strong global presence and a focus on high-end applications [1][4]. - The company reported a total revenue of 11.63 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.8%, while the net profit attributable to shareholders decreased by 42.7% to 1.53 billion CNY [1][10]. - The report highlights the company's efforts to expand revenue channels and optimize product structure, particularly in high-end applications such as wind energy and automotive lightweighting [1][10]. Summary by Sections Company Overview - China Jushi, established in 1993, is the global leader in fiberglass production, with a production capacity of 2.6 million tons annually and a comprehensive product range [4][10]. - The company has established a global sales network covering over 100 countries, enhancing its competitive edge [4][10]. Financial Performance - In Q3 2024, the company achieved a revenue of 3.89 billion CNY, up 8.3% year-on-year, while the net profit attributable to shareholders was 570 million CNY, down 6.4% [1][10]. - The gross margin decreased by 4.3 percentage points to 23.7% due to weak downstream demand and price declines [1][10]. Market Position and Competitive Advantage - China Jushi maintains a strong market position with a focus on innovation and R&D, holding 100% proprietary core intellectual property in key technologies [1][10]. - The company is actively expanding into high-end applications and international markets, establishing strategic partnerships with renowned global enterprises [1][10]. Earnings Forecast and Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be 0.49 CNY, 0.65 CNY, and 0.84 CNY, respectively, with corresponding PE ratios of 21, 16, and 13 [1][17]. - The target price of 13.65 CNY reflects a valuation of 21 times the expected earnings for 2025, indicating confidence in the company's recovery and growth potential [1][17].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's performance is gradually recovering due to a rebound in demand and the implementation of price increases for glass fiber products. The company reported a revenue of 11.632 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.81%, while net profit attributable to shareholders decreased by 42.66% to 1.533 billion yuan [1][2]. - The company has improved its cost control, leading to a significant increase in operating cash flow, which reached 1.072 billion yuan, a year-on-year growth of 121% [2]. - The company is expanding its production capacity and optimizing its product structure, with the launch of new production lines and an increasing proportion of high-end products [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, down 6.38% [1]. - The gross profit margin for the first three quarters was 23.74%, a decrease of 4.93 percentage points year-on-year, but improved by 2.24 percentage points compared to the first half of the year [1]. Cost Control and Cash Flow - The company's expense ratio for the first three quarters was 10.48%, an increase of 0.67 percentage points year-on-year, but the Q3 ratio decreased by 1.34 percentage points to 10.93% [2]. - The net cash flow from operating activities for Q3 was 845 million yuan, showing a year-on-year increase of 609.25% [2]. Capacity Expansion and Product Structure - The company has successfully launched two production lines with an annual capacity of 100,000 tons each at its Huai'an zero-carbon intelligent manufacturing base [2]. - The company is focusing on optimizing its product structure, with a gradual increase in the proportion of mid-to-high-end products [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.274 billion yuan, 2.916 billion yuan, and 3.428 billion yuan, respectively, with corresponding earnings per share of 0.57 yuan, 0.73 yuan, and 0.86 yuan [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for China Jushi Co., Ltd. [3][6] Core Views - The company reported a revenue of 11.632 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.81%, while net profit attributable to shareholders decreased by 42.66% to 1.533 billion yuan [3][4] - The company has started a price recovery since the second quarter of 2024, with sales prices improving compared to the first quarter, driven by strong demand in wind power and thermoplastic short-cut products [4][6] - The company’s gross margin stabilized at 28.18% in Q3 2024, an increase of 1.04 percentage points year-on-year, after a continuous decline since 2021 [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 23.74%, down 4.93 percentage points year-on-year, significantly lower than the high of 46.21% in the same period of 2021 [5][10] - The company’s operating cycle improved to 175.10 days, a decrease of 10.35 days year-on-year, indicating better inventory turnover [5][10] Market Demand and Growth - The cumulative installed capacity of wind power in China reached 39.12 million kilowatts from January to September 2024, a year-on-year increase of 16.85%, contributing to the demand for the company’s products [4][6] - The demand for new energy vehicles also increased, with production rising by 33.8% year-on-year in the same period, further boosting the demand for thermoplastic short-cut products [4][6] Future Outlook - The company is expected to achieve net profits of 2.119 billion, 2.700 billion, and 3.698 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.53, 0.67, and 0.92 yuan [6][10] - The current stock price corresponds to PE ratios of 21.18, 16.62, and 12.14 for 2024, 2025, and 2026, indicating strong growth potential [6][10]

Investment Rating - The investment rating for China Jushi is maintained as "Buy" [3][14]. Core Views - China Jushi's performance is improving, with a focus on product structure upgrades to restore profitability [1]. - The company reported a revenue of 11.632 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.81%, but a net profit attributable to shareholders of 1.533 billion yuan, down 42.66% year-on-year [1]. - The third quarter saw a revenue of 3.893 billion yuan, up 8.27% year-on-year, and a net profit of 572 million yuan, down 6.38% year-on-year, while the net profit after deducting non-recurring items increased by 49.18% year-on-year [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the comprehensive gross margin of China Jushi was 20.13%, 22.57%, and 28.18% respectively, indicating a steady increase in profitability [1]. - The company’s operating cash flow for Q3 was 845 million yuan, showing significant improvement year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 2 billion, 2.8 billion, and 3.5 billion yuan respectively, with corresponding P/E ratios of 22x, 16x, and 13x [1][2]. Market Position - China Jushi is recognized as a global leader in fiberglass, possessing core competitive advantages in cost and differentiated products [1]. - The company is expected to benefit from a recovery in demand and stable supply, leading to potential price increases for electronic fabrics [1]. Stock Information - As of October 25, 2024, the closing price was 11.21 yuan, with a total market capitalization of approximately 44.875 billion yuan [3].

Company Overview - Latest closing price: 11.21 RMB [1] - Total shares outstanding: 4.003 billion [1] - Total market capitalization: 44.9 billion RMB [1] - 52-week high/low: 13.07 RMB / 8.72 RMB [1] - Debt-to-asset ratio: 42.4% [1] - P/E ratio: 14.74 [1] - Largest shareholder: China National Building Material Co Ltd [1] Investment Rating - Rating: Overweight | Maintain [2] Financial Performance - Q3 revenue: 3.89 billion RMB, up 8.3% YoY [2] - Q3 net profit attributable to shareholders: 570 million RMB, down 6.4% YoY [2] - Q3 non-GAAP net profit: 530 million RMB, up 49.2% YoY [2] - First three quarters revenue: 11.63 billion RMB, up 1.8% YoY [2] - First three quarters net profit attributable to shareholders: 1.53 billion RMB, down 42.7% YoY [2] - First three quarters non-GAAP net profit: 1.16 billion RMB, down 28.8% YoY [2] Key Insights - Price recovery drives profit improvement, Q4 prices expected to continue rising [3] - Q3 gross margin: 28.18%, up 1.04 pct YoY and 5.61 pct QoQ [3] - Q3 net margin: 15.38%, down 2.33 pct YoY but up 1.08 pct QoQ [3] - Industry inventory remains high, supply-demand balance maintained [3] Financial Projections - 2024 revenue forecast: 15.3 billion RMB, up 2.8% YoY [4] - 2025 revenue forecast: 17.8 billion RMB, up 16.3% YoY [4] - 2024 net profit forecast: 2.21 billion RMB, down 27.4% YoY [4] - 2025 net profit forecast: 2.94 billion RMB, up 33.3% YoY [4] - 2024 P/E ratio: 19X [4] - 2025 P/E ratio: 14X [4] Financial Ratios - 2023A gross margin: 28.0% [8] - 2024E gross margin: 20.5% [8] - 2025E gross margin: 22.6% [8] - 2023A net margin: 20.5% [8] - 2024E net margin: 14.4% [8] - 2025E net margin: 16.5% [8] - 2023A ROE: 10.6% [8] - 2024E ROE: 7.4% [8] - 2025E ROE: 9.2% [8]

3、海外的市场需求恢复情况怎样？ 中国巨石 2024 年第三季度网上业绩说明会会议记录 调研时间：2024 年 10 月 25 日 15:00-16:00 调研地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com） 重点问题及答复： 1、请问公司 3 月 25 日玻纤复价以来直接纱和丝饼纱的价格走势和订单情况怎 样？公司对第四季度和明年情况如何预测？ 回复：公司自 3 月 25 日玻纤产品复价以来，从季度环比来看，价格稳步提升； 产品销量也有明显增长，特别是在风电、热塑等中高端产品领域。四季度和明年将 继续推进结构性复价，尤其是长协未提价部分。 2、请问下游行业的复苏情况如何？公司第四季度的订单饱和度怎样？后续是 否还有复价计划？ 回复：今年以来，玻纤主要下游领域需求持续恢复，其中汽车、家电、风电等 中高端应用领域增长较好。四季度目前看订单正常，价格将根据市场供需情况继续 推进结构性复价，尤其是长协未提价部分。 回复：今年以来，得益于产品复价带来整体预期的转变以及需求回暖，海外市 场实现较大幅度增长。其中，欧洲、美国、中东等地区增速较高，东南亚等地区也 有不同程度的提升。 ...

Investment Rating - The report maintains a "Buy" rating for China Jushi (600176) [4][6] Core Views - The company reported a significant improvement in profit margins quarter-on-quarter, with a recovery in non-recurring net profit growth [4][6] - The company achieved a revenue of 11.63 billion yuan in the first three quarters of 2024, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was 1.53 billion yuan, a year-on-year decrease of 42.7% [4][6] - The third quarter saw a revenue of 3.89 billion yuan, an 8.3% year-on-year increase, and a net profit of 570 million yuan, a 6.4% year-on-year decrease [4][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross profit margin of 28.18% and a net profit margin of 15.38% [5] - The gross profit margin increased by 1.04 percentage points year-on-year and 5.61 percentage points quarter-on-quarter [5] - The company’s non-recurring net profit for Q3 was 530 million yuan, marking a 49.2% year-on-year increase and a 14.8% quarter-on-quarter increase, indicating the first positive growth since Q1 2022 [4][5] Industry Dynamics - The fiberglass industry has undergone multiple rounds of price increases since March 2024, positively impacting the company's profitability [6] - The average price of winding direct yarn increased significantly, indicating a favorable pricing environment for the company [6] - The company has maintained stable capacity expansion, enhancing its competitive advantage in the market [6] Future Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 2.43 billion, 3.08 billion, and 3.59 billion yuan respectively, with corresponding price-to-earnings ratios of 18, 15, and 13 times based on the closing price on October 25, 2024 [6][8]