Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance showed improvement with revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, a year-on-year decrease of 6.38%. However, the net profit after deducting non-recurring items increased by 49.18% year-on-year [2][3] - The price increase of products has led to improved profitability, with the average price of alkali-free glass fiber yarn rising by 2.90% year-on-year to 4315 yuan/ton, and fine yarn prices increasing by 16.66% year-on-year to 9199 yuan/ton. Export demand for glass fiber and its products grew by 21.88% year-on-year in July-August 2024 [2][3] - The company is expected to achieve net profits of 2.554 billion, 3.077 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -16.1%, 20.5%, and 22.6% [3] Summary by Sections Financial Performance - Q3 2024 revenue was 3.893 billion yuan, up 8.27% year-on-year, while net profit was 572 million yuan, down 6.38% year-on-year. The net profit after deducting non-recurring items was 528 million yuan, up 49.18% year-on-year [2] - The gross margin for Q3 was 28.18%, an increase of 1.04 percentage points year-on-year, while the net margin was 15.38%, a decrease of 2.33 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 14.378 billion yuan, with a revenue growth rate of -3.3% [4] Market Outlook - The economic recovery and the introduction of favorable policies are expected to boost the demand for glass fiber, leading to improved profitability for the company [3] - The company’s stock is projected to have a price-to-earnings ratio (PE) of 17x, 14x, and 11x for 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company’s return on equity (ROE) is projected to be 8.4%, 9.4%, and 10.7% for 2024, 2025, and 2026 respectively [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64 yuan, 0.77 yuan, and 0.94 yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on expected profit growth [4][6][17]. Core Views - The company reported a significant increase in non-recurring profit in Q3, with a year-on-year growth of 49.18%, indicating strong operational performance [1][2]. - The demand for wind power yarn is expected to increase significantly due to rising installations in the wind energy sector, which will positively impact the company's revenue [2][4]. - The company is positioned as a global leader in the fiberglass industry, benefiting from cost advantages and product structure, which enhances its competitive edge [4][6]. Financial Performance Summary - In Q3, the company achieved a revenue of 38.93 billion yuan and a net profit of 5.72 billion yuan, with a non-recurring profit of 5.28 billion yuan, reflecting a year-on-year increase of 49.18% [1][2]. - The overall gross margin for the first three quarters was 23.74%, with a Q3 gross margin of 28.18%, showing an improvement compared to previous periods [3]. - The company’s net profit for the first three quarters was 15.33 billion yuan, down 42.66% year-on-year, while the non-recurring net profit for the same period was 11.56 billion yuan, down 28.81% [1][3]. Market Outlook - The report anticipates a tight balance between supply and demand in the fiberglass industry for the coming year, with ongoing construction of production capacity [3][4]. - The company is expected to maintain a strong market position in the wind power, thermoplastics, and electronics sectors, with significant growth potential in the renewable energy and consumer markets [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in profitability, with a significant increase in sales volume of glass fiber yarn and products, exceeding 700,000 tons in Q3 2024, representing a year-on-year growth of over 24% [1] - The company is expected to continue benefiting from the recovery in pricing within the glass fiber industry, with unit profitability showing improvement [1] - The company is expanding its production capacity and optimizing its product structure, focusing on wind power, thermoplastics, and electronic yarns, while also developing products for the photovoltaic frame market [1] Financial Summary - For the fiscal year 2023, the company reported revenue of 14,876 million yuan, with a projected increase to 16,276 million yuan in 2024, and further growth expected in subsequent years [2] - The net profit attributable to the parent company is forecasted to decline from 3,044 million yuan in 2023 to 2,148 million yuan in 2024, with a recovery anticipated in 2025 and 2026 [2] - The earnings per share (EPS) is expected to decrease from 0.76 yuan in 2023 to 0.54 yuan in 2024, with a gradual recovery in the following years [2] Market Position and Strategy - The company is maintaining its leading position in the industry, with ongoing capacity expansion and product structure optimization [1] - The company is actively building a "big R&D" system to enhance research efficiency and develop unique competitive products [1] - The company is expected to release more products in the photovoltaic frame composite materials sector, with some already achieving bulk supply in 2024 [1]

Investment Rating - The report maintains a "Recommended" rating for China Jushi (600176.SH) with a current price of 10.61 CNY, projecting dynamic PE ratios of 19x, 14x, and 12x for the years 2024, 2025, and 2026 respectively [5]. Core Views - The report highlights a recovery in gross yarn profitability, with structural strengths in exports and wind power yarns. The company reported a revenue of 11.632 billion CNY 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 CNY [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.893 billion CNY, up 8.27% year-on-year, and a net profit of 572 million CNY, an increase of 6.38% year-on-year. The gross margin for Q3 was 28.18%, reflecting a 1.03 percentage point increase year-on-year and a 5.61 percentage point increase quarter-on-quarter [1][2]. Yarn Segment Analysis - The average price of winding direct yarn (2400tex) in Q3 2024 was 3682 CNY/ton, showing a slight increase of 0.9% year-on-year and 0.5% quarter-on-quarter. The industry inventory at the end of Q3 was 756,000 tons, with a quarter-on-quarter increase of 12.8% [2]. - The report anticipates a continued recovery in gross yarn profitability due to a stable price environment and strong pricing strategies from leading companies [2]. Electronic Fabric Market - The average price of electronic fabric (7628) in Q3 2024 was 4.01 CNY/m, reflecting a year-on-year increase of 13.7% and a quarter-on-quarter increase of 8.4%. The report notes a favorable supply-demand balance in the electronic fabric market, contributing to price stability [3]. Industry Trends - The report indicates strong price resilience in the yarn industry, with expectations for increased demand in Q4 2024, particularly due to the wind power season. The report also highlights the importance of exports and wind power yarns as key growth drivers [3]. Investment Recommendations - The report recommends continued investment in China Jushi, citing the company's strong pricing strategies, favorable supply-demand dynamics in electronic fabric, and potential growth from exports and wind power [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance continues to improve, with revenue and net profit showing positive trends. The company achieved a revenue of 38.9 billion yuan in Q3, up 8.3% year-on-year, while net profit decreased by 6.4% year-on-year to 5.7 billion yuan. The adjusted net profit increased significantly by 49.2% year-on-year [1] - The company's strategy of maintaining stable pricing in the industry has led to improved product pricing and enhanced profitability. The gross margin for Q3 was 28.2%, reflecting a 1.0 percentage point increase year-on-year [1] - The company is focusing on high-end products and expanding its overseas market presence, which is expected to drive future growth [1] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 116.3 billion yuan, a year-on-year increase of 1.8%, and a net profit of 15.3 billion yuan, down 42.7% year-on-year. The Q3 revenue was 38.9 billion yuan, with a net profit of 5.7 billion yuan [1] - The company’s operating cash flow improved significantly, reaching 8.5 billion yuan in Q3, with a cash collection ratio of 90.2% [1] - The company’s total assets are projected to grow from 52.1 billion yuan in 2023 to 57.9 billion yuan by 2026, while the net profit is expected to recover to 3.6 billion yuan by 2026 [6][7] Market Position and Strategy - The company is leveraging its cost advantages to expand production and increase market share, particularly in the high-end market segment [1] - The company’s product structure is continuously improving, with a higher proportion of wind power and short-cut products compared to peers, which is expected to benefit from the wind power industry's growth [1] - The company is also focusing on overseas markets, which are anticipated to become a new growth point for its performance [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance continues to improve, with a notable differentiation advantage as a market leader [1] - The company has successfully implemented price stabilization measures, leading to an increase in product average prices and improved profitability [1] - The company is focusing on high-end products and expanding into overseas markets, which are expected to be new growth points for performance [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 11.63 billion yuan, a year-on-year increase of 1.8%, while net profit attributable to shareholders was 1.53 billion yuan, a decrease of 42.7% [1] - In Q3 alone, revenue reached 3.89 billion yuan, up 8.3% year-on-year, and net profit attributable to shareholders was 570 million yuan, down 6.4% [1] - The gross margin for Q3 was 28.2%, reflecting a year-on-year and quarter-on-quarter increase of 1.0 and 5.6 percentage points, respectively [1] Cost and Cash Flow Analysis - The financial expense ratio slightly increased quarter-on-quarter, influenced by higher export ratios and exchange rate losses [1] - Operating cash flow significantly improved, with net cash flow from operating activities reaching 850 million yuan in Q3, up 7.3 million yuan year-on-year [1] - Capital expenditures showed a slight recovery, with cash payments for fixed and intangible assets amounting to 490 million yuan in Q3 [1] Market Position and Strategy - The company has a high proportion of high-end products such as wind power and short-cut products, which are expected to benefit from industry demand [1] - The company is actively pursuing opportunities in overseas markets, which may provide new growth avenues amid moderate domestic demand recovery [1] Earnings Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted to 2.22 billion, 2.79 billion, and 3.62 billion yuan, respectively [1] - The price-to-earnings ratio based on the closing price on October 24 is projected to be 19, 15, and 12 times for 2024, 2025, and 2026, respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company's Q3 performance met expectations, with a revenue of 11.632 billion yuan, a year-on-year increase of 1.81%, and a net profit of 1.156 billion yuan, a year-on-year decrease of 28.81% [1][2]. - In Q3 2024, the company achieved a revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, and a net profit of 528 million yuan, a year-on-year increase of 49.18% [1][2]. - The company is expected to maintain EPS of 0.55, 0.69, and 0.82 yuan for 2024-2026, with a target price of 12.22 yuan [1][6]. Financial Summary - Revenue for 2022 was 20.192 billion yuan, with a projected revenue of 15.748 billion yuan for 2024, reflecting a year-on-year growth of 5.9% [3][10]. - The net profit attributable to the parent company for 2022 was 6.610 billion yuan, with a projected net profit of 2.215 billion yuan for 2024, indicating a year-on-year decrease of 27.2% [3][10]. - The company’s net asset return rate is projected to be 7.5% in 2024, increasing to 10.1% by 2026 [3][10]. Sales Performance - The company maintained strong differentiated sales capabilities in Q3, achieving a sales volume of 740,000 tons of yarn, a year-on-year increase of 24% [1][2]. - The sales volume of electronic cloth in Q3 was approximately 170 million meters, with a slight decline in production and sales compared to previous quarters [1][2]. Industry Outlook - The industry is expected to see a slowdown in net new supply, with the company’s long-term cost and product capabilities being key competitive advantages [1][2]. - The report indicates that the company’s ability to maintain pricing power for high-end products remains strong, supported by differentiated product offerings [1][2].

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,893,178,063.54, representing an increase of 8.27% year-over-year[2] - The net profit attributable to shareholders decreased by 6.38% to ¥571,912,377.07, while the net profit excluding non-recurring gains and losses increased by 49.18% to ¥528,062,022.02[2] - Year-to-date net profit attributable to shareholders decreased by 42.66% to ¥1,533,153,975.48, with a year-to-date net profit excluding non-recurring gains and losses down by 28.81% to ¥1,156,413,868.55[2] - The net profit for the first three quarters of 2024 was CNY 1,586,316,142.71, down from CNY 2,773,124,236.26 in 2023, reflecting a decrease of 42.9%[15] - The company reported a total comprehensive income of CNY 1,514,333,412.85 for the first three quarters of 2024, down from CNY 2,954,053,451.55 in 2023[16] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥52,430,181,621.57, a slight increase of 0.68% from the previous year[3] - As of September 30, 2024, the total assets of China Jushi Co., Ltd. amounted to RMB 52,430,181,621.57, an increase from RMB 52,073,958,059.20 at the end of 2023[12] - The company's total liabilities amounted to RMB 20,228,673,837.12, reflecting an increase from RMB 19,693,430,120.31, which is an increase of approximately 2.7%[13] - Current liabilities rose to RMB 15,194,992,063.09, compared to RMB 14,452,761,626.78, marking an increase of about 5.1%[13] - The company's long-term borrowings decreased to RMB 4,033,681,774.03 from RMB 5,240,668,494.53, a decline of approximately 23%[13] Cash Flow - The net cash flow from operating activities for the year-to-date increased by 121.00% to ¥1,071,684,590.73[5] - The net cash flow from operating activities for Q3 2024 was CNY 1,071,684,590.73, a significant increase from CNY 484,916,016.74 in Q3 2023, reflecting improved operational efficiency[17] - Total cash inflow from financing activities reached CNY 13,825,562,954.68, up from CNY 12,833,228,709.62 in the same period last year, indicating strong financing support[18] - Cash outflow from financing activities increased to CNY 14,817,963,601.12, compared to CNY 11,877,661,674.45 in Q3 2023, leading to a net cash flow from financing activities of -CNY 992,400,646.44[18] - The net increase in cash and cash equivalents for the quarter was -CNY 808,381,354.88, contrasting with a net increase of CNY 1,607,951,707.27 in Q3 2023, indicating cash flow challenges[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 117,731, with the largest shareholder being China National Building Material Group Corporation, holding 1,079,739,151 shares (26.97%) of the company[7] - The company's total equity attributable to shareholders reached CNY 29,018,122,982.98, an increase from CNY 28,642,001,801.65 in 2023[14] Operational Insights - The company experienced a decline in product prices despite an increase in sales volume, impacting overall profitability[5] - The company has not indicated any new product launches or major strategic changes during the reporting period[11] - Research and development expenses for the first three quarters of 2024 were CNY 382,405,633.70, slightly down from CNY 408,404,803.93 in 2023, a decrease of 6.36%[15] Cost Analysis - The total operating costs for the first three quarters of 2024 were CNY 10,262,956,661.98, compared to CNY 9,413,890,555.37 in 2023, indicating an increase of 9.04%[15] - Financial expenses increased to CNY 194,982,361.02 in 2024 from CNY 84,489,613.76 in 2023, marking a significant rise of 130.9%[15] Inventory and Receivables - Accounts receivable increased significantly to RMB 2,417,057,257.78, up from RMB 1,476,541,268.89, indicating a growth of about 63.7%[12] - Inventory decreased to RMB 4,003,113,489.48 from RMB 4,533,115,068.60, reflecting a reduction of approximately 11.7%[12] - The company reported a significant increase in other receivables, which rose to RMB 1,468,845,091.94 from RMB 1,412,198,444.43, a growth of about 4%[12]

经审议，全体与会监事一致通过了《中国巨石股份有限公司 2024 年第三季度 报告》。 本议案以 3 票同意，0 票反对，0 票弃权获得通过。 中国巨石股份有限公司监事会 2024 年 10 月 24 日 中国巨石股份有限公司 第七届监事会第十一次会议决议公告 本公司监事会及全体监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。 中国巨石股份有限公司（以下简称"公司"）第七届监事会第十一次会议于 2024 年 10 月 24 日以通讯方式召开。本次会议通知于 2024 年 10 月 18 日以电子邮件方 式送达公司全体监事。会议采用传真方式和直接送达方式进行表决，应收到表决 票 3 张，实际收到表决票 3 张。本次会议的召集和召开符合《中华人民共和国公 司法》等有关法律、法规及《中国巨石股份有限公司章程》的规定，所作决议合 法、有效。 证券代码：600176 证券简称：中国巨石 公告编号：2024-064 ...

作为中国巨石股份有限公司（以下简称"公司"）董事会审计委 员会成员，本人认真审阅了公司 2024 年第三季度报告，认为该报告 真实客观，全面揭示了公司报告期内的整体经营情况，同意该报告， 并提出书面审核意见如下： 报告的编制符合企业会计准则的规定，所包含的信息真实全面地 反映了报告期内公司的经营成果以及财务状况，同意将该报告提交公 司第七届董事会第十五次会议审议。 董事会审计委员会成员签字： 中国巨石股份有限公司 董事会审计委员会对公司 2024 年第三季度报告 的书面审核意见 汤云为 武亚军 蔡国斌 2024 年 10 月 24 日 1 ...