（2）电子布：中游制造环节稀缺的供给新增偏少品种，3 月复价 落地较为充分。单价方面，25Q1 行业 7628 电子布均价约 4.14 元 /米，同比+22.8%、环比+1.8%。价格环比修复，主因系 2 月 24 日 起巨石、泰玻等电子布主流企业发布调价函，上调 7628 价格 0.3 元/米。24Q4 以来下游需求较为旺盛，消费电子市场逐步回暖，同 时 AI、5G、新能源汽车等带来行业新增需求，同时行业供给新增 偏少，22H1 以来行业长期陷入经营压力，供给端存在推涨动力。 业绩简评 2025 年 4 月 8 日，公司发布 2025 年一季报预增公告：25Q1 公司 预计实现归母净利 7.01-7.36 亿元，同比+100-110%；扣非归母净 利 7.06-7.57 亿元，同比+320-350%。我们认为 Q1 业绩表现靓丽， 主因玻纤下游应用需求增加，Q1 产品销量同比提升，同时自去年 以来、玻纤价格逐步走出周期底部，同比明显修复。 经营分析 （1）粗纱：淡季不淡，基本面继续逐季改善。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/吨，同比+22.3%、环比 +2.3%。价 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for Q1 2025 to be between 700.59 million and 735.62 million CNY, an increase of 350.29 million to 385.32 million CNY compared to the same period last year, representing a year-on-year increase of 100% to 110%[1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 706.46 million and 756.93 million CNY, an increase of 538.26 million to 588.72 million CNY compared to the same period last year, representing a year-on-year increase of 320% to 350%[2] - The net profit for the same period last year was 350.29 million CNY, and the net profit after deducting non-recurring gains and losses was 168.21 million CNY[3] Performance Drivers - The increase in performance is primarily due to rising demand in the main downstream application areas for fiberglass, leading to a year-on-year increase in product sales[4] - Fiberglass product prices have gradually improved since last year, moving out of the cyclical bottom, contributing to the performance growth[4] - The company has enhanced its profitability through product structure optimization, increased technological innovation, and accelerated market expansion efforts[4] Forecast Reliability - There are no significant uncertainties affecting the accuracy of this performance forecast[5] - The forecast data is preliminary and the specific financial data will be disclosed in the official Q1 2025 report[6]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 14.98 RMB based on a 17x valuation for 2025 [5]. Core Views - The company is a global leader in fiberglass, emerging from a cyclical bottom with a recovering gross margin [5]. - There is a structural recovery in fiberglass demand, with supply pressure testing nearing its end, indicating potential price increases [5]. - The company demonstrates exemplary cost control and a strong product structure, enhancing its core competitiveness [5]. Summary by Sections Company Overview - As of February 2025, the company has a total fiberglass production capacity of 2.89 million tons, with 2.59 million tons currently in operation and 270,000 tons of electronic yarn, holding a global market share of 25% and a domestic market share of 40% [15][16]. Demand Recovery - The demand for fiberglass is structurally recovering, particularly in wind power yarn, with a projected 164.1 GW of wind power equipment tendered in 2024, a 90% year-on-year increase [3][28]. - The company is expected to benefit from increased demand in electronic cloth and exports, particularly due to European infrastructure and renewable energy investments [3][41]. Supply Dynamics - The supply side is nearing the end of a pressure testing phase, with expectations of reduced new capacity in the second half of 2025, which may lead to upward price elasticity for mid-to-low-end fiberglass [3][45]. Cost Control and Competitive Advantage - The company maintains a leading gross margin due to advantages in cost structure, product mix, and strategic base layout [4][50]. - High-end products account for over 85% of the company's offerings, which helps mitigate the impact of price adjustments during downturns [4][53]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.53 billion, 4.21 billion, and 4.59 billion RMB for the years 2025, 2026, and 2027, respectively [5][62]. - The report anticipates a gradual increase in gross margins, with expected rates of 31.4%, 33.2%, and 33.7% for the same years [5][64].

我们看好公司①全球玻纤龙头，走出周期底部，毛利率逐季修复，②玻纤需求结构性回暖，供给压力测 试期步入尾声，期待价格向上信号，③成本管控典范，产品结构+基地布局构筑核心竞争力。我们预计 公司2025-2027 年归母净利润分别为35.31、42.10 和45.90亿元，现价对应动态PE 分别为15x、12x、 11x，给以2025 年17倍估值，目标价14.98 元，首次覆盖，给予公司"买入"评级。 风险提示 玻纤行业需求，①风电纱：内需景气方向，2024 年全国风电设备公开招标量164.1GW、同比+90%，预 计2025 年我国风电新增装机达到115GW，对应增速31%。头部玻纤厂风电纱产品结构占比提升，其他 领域用普通直接纱产能被挤占，粗纱实际供给降低，②电子布：中游制造环节稀缺的供给新增偏少品 种，巨石在7628 电子布环节领先优势更为明显，2 月末涨价函落地较为充分，③出口：俄乌可能带来的 新建需求，及欧洲基建、新能源资本开支再启，玻纤外需敞口相对其他建材品种更为突出。 玻纤行业供给端，25Q2 是最后的压力测试期，25H2 新增产能预计将下降，随着国内需求逐步筑底回 升，中低端玻纤价格或迎来向上弹性 ...

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

建筑材料/玻璃玻纤 中国巨石（600176.SH） 2024Q4 业绩环比大增，关注玻纤价格反弹和成长性 股价走势图 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 中国巨石 沪深300 数据来源：聚源 相关研究报告 《周期底部叠加新兴需求，玻纤龙头 具备先发优势—公司首次覆盖报告》 -2025.3.12 张绪成（分析师） 刘天文（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 liutianwen@kysec.cn 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/2 | | --- | --- | | 当前股价(元) | 12.85 | | 一年最高最低(元) | 13.25/8.80 | | 总市值(亿元) | 514.40 | | 流通市值(亿元) | 514.40 | | 总股本(亿股) | 40.03 | | 流通股本(亿股) | 40.03 | | 近 3 个月换手率(%) | 44.72 | 2024Q4 业绩环比大增，关注玻纤价格反弹和成长性。维持"买入 ...

-32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 中国巨石 沪深300 建筑材料/玻璃玻纤 中国巨石（600176.SH） 2024Q4 业绩环比大增，关注玻纤价格反弹和成长性 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/2 | | --- | --- | | 当前股价(元) | 12.85 | | 一年最高最低(元) | 13.25/8.80 | | 总市值(亿元) | 514.40 | | 流通市值(亿元) | 514.40 | | 总股本(亿股) | 40.03 | | 流通股本(亿股) | 40.03 | | 近 3 个月换手率(%) | 44.72 | 股价走势图 数据来源：聚源 相关研究报告 《周期底部叠加新兴需求，玻纤龙头 具备先发优势—公司首次覆盖报告》 -2025.3.12 张绪成（分析师） 刘天文（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 liutianwen@kysec.cn 2024Q4 业绩环比大增，关注玻纤价格反弹和成长性。维持"买入 ...

Core Viewpoint - The announcement details the completion of a share buyback plan by a major shareholder, Zhenshi Group, which has increased its stake in China Jushi Co., Ltd, reflecting confidence in the company's future growth and value [2][8]. Group 1: Buyback Plan Details - Zhenshi Group planned to increase its shareholding from November 23, 2024, for a period of 12 months, with a total investment of no less than RMB 500 million and no more than RMB 1 billion [2][7]. - As of March 31, 2025, Zhenshi Group had acquired a total of 51,601,132 shares, representing 1.2890% of the company's total share capital, with a total investment amounting to RMB 600.0596 million [2][8]. Group 2: Shareholding Changes - Following the buyback, Zhenshi Group's shareholding increased from 624,225,514 shares (15.5934% of total shares) to 675,826,646 shares (16.8824% of total shares) [3][5]. - Including its concerted actions, Zhenshi Group and its affiliates increased their holdings from 637,694,434 shares (15.9299%) to 689,295,566 shares (17.2189%) [3][5]. Group 3: Compliance and Governance - The buyback plan complies with relevant regulations and does not trigger a mandatory takeover, nor does it affect the company's governance structure or ongoing operations [8]. - Zhenshi Group did not reduce its shareholding during the buyback period or within the statutory timeframe [8].

证券代码：600176 证券简称：中国巨石 公告编号：2025-034 中国巨石股份有限公司 关于持股 5%以上股东增持公司股份计划实施完毕暨 增持结果的公告 现将本次增持计划有关情况公告如下： 一、增持主体的基本情况 （一）增持主体名称及与公司的关系 增持主体为振石集团，为公司持股 5%以上股东。 （二）增持主体实施增持计划前已持有股份的数量、占公司总股本的比例 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： ●增持计划内容：2024 年 11 月 23 日，中国巨石股份有限公司（以下简称 "公司"）在上海证券交易所网站披露了《关于公司持股 5%以上股东以专项贷 款和自有资金增持公司股份计划的公告》（公告编号：2024-068）。基于对公司 未来发展前景的坚定信心及中长期价值的认可，为增强投资者对公司的投资信 心，提升公司价值，切实维护广大投资者利益，公司持股 5%以上股东振石控股 集团有限公司（以下简称"振石集团"）计划自 2024 年 11 月 23 日起 12 个月内， 以专项贷款和自有资金通过上 ...

中国巨石股份有限公司 会议材料 中国巨石股份有限公司 一、《2024 年年度报告》及《2024 年年度报告摘要》； 二、《2024 年度董事会工作报告》； 三、《2024 年度监事会工作报告》； 四、《2024 年度财务决算报告》； 五、《2024 年度利润分配方案》； 六、《2024 年度资本公积金转增股本预案》； 七、《关于提请股东大会授权董事会决定 2025 年中期利润分配的 议案》； 八、《关于 2024 年度审计费用暨续聘中审众环会计师事务所为公 司 2025 年度审计机构、内部控制审计机构的议案》； 九、《关于公司 2025 年度预计日常关联交易的议案》； 十、《关于授权公司及子公司 2025 年融资授信总额度的议案》； 十一、《关于授权公司及全资子公司 2025 年为下属子公司提供银 行授信担保总额度的议案》； 十二、《关于授权公司及子公司 2025 年金融衍生品业务额度的议 案》； 十三、《关于公司及子公司 2025 年发行公司债及非金融企业债务 融资工具的议案》； 十四、《关于公司与中国建材集团财务有限公司签订 <金融服务协> 议>暨关联交易的议案》； 十五、《关于授权公司及公司子公司 20 ...