Investment Rating - The report maintains a "Strong Buy" rating for China Jushi [2][13] Core Views - China Jushi, as a leading player in the fiberglass industry, continues to enhance its market share despite adverse market conditions [4][7] - The company achieved a revenue of 15.856 billion yuan in 2024, representing a year-on-year growth of 6.59%, while the net profit attributable to shareholders decreased by 19.7% to 2.445 billion yuan [3][4] - The company’s operational efficiency is improving, with a reduction in inventory turnover days and an increase in sales volume, leading to a significant rise in market share [6][7] Financial Performance - In 2024, the company sold 3.025 million tons of fiberglass yarn and products, a year-on-year increase of 21.91%, and electronic cloth sales reached 875 million meters, up 4.76% [4] - The company’s net profit margin is projected to recover, with a significant increase of 146.04% in the fourth quarter compared to the previous year [5] - The forecast for net profit from 2025 to 2027 is 3.138 billion, 3.872 billion, and 4.611 billion yuan, respectively, with corresponding EPS of 0.78, 0.97, and 1.15 yuan [7][14] Market Position and Strategy - China Jushi's global layout and strong cash position allow it to mitigate international trade friction impacts and invest in R&D, with R&D expenses increasing by 1.72% to 528 million yuan in 2024 [7][14] - The company is focusing on optimizing its product structure and expanding into high-end markets, which is expected to enhance its international competitiveness [7][13]

Investment Rating - The investment rating for the company is "Buy" with a target price of 16.40 RMB [8][9]. Core Views - The company reported a revenue of 15.86 billion RMB for 2024, with a year-on-year growth of 6.6%. The net profit attributable to shareholders decreased by 19.7% to 2.44 billion RMB, while the adjusted net profit fell by 5.8% to 1.79 billion RMB. In Q4 2024, the company achieved a revenue of 4.22 billion RMB, a year-on-year increase of 22.4%, and a net profit of 910 million RMB, up 146% year-on-year [1][2]. - The company’s glass fiber and related products generated a revenue of 15.48 billion RMB in 2024, reflecting a 7.3% increase year-on-year. The sales volume of roving and products reached 3.025 million tons, up 21.9%, while electronic cloth sales increased by 4.7% to 880 million meters [2]. - The gross margin for 2024 was 25.0%, down 3.0 percentage points year-on-year, but improved to 28.6% in Q4 2024, driven by the recovery of glass fiber prices and an increase in high-end product sales [2][4]. - The company plans to distribute a cash dividend of 2.4 RMB per 10 shares, resulting in a payout ratio of 39.3%, an increase of 3.1 percentage points year-on-year [3]. - The company is expected to benefit from a new round of price increases for glass fiber, with production capacity expansion and zero-carbon manufacturing strategies enhancing operational efficiency and cost advantages [4][5]. Summary by Sections Financial Performance - In 2024, the company’s operating revenue was 15.86 billion RMB, with a net profit of 2.44 billion RMB, reflecting a decline of 19.7% year-on-year. The Q4 2024 results showed a significant recovery with a net profit increase of 146% [1][2]. - The gross margin for 2024 was 25.0%, with Q4 showing an improvement to 28.6% [2][3]. Sales and Production - The company’s glass fiber and related products revenue reached 15.48 billion RMB in 2024, with a sales volume of 3.025 million tons for roving, marking a 21.9% increase [2]. - The company’s production capacity reached 3.061 million tons, maintaining its position as an industry leader [4]. Dividend and Cash Flow - The company announced a cash dividend of 2.4 RMB per 10 shares, with a payout ratio of 39.3% [3]. - Operating cash flow for 2024 was 2.03 billion RMB, a 134.4% increase year-on-year [3]. Future Outlook - The company is expected to see continued improvement in profitability due to rising glass fiber prices and increased demand for high-end products [4][5]. - The target price for the company is set at 16.40 RMB, based on a projected P/E ratio of 20x for 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][24]. Core Views - The company achieved a significant improvement in Q4 performance, with a quarterly revenue of 4.22 billion yuan and a net profit of 912 million yuan, reflecting a year-on-year increase of 22.41% and 146.04% respectively [1]. - The overall revenue for the year was 15.86 billion yuan, with a net profit of 2.44 billion yuan, showing a year-on-year decline of 19.70% [1][5]. - The company is expected to benefit from the high demand in the wind power sector in 2025, with a projected increase in profit elasticity [2][3]. Financial Performance Summary - In 2024, the company reported a total revenue of 15.86 billion yuan, a year-on-year growth of 6.59%, while the net profit decreased by 19.70% to 2.44 billion yuan [1][6]. - The gross profit margin for the year was 25.03%, down by 2.98 percentage points compared to the previous year, but Q4 saw a gross margin of 28.58%, an increase of 2.77 percentage points year-on-year [4]. - The company plans to distribute a cash dividend of 960 million yuan, representing a payout ratio of 39.30% [5]. Market and Product Insights - The company’s fiberglass and products generated a revenue of 15.48 billion yuan in 2024, with a year-on-year increase of 7.33% [2]. - The sales volume of fiberglass yarn and electronic cloth reached 3.025 million tons and 875 million meters respectively, marking increases of 21.9% and 4.7% year-on-year [2]. - Recent price increases for electronic yarn and cloth are expected to benefit the company due to high demand from sectors like 5G and AI [3]. Cash Flow and Financial Health - The operating cash flow for 2024 was 2.032 billion yuan, reflecting a significant improvement from the previous year [4]. - The company’s asset-liability ratio stood at 41.08%, indicating a slight improvement in capital structure [4][8]. - The company’s net profit margin for 2024 was 15.95%, down by 5.27 percentage points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 15.856 billion yuan and a net profit attributable to shareholders of 2.445 billion yuan in 2024, reflecting a year-on-year increase of 6.6% in revenue but a decrease of 19.7% in net profit [14] - The fourth quarter of 2024 saw a significant improvement, with revenue and net profit increasing by 22.4% and 146.0% year-on-year, respectively [14] - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares [14] Summary by Sections Event - The company disclosed its 2024 annual report, showing total revenue of 15.856 billion yuan and a net profit of 2.445 billion yuan, with a fourth-quarter revenue of 4.224 billion yuan and net profit of 0.912 billion yuan [14] Commentary - The industry is experiencing a recovery in supply-demand balance, with strong demand in sectors like wind power and thermoplastic short-cut [15] - The company reported a gross profit margin of 28.6% and a net profit margin of 15.0% in Q4, indicating improved profitability [15] - The company achieved a total sales volume of 3.025 million tons for raw yarn and 875 million meters for electronic cloth, with year-on-year growth of 21.9% and 4.7%, respectively [15] Earnings Forecast and Investment Rating - The report forecasts net profits for 2025, 2026, and 2027 to be 30.5 billion yuan, 39.8 billion yuan, and 45.8 billion yuan, respectively, with corresponding P/E ratios of 16, 12, and 11 [21] - The report emphasizes that the glass fiber industry is expected to see continued demand growth and a recovery in supply-demand balance, supporting the company's competitive advantages and profitability [21]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 15.856 billion yuan and a net profit attributable to shareholders of 2.445 billion yuan in 2024, reflecting a year-on-year increase of 6.6% in revenue but a decrease of 19.7% in net profit [14] - The fourth quarter of 2024 saw a significant improvement, with revenue increasing by 22.4% year-on-year and net profit increasing by 146.0% [14] - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares [14] Summary by Sections Event - The company disclosed its 2024 annual report, showing total revenue of 15.856 billion yuan and net profit of 2.445 billion yuan, with a fourth-quarter revenue of 4.224 billion yuan and net profit of 0.912 billion yuan [14] Commentary - The industry is experiencing a recovery in supply-demand balance, with strong demand in sectors like wind power and thermoplastic short-cut [15] - The company reported a gross profit margin of 28.6% and a net profit margin of 15.0% in Q4, indicating improved profitability [15] - The company achieved a total sales volume of 3.025 million tons for raw yarn and 875 million meters for electronic cloth, with year-on-year growth of 21.9% and 4.7% respectively [15] Profit Forecast and Investment Rating - The report forecasts net profits for 2025-2027 to be 30.5 billion yuan, 39.8 billion yuan, and 45.8 billion yuan respectively, with corresponding P/E ratios of 16, 12, and 11 [21] - The company is expected to maintain a competitive advantage through cost reduction and structural adjustments, leading to a potential recovery in profitability [21]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][5]. Core Views - The company achieved a significant improvement in Q4 performance, with a quarterly revenue of 4.22 billion yuan and a net profit of 912 million yuan, reflecting a year-on-year increase of 22.41% and 146.04% respectively [1]. - The overall revenue for the year was 15.86 billion yuan, with a net profit of 2.44 billion yuan, showing a year-on-year decline of 19.70% [1]. - The company is expected to benefit from the high demand in the wind power sector in 2025, with a projected increase in profit elasticity [2][3]. Financial Performance Summary - In 2024, the company reported a total revenue of 15.86 billion yuan, a year-on-year growth of 6.59%, while the net profit decreased by 19.70% to 2.44 billion yuan [6]. - The gross profit margin for the year was 25.03%, down by 2.98 percentage points compared to the previous year, but Q4 showed a gross margin of 28.58%, indicating a recovery [4]. - The company plans to distribute a cash dividend of 960 million yuan, representing a payout ratio of 39.30% [5]. Market and Product Insights - The company’s fiberglass and products generated a revenue of 15.48 billion yuan in 2024, with a year-on-year increase of 7.33% [2]. - The sales volume of fiberglass yarn and electronic cloth increased by 21.9% and 4.7% respectively, indicating a strong market position [2]. - Recent price increases for electronic yarn and cloth are expected to benefit the company due to rising demand from sectors like 5G and AI [3]. Future Projections - The company anticipates a net profit of 3 billion yuan in 2025, with a slight adjustment from previous estimates [5]. - The projected revenue growth rates for the next few years are 22.10% in 2025, followed by 9.11% in 2026 and 6.15% in 2027 [6].

Investment Rating - The report maintains a "Buy" rating for China Jushi (600176) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company’s gross profit margin was under pressure, recorded at 25.03%, down 2.97 percentage points year-on-year [6] - The industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditures with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue projections for the upcoming years are as follows: - 2023: 14.876 billion yuan - 2024: 15.856 billion yuan - 2025E: 18.094 billion yuan - 2026E: 19.398 billion yuan - 2027E: 20.711 billion yuan [5][8] - Net profit attributable to shareholders is forecasted as: - 2025E: 3.077 billion yuan - 2026E: 3.589 billion yuan - 2027E: 3.913 billion yuan [5][8] - The company’s earnings per share (EPS) is projected to be: - 2025E: 0.77 yuan - 2026E: 0.90 yuan - 2027E: 0.98 yuan [5][8] - The return on equity (ROE) is expected to be 9.3% in 2025, 10.0% in 2026, and 10.2% in 2027 [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company has maintained its competitive advantage through product structure and overseas base advantages, achieving significant growth in production and sales volumes compared to industry growth rates [6] - The glass fiber industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditure plans with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.094 billion yuan, with a year-on-year growth rate of 14.1% [5] - Net profit attributable to shareholders is projected to be 3.077 billion yuan for 2025, reflecting a year-on-year increase of 25.9% [5] - The company’s gross margin is expected to improve to 29.5% in 2025, up from 25.0% in 2024 [5] - The return on equity (ROE) is forecasted to be 9.3% in 2025, with a gradual increase in subsequent years [5]

在中国建材集团财务有限公司存贷款业务情况汇总表 1 关于中国巨石股份有限公司 在中国建材集团财务有限公司存贷款业务情况的专项审核 报告 众环专字(2025)0100592 号 关于中国巨石股份有限公司 在中国建材集团财务有限公司存贷款 业务情况的专项审核报告 众环专字(2025)0100592号 目 录 起始页码 专项审核报告 存贷款业务情况汇总表 中审众环会计师 伙) 中国巨石股份有限公司： 我们接受委托，在审计了中国巨石股份有限公司（以下简称"中国巨石公司"）2024 年 12 月 31 日的合并及公司的资产负债表，2024 年度合并及公司的利润表、合并及公司的现金 流量表和合并及公司的股东权益变动表以及财务报表附注的基础上，对后附的《中国巨石股 份有限公司 2024 年度在中国建材集团财务有限公司存贷款业务情况汇总表》（以下简称"汇 总表"）进行了专项审核。 一、管理层对汇总表的责任 按照《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》的规定，编 制和披露汇总表，提供真实、合法、完整的审核证据，是中国巨石公司管理层的责任。 二、注册会计师的责任 我们的责任是在执行审核工作的基础上对汇总 ...

关于 2024 年度会计师事务所履职情况的评估报告 中国巨石股份有限公司（以下简称"公司"或"本公司"）聘请中审 众环会计师事务所（特殊普通合伙）（以下简称"中审众环"）作为公 司 2024 年度审计机构。根据财政部、国资委及证监会颁布的《国有 企业、上市公司选聘会计师事务所管理办法》，公司对中审众环在 2024 年审计过程中的履职情况进行了评估。经评估，公司认为，中审众环 资质等方面合规有效，履职能够保持独立性，勤勉尽责，公允表达意 见。具体情况如下： 一、资质条件 中审众环始创于 1987 年，是全国首批取得国家批准具有从事证 券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。 根据财政部、证监会发布的从事证券服务业务会计师事务所备案名单， 中审众环具备股份有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部等有关要求转制为特殊普通合伙制。中审 众环注册地址为湖北省武汉市武昌区水果湖街道中北路 166 号长江 产业大厦 17-18 楼，首席合伙人石文先。中审众环截止 2024 年末合 伙人数量 216 人、注册会计师数量 1,304 人、签署过证券服务业务审 计报告的注 ...