Group 1: R&D System Development - The company is accelerating the construction of a "large R&D" system to shift resources from decentralized to centralized, enhancing efficiency and collaboration in research and development [2] Group 2: Industry Recovery - After price recovery in Q2, the overall industry situation has improved, with product prices stabilizing and inventory levels remaining steady [3] - The industry has seen a significant reduction in inventory and improved profitability [3] Group 3: Overseas Market Pricing - The company has implemented varying degrees of price adjustments for overseas non-long-term contract customers, maintaining strong price stability due to a high proportion of long-term clients [4] Group 4: Export Performance - The company has experienced substantial year-on-year growth in export volumes, particularly in Europe and the United States, driven by improved price expectations and recovering demand [5] - Export growth has also been noted in the Middle East and Southeast Asia regions [5]

Investment Rating - The investment rating for the company is "Buy" [2][3][12] Core Views - The industry has reached a bottom, and the company is focusing on internal improvements. The overall industry consensus indicates a recovery in profitability after a prolonged downturn. Companies are implementing capacity control measures, delaying new production line launches, and reducing production scale, leading to a gradual decline in fiberglass production growth [2] - In H1 2024, the company achieved a revenue of 7.74 billion yuan, a year-on-year decrease of 1.16%, and a net profit attributable to shareholders of 0.96 billion yuan, down 53.41% year-on-year. The company’s sales volume of roving and products increased by 23% year-on-year, totaling approximately 1.522 million tons [2] - The company maintains its leading position in the fiberglass industry, with significant increases in sales volume and improvements in product structure and technology upgrades. The company is expected to benefit from the global economic recovery [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 7.74 billion yuan, a decrease of 1.16% year-on-year, and a net profit of 0.96 billion yuan, down 53.41% year-on-year. The non-recurring gains were 0.33 billion yuan, with 0.25 billion yuan from the disposal of non-current assets [2] - The company’s sales volume of electronic cloth reached 458 million meters, a year-on-year increase of 13%, with a market share of 23% [2] Industry Outlook - The fiberglass industry is experiencing a bottoming out, with production growth slowing to 2.3% in H1 2024 and total industry profits down 59.7% year-on-year. The company is expected to see price recovery in the fiberglass market starting in Q3 2024 [2] - The company is expanding its production capacity strategically, with new production lines expected to come online in mid-2024, adding 200,000 tons of roving capacity [2] Investment Recommendations - The report suggests that the company will have significant earnings elasticity during the industry upturn. The forecast for net profit attributable to shareholders has been adjusted to 2.17 billion yuan, 2.87 billion yuan, and 3.58 billion yuan for 2024, 2025, and 2026 respectively [2][3]

证券代码：600176 证券简称：中国巨石 公告编号：2024-059 中国巨石股份有限公司 第七届董事会第十四次会议决议公告 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。 经审议，全体与会董事一致通过了《关于公司董事长辞职暨推举董事代行董 事长（法定代表人）职责的议案》。鉴于常张利先生因工作调整申请辞去公司董事 长及董事职务，全体董事一致同意由董事杨国明先生代行公司董事长及法定代表 人职责。 本议案以 8 票同意，0 票反对，0 票弃权获得通过。 特此公告。 中国巨石股份有限公司董事会 2024 年 9 月 19 日 中国巨石股份有限公司(以下简称"公司")第七届董事会第十四次会议于 2024 年 9 月 19 日在浙江省桐乡市凤凰湖大道 318 号公司会议室以现场方式召开，召开 本次会议的通知于 2024 年 9 月 13 日以电子邮件方式发出。会议由公司副董事长 张毓强先生主持，应出席董事 8 名，实际本人出席的董事 8 人。公司监事会成员 和高管人员列席了会议。会议的召集和召开符合《中华人民共和国公司法》、《中 ...

中国巨石股份有限公司（以下简称"公司"）于近日收到公司董事长常张利 先生的辞职报告。因工作调整，常张利先生申请辞去公司董事长、董事及董事会 专门委员会相关职务。 根据《公司法》及《中国巨石股份有限公司章程》（以下简称"公司章程"） 的有关规定，常张利先生的辞职报告自送达董事会之日起生效，辞职后常张利先 生不再担任公司任何职务。常张利先生的辞职不会导致公司董事会成员低于法定 最低人数，也不会影响公司相关工作的正常进行。常张利先生确认与公司董事会 之间无任何意见分歧，亦无任何与辞职有关的事项须提请公司股东及债权人注意。 证券代码：600176 证券简称：中国巨石 公告编号：2024-060 中国巨石股份有限公司 关于公司董事长辞职暨推举董事代行董事长 （法定代表人）职责的公告 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。 公司于 2024 年 9 月 19 日召开第七届董事会第十四次会议，应出席董事 8 人，实际出席董事 8 人，会议以 8 票同意，0 票反对，0 票弃权审议通过了《关 于公司董事长辞职暨推举董事代行董事长 ...

Investment Rating - The report maintains a "Buy" rating for China Jushi (600176.SH) [1][3] Core Views - The company has shown a positive sales trend, with Q2 profitability recovering. In Q2 2024, the company achieved revenue of 4.357 billion yuan, a year-on-year increase of 4.77%, while net profit attributable to shareholders was 611 million yuan, a year-on-year decrease of 46.50% [2][3] - The company has implemented multiple measures to improve profitability, including product price recovery and structural adjustments, resulting in a significant increase in sales volume. The sales volume of roving and products increased by 22.57% year-on-year [2][3] - The company continues to expand its production capacity, with the successful ignition of the second production line at the Huai'an zero-carbon intelligent manufacturing base, which is expected to enhance economies of scale [2] Financial Summary - In 2024, the company is expected to achieve a net profit attributable to shareholders of 2.31 billion yuan, with a year-on-year decrease of 24%. The projected net profits for 2025 and 2026 are 3.099 billion yuan and 3.402 billion yuan, respectively, with year-on-year growth rates of 34.2% and 9.8% [1][3] - The company's revenue for 2024 is projected to be 16.334 billion yuan, reflecting a year-on-year growth of 9.8% [1][3] - The company's return on equity (ROE) is expected to decline to 7.6% in 2024, with a gradual recovery to 10.1% by 2026 [1][3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, China Jushi [4][9]. Core Views - China Jushi, as a leading player in the fiberglass industry, demonstrates stable operations and strong risk resistance capabilities despite a challenging market environment [3][4]. - The company's revenue for the first half of 2024 was 7.739 billion yuan, a year-on-year decrease of 1.16%, while net profit attributable to shareholders was 961 million yuan, down 53.41% year-on-year [2][3]. - The decline in overall revenue is primarily attributed to a 93.97% drop in other operating income, while the main fiberglass and products business saw a revenue increase of 0.44% [3]. Financial Performance Summary - The company achieved a gross margin of 21.50% in the first half of 2024, a decrease of 7.86 percentage points year-on-year, but an increase of 1.37 percentage points compared to the first quarter of 2024 [3]. - Sales volume for fiberglass and electronic cloth reached 1.5221 million tons and 458 million meters, respectively, representing year-on-year growth of 22.57% and 12.53% [3]. - The company forecasts net profits of 2.033 billion, 2.583 billion, and 3.662 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.51, 0.65, and 0.91 yuan [4][10]. Market Position and Competitive Advantage - As a global leader in the fiberglass industry, the company possesses significant scale and cost advantages, which enhance its ability to withstand market fluctuations [3][4]. - Continuous improvements in production equipment and technology, along with an optimized product structure, have allowed the company to enhance product quality and meet diverse customer needs [3][4]. - The report suggests that the current industry downturn may accelerate the elimination of excess capacity, positioning the company favorably for future demand recovery [3].

Investment Rating - The report assigns a "Buy" rating for China Jushi Co., Ltd. (600176) as of August 26, 2024, marking the first coverage of the company [4]. Core Views - China Jushi has demonstrated strong sales growth in the first half of 2024, with significant increases in volume for both fiberglass and electronic fabrics, leading to a recovery in gross margins in Q2 2024 [3]. - The company is expected to benefit from new production capacity coming online, which will enhance its market position and profitability in the second half of 2024 [3][4]. - The report forecasts revenue growth for the company from 164.2 billion yuan in 2024 to 191.7 billion yuan in 2026, with net profit projected to rise from 23.3 billion yuan to 35.4 billion yuan over the same period [4][5]. Summary by Sections Financial Performance - In H1 2024, China Jushi reported revenues of 7.74 billion yuan, a slight decrease of 1.2% year-on-year, with net profit down 53.4% to 960 million yuan [2]. - The company achieved a gross margin of 21.5% in H1 2024, a decline of 7.9 percentage points year-on-year, but showed improvement in Q2 with a gross margin of 22.6% [3]. - The net profit margin for H1 2024 was 12.4%, down 13.9 percentage points year-on-year, primarily due to lower gross margins and reduced asset disposal gains [3]. Sales and Production - The sales volume for fiberglass and electronic fabrics reached 1.522 million tons and 460 million meters respectively in H1 2024, representing year-on-year increases of 22.6% and 12.5% [3]. - The company’s new production line in Huai'an, with an annual capacity of 100,000 tons, is expected to enhance domestic production capacity to 2.53 million tons per year [3][4]. Market Position and Outlook - China Jushi holds the largest fiberglass production capacity globally, and with the new capacity, its market share is anticipated to increase further [4]. - The report suggests that the company is well-positioned to capitalize on the upcoming peak demand in the consumer electronics sector, which may lead to price increases for its products [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company has shown a recovery in profitability in Q2 2024, with a sequential improvement in earnings despite a year-on-year decline in revenue and net profit due to low fiberglass prices [5][19]. - The company continues to expand its production capacity and optimize its structure, which is expected to enhance its competitive advantage in the fiberglass industry [19]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.739 billion yuan, a year-on-year decrease of 1.16%, and a net profit attributable to shareholders of 961 million yuan, down 53.4% year-on-year. The earnings per share (EPS) was 0.24 yuan, exceeding previous forecasts [5][19]. - Q2 alone saw revenue of 4.357 billion yuan, an increase of 4.77% year-on-year, while net profit was 611 million yuan, a decrease of 46.5% year-on-year [5][19]. - The average price of the main product, 2400tex winding direct yarn, was 3,387.14 yuan/ton, down 10.19% year-on-year, with a recovery in prices noted since Q2 [5][19]. Sales and Market Share - The company reported a significant increase in sales volume, achieving 1.5221 million tons of roving and products, up 22.6% year-on-year, and 458 million meters of electronic cloth, up 12.5% year-on-year [5][19]. - The revenue from fiberglass and products was 7.6 billion yuan, a slight increase of 0.4% year-on-year, outperforming the industry growth rate [5][19]. Profitability and Cost Structure - The overall gross margin for H1 2024 was 21.5%, a decrease of 7.9 percentage points year-on-year, with a net profit margin of 12.8%, down 14.5 percentage points year-on-year [5][19]. - The company experienced an increase in expense ratios due to foreign exchange losses, with total expenses at 10.3% of revenue, up 1.6 percentage points year-on-year [5][19]. Future Outlook - The company is expected to maintain its leading position in the fiberglass market, with projected EPS for 2024-2026 at 0.57, 0.77, and 0.91 yuan per share, respectively, corresponding to price-to-earnings (PE) ratios of 18.0, 13.4, and 11.3 times [19][20].

中国巨石 2024 年半年度网上业绩说明会会议记录 调研时间：2024 年 8 月 23 日 16:00-17:00 调研地点：1、上证路演中心平台（https://roadshow.sseinfo.com/） 2、公司现场 调研机构：申万宏源、方正证券、华泰证券、长江证券、光大证券、中金公司、 国泰君安、广发证券、中欧基金、中信证券、东吴证券、天风证券、兴业证券、中 泰证券、中信建投、国海证券、海通证券、太平资产、摩根士丹利、民生证券、兴 全基金、高毅资产、国联证券、南方基金、大成基金、汇添富基金、景顺长城基金 等 重点问题及答复： 1、考虑到中国巨石 2024 年上半年的良好业绩表现，请问公司对未来的发展有 何规划？尤其是在技术创新、产能扩张、环境保护等方面有何计划？面对可能的市 场波动和原材料价格变化，公司将如何应对潜在的风险和挑战？ 回复：为助力"十四五"战略规划目标的实现，公司提出了将以玻纤主业、上 游产业、下游产业、新能源产业四大业务板块，打造玻纤产业循环的发展思路。玻 纤主业是公司核心产业，通过生产布局和产品结构优化调整实现并保持"热固粗纱 全球第一、热塑增强全球第一、电子基布全球第一"。上游产 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][6]. Core Views - The company has experienced a decline in net profit by 53.41% year-on-year, with a net profit of 960 million yuan in the first half of the year [1]. - Despite the profit decline, the company has seen a slight revenue increase in its fiberglass and products segment, driven by a 23% increase in sales volume of raw yarn [2]. - The company is expected to benefit from cost advantages due to the new production capacity and price increases in the fiberglass market, which may lead to improved profitability in the third quarter [3][4]. Financial Performance Summary - The company reported a total revenue of 7.74 billion yuan in the first half of the year, a slight decrease of 1.16% year-on-year, while the net profit was 960 million yuan, down 53.41% [1]. - The gross margin for the first half of the year was 21.5%, a decrease of 7.9 percentage points year-on-year, but the gross margin for Q2 improved to 22.6%, reflecting a quarter-on-quarter increase [3]. - The company’s overseas revenue reached 3.01 billion yuan, accounting for 39% of total revenue, indicating a stable export performance [2]. Capacity Expansion and Market Position - The company has successfully launched new production lines in Huai'an, adding 200,000 tons per year to its capacity, which is expected to enhance its market share [2]. - The company is positioned as a global leader in raw yarn and electronic cloth, with significant cost and product structure advantages that are likely to strengthen its competitive position in the market [4]. Future Outlook - The report projects a recovery in profitability in Q3, supported by price increases and a gradual recovery in demand from the downstream electronics sector [3][4]. - The company has revised its net profit forecasts for 2024-2026, now expecting 2.31 billion yuan, 3.05 billion yuan, and 3.68 billion yuan respectively, reflecting a downward adjustment due to previous price declines [4][5].