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 ...

中国巨石股份有限公司 2024 年年度股东大会 会议材料 2025 年 4 月 11 日 1 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》； 中国巨石股份有限公司 2024 年年度股东大会 材料目录 十五、《关于授权公司及公司子公司2025年对外捐赠总额度的议 案》。 2 议案一： 《2024 年年度报告》及《2024 年年度报告摘要》 详见上海证券交易所网站 www.sse.com.cn。 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、 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The construction materials sector is experiencing a marginal improvement in demand due to active second-hand housing transactions, despite a recent decline in the sector [1][11] - The report highlights the potential for recovery in municipal engineering projects, driven by increased local government bond issuance and fiscal pressure relief [2] - The glass market shows signs of marginal improvement, particularly in photovoltaic glass, with price increases being implemented [2] - Cement prices are stabilizing after a period of decline, with short-term price increases expected due to production cuts and rising infrastructure demand [2] - The fiberglass market is stabilizing, with price recovery anticipated due to increased demand from wind power projects [2] Summary by Sections Market Overview - From March 21 to March 28, 2025, the construction materials sector (SW) declined by 1.82%, with specific declines in cement (1.63%), glass manufacturing (3.49%), fiberglass (1.52%), and renovation materials (1.75%) [1][11] - The sector experienced a net capital outflow of 821 million yuan during this period [1] Cement Industry Tracking - As of March 28, 2025, the national cement price index was 393.69 yuan/ton, reflecting a week-on-week increase of 0.57% [15] - Cement output reached 2.905 million tons, up 17.61% from the previous week, with a clinker capacity utilization rate of 60.5% [15] Glass Industry Tracking - The average price of float glass was 1306.69 yuan/ton, with a week-on-week increase of 0.30% [32] - Inventory levels for float glass decreased by 2.74 million weight boxes compared to the previous week [32] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with the average price for 2400tex non-alkali winding direct yarn at 3833 yuan/ton, unchanged from the previous week [44] - The electronic yarn market also showed stability, with prices for G75 electronic yarn ranging from 8800 to 9200 yuan/ton [44] Key Stocks - Recommended stocks include: - Puhua Co., Ltd. (Buy) with an EPS forecast of 0.25 yuan for 2023 [7] - Qibin Group (Increase) with an EPS forecast of 0.65 yuan for 2023 [7] - China Jushi (Buy) with an EPS forecast of 0.76 yuan for 2023 [7] - Beixin Building Materials (Buy) with an EPS forecast of 2.09 yuan for 2023 [7]