财联社11月23日讯（编辑 笠晨） 自股票回购增持再贷款政策落地以来，A股上市公司回购增持的积极 性明显提升，为市场注入新的活力。据财联社不完全统计，截至发稿，本周（11月18日-11月23日）包 括金田股份、科捷智能、神农集团、居然之家、风范股份、艾森股份、华润材料、赞宇科技、开勒股 份、众兴菌业、凯普生物、中国巨石、三峡新材、金徽酒、民丰特纸、中原高速、佛山照明、天康生物 和盛泰集团在内的19家上市公司披露回购增持再贷款相关情况 ，具体情况如下图： 上述公告利用专项贷款进行增持或回购股份计划的上市公司之中，中国巨石股东获专项贷款资金额度最 高，最高不超过7亿元 。 主要从事玻璃纤维及制品生产和销售的中国巨石11月22日公告，股东振石集团拟5亿元-10亿元增持公司 股份 。近日，农业银行向振石集团出具《贷款承诺函》，同意为振石集团增持本公司A股股份提供专项 贷款支持，贷款金额最高不超过7亿元 ，承诺函有效期自签发之日起一年。 此外，风范股份、赞宇科技、神农集团、中原高速、天康生物等多家上市公司也在本周陆续披露获得回 购增持贷款资金支持。 主要产品有角钢塔、钢管塔、直缝焊管和成方焊管等的风范股份11月20日公 ...

重要内容提示： 证券代码：600176 证券简称：中国巨石 公告编号：2024-068 中国巨石股份有限公司 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 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。 ●中国巨石股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日收到 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"）通知， 振石集团拟增持公司股份。本次增持计划的实施期限为自本公告披露之日起 12 个月，增持不设定价格区间，增持总金额不低于人民币 5 亿元，不超过人民币 10 亿元（以下简称"本次增持计划"）。 ●本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 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。振石集团直接持有本公司 15.59%的股份，为本公司 持股 5%以上的非控股股东。 （二）增持主体已持有股份的数量、占公司总股本的 ...

Group 1: Impact of Export Tax Adjustment - The export tax rate for fiberglass products will be reduced from 13% to 9% starting December 1, 2024, affecting the company's export operations [1] - Approximately 35% of the company's total sales are from overseas, with Egypt and the USA meeting about 50% of external demand [1] - The estimated impact on the company's total profit for the year, based on 2023 domestic exports of over $300 million, is around 2.5% [1] - The company plans to mitigate the impact through cost reduction, product structure optimization, price adjustments, and increasing external supply ratios [1] Group 2: Outlook for Composite Materials in Photovoltaics - Fiberglass is crucial for photovoltaic frames, enhancing mechanical strength and sealing performance [2] - For every additional 1GW of photovoltaic capacity, approximately 3600-3700 tons of fiberglass will be required [2] - If fiberglass composite materials are fully adopted for photovoltaic frames, it will significantly increase demand for fiberglass [2] - The penetration rate of fiberglass in photovoltaic frames is expected to steadily increase by 2025, although it requires time for certification and testing [2] Group 3: Development Expectations for Offshore Wind Power - The global wind energy council predicts an average annual increase of 27.6GW in offshore wind power installations from 2024 to 2028 [3] - Each 1GW of wind power requires about 10,000 tons of fiberglass, with increasing demand as turbine capacities grow [4] - The company offers high-performance E8 and E9 series fiberglass products tailored for offshore wind applications [4] Group 4: Market Value Management Strategy - The company has integrated market value management into its key strategic goals for the 14th Five-Year Plan [4] - Plans include improving assessment mechanisms and exploring new market value management strategies [4] - The company aims to maintain stable shareholder returns while actively seeking feedback from shareholders and investors to enhance the effectiveness of market value management [4]

证券代码：600176 证券简称：中国巨石 公告编号：2024-067 中国巨石股份有限公司 股份质押公告 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。 重要内容提示： 振石控股集团有限公司（以下简称"振石集团"）持有中国巨石股份有限公 司（以下简称"公司"）624,225,514 股股份，占公司总股本的 15.59%。截至本 公告披露日，振石集团累计质押公司股份 444,768,000 股，占公司总股本的 11.11%，占其所持公司股份总数的 71.25%。 1、本次股份质押基本情况 | 股东 | 是否为 | 本次质押 | 是否 | 是否 | 质押 | | 质押 | | | 占其所持 | 占公司总 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 控股股东 | 股数（股） | 为限 | 补充 | 起始日 | | 到期日 | | 质权人 | 股份比例 | 股本比例 | 资金用途 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][18]. Core Views - The company has shown a sequential improvement in revenue growth and a significant year-on-year improvement in non-recurring net profit for Q3 2024, with total revenue of 11.632 billion yuan, up 1.81% year-on-year, and a net profit attributable to shareholders of 1.533 billion yuan, down 42.66% year-on-year [1][3]. - The gross profit margin for the first nine months of 2024 was 23.7%, a decrease of 4.93 percentage points year-on-year, but Q3 saw a recovery with a gross margin of 28.2%, up 5.6 percentage points from Q2 [2][10]. - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 1.07 billion yuan, up 121% year-on-year, indicating strong cash flow management and ongoing capacity expansion [3][14]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 11.632 billion yuan, with Q3 revenue at 3.893 billion yuan, reflecting an 8.27% year-on-year increase [1][6]. - The net profit margin for Q3 was 15.4%, showing a sequential improvement from previous quarters [2][10]. Profitability Metrics - The comprehensive gross profit margin for the first nine months was 23.7%, with Q3 gross margin at 28.2%, indicating a recovery in profitability due to effective cost control and price stabilization [2][10]. - The net profit attributable to shareholders for the first nine months was 1.533 billion yuan, with a significant drop of 42.66% year-on-year, but Q3 showed a smaller decline of 6.38% [1][3]. Cash Flow and Capital Expenditure - The company reported a net cash flow from operating activities of 1.07 billion yuan, a substantial increase of 121% year-on-year, reflecting improved cash management [3][14]. - Capital expenditures for the first nine months totaled 1.12 billion yuan, down 5.8% year-on-year, with ongoing capacity expansion projects in progress [3][14]. Future Outlook - The company is expected to benefit from structural price recovery and increased market share in high-end products, with projected EPS for 2024-2026 at 0.57, 0.73, and 0.85 yuan per share, respectively [3][10].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][4] Core Views - The company has shown sequential improvement in revenue growth and significant year-on-year improvement in non-recurring net profit for Q3 2024, with a revenue of 38.93 billion yuan, up 8.27% year-on-year [1][4] - The company's gross margin has improved significantly in Q3 2024, reaching 28.2%, benefiting from effective cost control and price recovery strategies [1][8] - The company is expanding its production capacity steadily, with significant cash flow improvements and ongoing projects in various locations [1][12] Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 116.32 billion yuan, a year-on-year increase of 1.81%, while the net profit attributable to shareholders was 15.33 billion yuan, down 42.66% [1][4] - The non-recurring net profit for the same period was 11.56 billion yuan, down 28.81% year-on-year, with an EPS of 0.383 yuan per share [1][4] - The comprehensive gross margin for the first nine months was 23.7%, a decrease of 4.93 percentage points year-on-year, but Q3 showed a recovery with a gross margin of 28.2% [1][8] - Operating cash flow for the first nine months improved significantly, reaching 10.7 billion yuan, up 121% year-on-year [1][12] Earnings Forecast and Valuation - The company is expected to have EPS of 0.57, 0.73, and 0.85 yuan per share for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.8, 15.5, and 13.3 [1][3][13] - The report highlights the company's structural advantages and competitive position in the fiberglass industry, particularly in high-end products and overseas market expansion [1][12]

Investment Rating - The report assigns a "Buy" rating for China Jushi (600176) with a target price of 13.65 CNY over the next six months [1][17]. Core Views - China Jushi is a leading player in the fiberglass industry with significant competitive advantages, including a strong global presence and a focus on high-end applications [1][4]. - The company reported a total revenue of 11.63 billion CNY for the first three quarters of 2024, a year-on-year increase of 1.8%, while the net profit attributable to shareholders decreased by 42.7% to 1.53 billion CNY [1][10]. - The report highlights the company's efforts to expand revenue channels and optimize product structure, particularly in high-end applications such as wind energy and automotive lightweighting [1][10]. Summary by Sections Company Overview - China Jushi, established in 1993, is the global leader in fiberglass production, with a production capacity of 2.6 million tons annually and a comprehensive product range [4][10]. - The company has established a global sales network covering over 100 countries, enhancing its competitive edge [4][10]. Financial Performance - In Q3 2024, the company achieved a revenue of 3.89 billion CNY, up 8.3% year-on-year, while the net profit attributable to shareholders was 570 million CNY, down 6.4% [1][10]. - The gross margin decreased by 4.3 percentage points to 23.7% due to weak downstream demand and price declines [1][10]. Market Position and Competitive Advantage - China Jushi maintains a strong market position with a focus on innovation and R&D, holding 100% proprietary core intellectual property in key technologies [1][10]. - The company is actively expanding into high-end applications and international markets, establishing strategic partnerships with renowned global enterprises [1][10]. Earnings Forecast and Valuation - The report forecasts EPS for 2024, 2025, and 2026 to be 0.49 CNY, 0.65 CNY, and 0.84 CNY, respectively, with corresponding PE ratios of 21, 16, and 13 [1][17]. - The target price of 13.65 CNY reflects a valuation of 21 times the expected earnings for 2025, indicating confidence in the company's recovery and growth potential [1][17].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's performance is gradually recovering due to a rebound in demand and the implementation of price increases for glass fiber products. The company reported a revenue of 11.632 billion yuan 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 yuan [1][2]. - The company has improved its cost control, leading to a significant increase in operating cash flow, which reached 1.072 billion yuan, a year-on-year growth of 121% [2]. - The company is expanding its production capacity and optimizing its product structure, with the launch of new production lines and an increasing proportion of high-end products [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, down 6.38% [1]. - The gross profit margin for the first three quarters was 23.74%, a decrease of 4.93 percentage points year-on-year, but improved by 2.24 percentage points compared to the first half of the year [1]. Cost Control and Cash Flow - The company's expense ratio for the first three quarters was 10.48%, an increase of 0.67 percentage points year-on-year, but the Q3 ratio decreased by 1.34 percentage points to 10.93% [2]. - The net cash flow from operating activities for Q3 was 845 million yuan, showing a year-on-year increase of 609.25% [2]. Capacity Expansion and Product Structure - The company has successfully launched two production lines with an annual capacity of 100,000 tons each at its Huai'an zero-carbon intelligent manufacturing base [2]. - The company is focusing on optimizing its product structure, with a gradual increase in the proportion of mid-to-high-end products [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.274 billion yuan, 2.916 billion yuan, and 3.428 billion yuan, respectively, with corresponding earnings per share of 0.57 yuan, 0.73 yuan, and 0.86 yuan [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for China Jushi Co., Ltd. [3][6] Core Views - The company reported a revenue of 11.632 billion yuan 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 yuan [3][4] - The company has started a price recovery since the second quarter of 2024, with sales prices improving compared to the first quarter, driven by strong demand in wind power and thermoplastic short-cut products [4][6] - The company’s gross margin stabilized at 28.18% in Q3 2024, an increase of 1.04 percentage points year-on-year, after a continuous decline since 2021 [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 23.74%, down 4.93 percentage points year-on-year, significantly lower than the high of 46.21% in the same period of 2021 [5][10] - The company’s operating cycle improved to 175.10 days, a decrease of 10.35 days year-on-year, indicating better inventory turnover [5][10] Market Demand and Growth - The cumulative installed capacity of wind power in China reached 39.12 million kilowatts from January to September 2024, a year-on-year increase of 16.85%, contributing to the demand for the company’s products [4][6] - The demand for new energy vehicles also increased, with production rising by 33.8% year-on-year in the same period, further boosting the demand for thermoplastic short-cut products [4][6] Future Outlook - The company is expected to achieve net profits of 2.119 billion, 2.700 billion, and 3.698 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.53, 0.67, and 0.92 yuan [6][10] - The current stock price corresponds to PE ratios of 21.18, 16.62, and 12.14 for 2024, 2025, and 2026, indicating strong growth potential [6][10]

Investment Rating - The investment rating for China Jushi is maintained as "Buy" [3][14]. Core Views - China Jushi's performance is improving, with a focus on product structure upgrades to restore profitability [1]. - The company reported a revenue of 11.632 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.81%, but a net profit attributable to shareholders of 1.533 billion yuan, down 42.66% year-on-year [1]. - The third quarter saw a revenue of 3.893 billion yuan, up 8.27% year-on-year, and a net profit of 572 million yuan, down 6.38% year-on-year, while the net profit after deducting non-recurring items increased by 49.18% year-on-year [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the comprehensive gross margin of China Jushi was 20.13%, 22.57%, and 28.18% respectively, indicating a steady increase in profitability [1]. - The company’s operating cash flow for Q3 was 845 million yuan, showing significant improvement year-on-year [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 2 billion, 2.8 billion, and 3.5 billion yuan respectively, with corresponding P/E ratios of 22x, 16x, and 13x [1][2]. Market Position - China Jushi is recognized as a global leader in fiberglass, possessing core competitive advantages in cost and differentiated products [1]. - The company is expected to benefit from a recovery in demand and stable supply, leading to potential price increases for electronic fabrics [1]. Stock Information - As of October 25, 2024, the closing price was 11.21 yuan, with a total market capitalization of approximately 44.875 billion yuan [3].