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].

Company Overview - Latest closing price: 11.21 RMB [1] - Total shares outstanding: 4.003 billion [1] - Total market capitalization: 44.9 billion RMB [1] - 52-week high/low: 13.07 RMB / 8.72 RMB [1] - Debt-to-asset ratio: 42.4% [1] - P/E ratio: 14.74 [1] - Largest shareholder: China National Building Material Co Ltd [1] Investment Rating - Rating: Overweight | Maintain [2] Financial Performance - Q3 revenue: 3.89 billion RMB, up 8.3% YoY [2] - Q3 net profit attributable to shareholders: 570 million RMB, down 6.4% YoY [2] - Q3 non-GAAP net profit: 530 million RMB, up 49.2% YoY [2] - First three quarters revenue: 11.63 billion RMB, up 1.8% YoY [2] - First three quarters net profit attributable to shareholders: 1.53 billion RMB, down 42.7% YoY [2] - First three quarters non-GAAP net profit: 1.16 billion RMB, down 28.8% YoY [2] Key Insights - Price recovery drives profit improvement, Q4 prices expected to continue rising [3] - Q3 gross margin: 28.18%, up 1.04 pct YoY and 5.61 pct QoQ [3] - Q3 net margin: 15.38%, down 2.33 pct YoY but up 1.08 pct QoQ [3] - Industry inventory remains high, supply-demand balance maintained [3] Financial Projections - 2024 revenue forecast: 15.3 billion RMB, up 2.8% YoY [4] - 2025 revenue forecast: 17.8 billion RMB, up 16.3% YoY [4] - 2024 net profit forecast: 2.21 billion RMB, down 27.4% YoY [4] - 2025 net profit forecast: 2.94 billion RMB, up 33.3% YoY [4] - 2024 P/E ratio: 19X [4] - 2025 P/E ratio: 14X [4] Financial Ratios - 2023A gross margin: 28.0% [8] - 2024E gross margin: 20.5% [8] - 2025E gross margin: 22.6% [8] - 2023A net margin: 20.5% [8] - 2024E net margin: 14.4% [8] - 2025E net margin: 16.5% [8] - 2023A ROE: 10.6% [8] - 2024E ROE: 7.4% [8] - 2025E ROE: 9.2% [8]

3、海外的市场需求恢复情况怎样？ 中国巨石 2024 年第三季度网上业绩说明会会议记录 调研时间：2024 年 10 月 25 日 15:00-16:00 调研地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com） 重点问题及答复： 1、请问公司 3 月 25 日玻纤复价以来直接纱和丝饼纱的价格走势和订单情况怎 样？公司对第四季度和明年情况如何预测？ 回复：公司自 3 月 25 日玻纤产品复价以来，从季度环比来看，价格稳步提升； 产品销量也有明显增长，特别是在风电、热塑等中高端产品领域。四季度和明年将 继续推进结构性复价，尤其是长协未提价部分。 2、请问下游行业的复苏情况如何？公司第四季度的订单饱和度怎样？后续是 否还有复价计划？ 回复：今年以来，玻纤主要下游领域需求持续恢复，其中汽车、家电、风电等 中高端应用领域增长较好。四季度目前看订单正常，价格将根据市场供需情况继续 推进结构性复价，尤其是长协未提价部分。 回复：今年以来，得益于产品复价带来整体预期的转变以及需求回暖，海外市 场实现较大幅度增长。其中，欧洲、美国、中东等地区增速较高，东南亚等地区也 有不同程度的提升。 ...

Investment Rating - The report maintains a "Buy" rating for China Jushi (600176) [4][6] Core Views - The company reported a significant improvement in profit margins quarter-on-quarter, with a recovery in non-recurring net profit growth [4][6] - The company achieved a revenue of 11.63 billion yuan in the first three quarters of 2024, a year-on-year increase of 1.8%, while the net profit attributable to shareholders was 1.53 billion yuan, a year-on-year decrease of 42.7% [4][6] - The third quarter saw a revenue of 3.89 billion yuan, an 8.3% year-on-year increase, and a net profit of 570 million yuan, a 6.4% year-on-year decrease [4][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross profit margin of 28.18% and a net profit margin of 15.38% [5] - The gross profit margin increased by 1.04 percentage points year-on-year and 5.61 percentage points quarter-on-quarter [5] - The company’s non-recurring net profit for Q3 was 530 million yuan, marking a 49.2% year-on-year increase and a 14.8% quarter-on-quarter increase, indicating the first positive growth since Q1 2022 [4][5] Industry Dynamics - The fiberglass industry has undergone multiple rounds of price increases since March 2024, positively impacting the company's profitability [6] - The average price of winding direct yarn increased significantly, indicating a favorable pricing environment for the company [6] - The company has maintained stable capacity expansion, enhancing its competitive advantage in the market [6] Future Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 2.43 billion, 3.08 billion, and 3.59 billion yuan respectively, with corresponding price-to-earnings ratios of 18, 15, and 13 times based on the closing price on October 25, 2024 [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance showed improvement with revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, a year-on-year decrease of 6.38%. However, the net profit after deducting non-recurring items increased by 49.18% year-on-year [2][3] - The price increase of products has led to improved profitability, with the average price of alkali-free glass fiber yarn rising by 2.90% year-on-year to 4315 yuan/ton, and fine yarn prices increasing by 16.66% year-on-year to 9199 yuan/ton. Export demand for glass fiber and its products grew by 21.88% year-on-year in July-August 2024 [2][3] - The company is expected to achieve net profits of 2.554 billion, 3.077 billion, and 3.773 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -16.1%, 20.5%, and 22.6% [3] Summary by Sections Financial Performance - Q3 2024 revenue was 3.893 billion yuan, up 8.27% year-on-year, while net profit was 572 million yuan, down 6.38% year-on-year. The net profit after deducting non-recurring items was 528 million yuan, up 49.18% year-on-year [2] - The gross margin for Q3 was 28.18%, an increase of 1.04 percentage points year-on-year, while the net margin was 15.38%, a decrease of 2.33 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 14.378 billion yuan, with a revenue growth rate of -3.3% [4] Market Outlook - The economic recovery and the introduction of favorable policies are expected to boost the demand for glass fiber, leading to improved profitability for the company [3] - The company’s stock is projected to have a price-to-earnings ratio (PE) of 17x, 14x, and 11x for 2024, 2025, and 2026 respectively [3] Key Financial Metrics - The company’s return on equity (ROE) is projected to be 8.4%, 9.4%, and 10.7% for 2024, 2025, and 2026 respectively [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64 yuan, 0.77 yuan, and 0.94 yuan respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on expected profit growth [4][6][17]. Core Views - The company reported a significant increase in non-recurring profit in Q3, with a year-on-year growth of 49.18%, indicating strong operational performance [1][2]. - The demand for wind power yarn is expected to increase significantly due to rising installations in the wind energy sector, which will positively impact the company's revenue [2][4]. - The company is positioned as a global leader in the fiberglass industry, benefiting from cost advantages and product structure, which enhances its competitive edge [4][6]. Financial Performance Summary - In Q3, the company achieved a revenue of 38.93 billion yuan and a net profit of 5.72 billion yuan, with a non-recurring profit of 5.28 billion yuan, reflecting a year-on-year increase of 49.18% [1][2]. - The overall gross margin for the first three quarters was 23.74%, with a Q3 gross margin of 28.18%, showing an improvement compared to previous periods [3]. - The company’s net profit for the first three quarters was 15.33 billion yuan, down 42.66% year-on-year, while the non-recurring net profit for the same period was 11.56 billion yuan, down 28.81% [1][3]. Market Outlook - The report anticipates a tight balance between supply and demand in the fiberglass industry for the coming year, with ongoing construction of production capacity [3][4]. - The company is expected to maintain a strong market position in the wind power, thermoplastics, and electronics sectors, with significant growth potential in the renewable energy and consumer markets [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in profitability, with a significant increase in sales volume of glass fiber yarn and products, exceeding 700,000 tons in Q3 2024, representing a year-on-year growth of over 24% [1] - The company is expected to continue benefiting from the recovery in pricing within the glass fiber industry, with unit profitability showing improvement [1] - The company is expanding its production capacity and optimizing its product structure, focusing on wind power, thermoplastics, and electronic yarns, while also developing products for the photovoltaic frame market [1] Financial Summary - For the fiscal year 2023, the company reported revenue of 14,876 million yuan, with a projected increase to 16,276 million yuan in 2024, and further growth expected in subsequent years [2] - The net profit attributable to the parent company is forecasted to decline from 3,044 million yuan in 2023 to 2,148 million yuan in 2024, with a recovery anticipated in 2025 and 2026 [2] - The earnings per share (EPS) is expected to decrease from 0.76 yuan in 2023 to 0.54 yuan in 2024, with a gradual recovery in the following years [2] Market Position and Strategy - The company is maintaining its leading position in the industry, with ongoing capacity expansion and product structure optimization [1] - The company is actively building a "big R&D" system to enhance research efficiency and develop unique competitive products [1] - The company is expected to release more products in the photovoltaic frame composite materials sector, with some already achieving bulk supply in 2024 [1]

Investment Rating - The report maintains a "Recommended" rating for China Jushi (600176.SH) with a current price of 10.61 CNY, projecting dynamic PE ratios of 19x, 14x, and 12x for the years 2024, 2025, and 2026 respectively [5]. Core Views - The report highlights a recovery in gross yarn profitability, with structural strengths in exports and wind power yarns. The company reported a revenue of 11.632 billion CNY 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 CNY [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.893 billion CNY, up 8.27% year-on-year, and a net profit of 572 million CNY, an increase of 6.38% year-on-year. The gross margin for Q3 was 28.18%, reflecting a 1.03 percentage point increase year-on-year and a 5.61 percentage point increase quarter-on-quarter [1][2]. Yarn Segment Analysis - The average price of winding direct yarn (2400tex) in Q3 2024 was 3682 CNY/ton, showing a slight increase of 0.9% year-on-year and 0.5% quarter-on-quarter. The industry inventory at the end of Q3 was 756,000 tons, with a quarter-on-quarter increase of 12.8% [2]. - The report anticipates a continued recovery in gross yarn profitability due to a stable price environment and strong pricing strategies from leading companies [2]. Electronic Fabric Market - The average price of electronic fabric (7628) in Q3 2024 was 4.01 CNY/m, reflecting a year-on-year increase of 13.7% and a quarter-on-quarter increase of 8.4%. The report notes a favorable supply-demand balance in the electronic fabric market, contributing to price stability [3]. Industry Trends - The report indicates strong price resilience in the yarn industry, with expectations for increased demand in Q4 2024, particularly due to the wind power season. The report also highlights the importance of exports and wind power yarns as key growth drivers [3]. Investment Recommendations - The report recommends continued investment in China Jushi, citing the company's strong pricing strategies, favorable supply-demand dynamics in electronic fabric, and potential growth from exports and wind power [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance continues to improve, with revenue and net profit showing positive trends. The company achieved a revenue of 38.9 billion yuan in Q3, up 8.3% year-on-year, while net profit decreased by 6.4% year-on-year to 5.7 billion yuan. The adjusted net profit increased significantly by 49.2% year-on-year [1] - The company's strategy of maintaining stable pricing in the industry has led to improved product pricing and enhanced profitability. The gross margin for Q3 was 28.2%, reflecting a 1.0 percentage point increase year-on-year [1] - The company is focusing on high-end products and expanding its overseas market presence, which is expected to drive future growth [1] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 116.3 billion yuan, a year-on-year increase of 1.8%, and a net profit of 15.3 billion yuan, down 42.7% year-on-year. The Q3 revenue was 38.9 billion yuan, with a net profit of 5.7 billion yuan [1] - The company’s operating cash flow improved significantly, reaching 8.5 billion yuan in Q3, with a cash collection ratio of 90.2% [1] - The company’s total assets are projected to grow from 52.1 billion yuan in 2023 to 57.9 billion yuan by 2026, while the net profit is expected to recover to 3.6 billion yuan by 2026 [6][7] Market Position and Strategy - The company is leveraging its cost advantages to expand production and increase market share, particularly in the high-end market segment [1] - The company’s product structure is continuously improving, with a higher proportion of wind power and short-cut products compared to peers, which is expected to benefit from the wind power industry's growth [1] - The company is also focusing on overseas markets, which are anticipated to become a new growth point for its performance [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance continues to improve, with a notable differentiation advantage as a market leader [1] - The company has successfully implemented price stabilization measures, leading to an increase in product average prices and improved profitability [1] - The company is focusing on high-end products and expanding into overseas markets, which are expected to be new growth points for performance [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 11.63 billion yuan, a year-on-year increase of 1.8%, while net profit attributable to shareholders was 1.53 billion yuan, a decrease of 42.7% [1] - In Q3 alone, revenue reached 3.89 billion yuan, up 8.3% year-on-year, and net profit attributable to shareholders was 570 million yuan, down 6.4% [1] - The gross margin for Q3 was 28.2%, reflecting a year-on-year and quarter-on-quarter increase of 1.0 and 5.6 percentage points, respectively [1] Cost and Cash Flow Analysis - The financial expense ratio slightly increased quarter-on-quarter, influenced by higher export ratios and exchange rate losses [1] - Operating cash flow significantly improved, with net cash flow from operating activities reaching 850 million yuan in Q3, up 7.3 million yuan year-on-year [1] - Capital expenditures showed a slight recovery, with cash payments for fixed and intangible assets amounting to 490 million yuan in Q3 [1] Market Position and Strategy - The company has a high proportion of high-end products such as wind power and short-cut products, which are expected to benefit from industry demand [1] - The company is actively pursuing opportunities in overseas markets, which may provide new growth avenues amid moderate domestic demand recovery [1] Earnings Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted to 2.22 billion, 2.79 billion, and 3.62 billion yuan, respectively [1] - The price-to-earnings ratio based on the closing price on October 24 is projected to be 19, 15, and 12 times for 2024, 2025, and 2026, respectively [1]