Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company's Q3 performance met expectations, with a revenue of 11.632 billion yuan, a year-on-year increase of 1.81%, and a net profit of 1.156 billion yuan, a year-on-year decrease of 28.81% [1][2]. - In Q3 2024, the company achieved a revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, and a net profit of 528 million yuan, a year-on-year increase of 49.18% [1][2]. - The company is expected to maintain EPS of 0.55, 0.69, and 0.82 yuan for 2024-2026, with a target price of 12.22 yuan [1][6]. Financial Summary - Revenue for 2022 was 20.192 billion yuan, with a projected revenue of 15.748 billion yuan for 2024, reflecting a year-on-year growth of 5.9% [3][10]. - The net profit attributable to the parent company for 2022 was 6.610 billion yuan, with a projected net profit of 2.215 billion yuan for 2024, indicating a year-on-year decrease of 27.2% [3][10]. - The company’s net asset return rate is projected to be 7.5% in 2024, increasing to 10.1% by 2026 [3][10]. Sales Performance - The company maintained strong differentiated sales capabilities in Q3, achieving a sales volume of 740,000 tons of yarn, a year-on-year increase of 24% [1][2]. - The sales volume of electronic cloth in Q3 was approximately 170 million meters, with a slight decline in production and sales compared to previous quarters [1][2]. Industry Outlook - The industry is expected to see a slowdown in net new supply, with the company’s long-term cost and product capabilities being key competitive advantages [1][2]. - The report indicates that the company’s ability to maintain pricing power for high-end products remains strong, supported by differentiated product offerings [1][2].

中国巨石股份有限公司 董事会提名委员会关于聘任公司董事会秘书的意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》以及《中国巨石股份有限公司章程》（以下简 称"《公司章程》"）、《中国巨石股份有限公司董事会提名委员会工作 细则》的有关规定，我们作为中国巨石股份有限公司（以下简称"公 司"）董事会提名委员会委员，现就聘任公司董事会秘书发表意见如 下： 1、2024年8月21日，因工作调整公司原董事会秘书李畅女士离任， 公司副总经理丁成车先生于当日开始代行董事会秘书职责。截至10 月24日，丁成车先生已履行代行董事会秘书职责2个月。根据《中华 人民共和国公司法》、《上海证券交易所股票上市规则》、《中国巨石股 份有限公司章程》相关规定，上市公司应当在原任董事会秘书离职后 3个月内聘任董事会秘书。 2、经审查丁成车先生的职业、学历、职称、工作经历、全部兼 职等情况，我们认为其不存在《公司法》等法律、法规以及《公司章 程》规定的不得担任上市公司董事会秘书的情形，也不存在被中国证 券监督管理委员会确定为证券市场禁入者的情形。具备履行董事会秘 书职责的条件。 经征求丁成车先生本人意见，其 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-065 中国巨石股份有限公司 关于聘任公司董事会秘书的公告 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 8 月 23 日披露了《中 国巨石关于公司董事会秘书辞职暨指定副总经理代行董事会秘书职责的公告》， 在公司董事会秘书空缺期间，公司董事会指定公司副总经理兼总法律顾问丁成车 先生代为履行公司董事会秘书职责。 公司董事会秘书具体联系方式如下： 联系电话：0573-88181888； 电子邮箱：ir@jushi.com； 联系地址：浙江省桐乡市梧桐街道凤凰湖大道 318 号。 特此公告。 中国巨石股份有限公司董事会 2024 年 10 月 24 日 丁成车简历 丁成车先生：1981 年出生，中共党员，本科学历，高级经济师。 现任公司副总经理、董事会秘书、总法律顾问，巨石集团有限公司副总裁兼 财务总监。 2024 年 10 月 24 日，公司召开第七届董事会第十五次会议，审议通过了《关 于聘任公司董事会 ...

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"）第七届董事会第十五次会议于 2024 年 10 月 24 日以通讯方式召开，召开本次会议的通知于 2024 年 10 月 18 日 以电子邮件方式发出。会议采用传真方式和直接送达方式进行表决，应收到表决 票 8 张，实际收到表决票 8 张。会议的召集和召开符合《公司法》等有关法律法 规和《中国巨石股份有限公司章程》的规定，所作决议合法有效。 一、审议通过了《中国巨石股份有限公司 2024 年第三季度报告》； 本议案在提交公司董事会审议前，已提交公司第七届董事会审计委员会 2024 年第 4 次会议审议通过，审计委员会委员一致同意将本议案提交董事会审 议。 本议案以 8 票同意，0 票反对，0 票弃权获得通过。 二、审议通过了《关于聘任公司董事会秘书的议案》。 证券代码：600176 证券简称：中国巨石 公告编号：2024-063 中国巨石股份有限公司 第七届董事会第十五次会议决议公告 同意聘任丁成车先生担任公司董事会秘书。 本议案在提 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-066 巨石集团九江有限公司（以下简称"巨石九江"） ●本次担保数量及累计为其担保数量： 巨石集团有限公司（以下简称"巨石集团"）本次为巨石九江担保 15,000 万元,巨石集团累计为巨石九江担保 165,000 万元。 ●公司对外担保累计数量：53.06 亿元 ●公司对外担保逾期的累计数量：无 一、担保情况概述 中国巨石股份有限公司 对外担保公告 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： ●被担保人名称： 巨石九江是巨石集团的全资子公司，注册地点：江西省九江市；注册资本 109,100 万元人民币；法定代表人：杨伟忠；主要经营：玻璃纤维及制品的制造 与销售。 截至 2023 年 12 月 31 日，巨石九江资产总额为 601,907.74 万元人民币，负 债总额 310,892.57 万元人民币，净资产 291,015.17 万元人民币，2023 年营业 收入 169,060.67 万元人民币，资产负债率 51.65%。 三、担保的必 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,893,178,063.54, representing an increase of 8.27% year-over-year[2] - The net profit attributable to shareholders decreased by 6.38% to ¥571,912,377.07, while the net profit excluding non-recurring gains and losses increased by 49.18% to ¥528,062,022.02[2] - Year-to-date net profit attributable to shareholders decreased by 42.66% to ¥1,533,153,975.48, with a year-to-date net profit excluding non-recurring gains and losses down by 28.81% to ¥1,156,413,868.55[2] - The net profit for the first three quarters of 2024 was CNY 1,586,316,142.71, down from CNY 2,773,124,236.26 in 2023, reflecting a decrease of 42.9%[15] - The company reported a total comprehensive income of CNY 1,514,333,412.85 for the first three quarters of 2024, down from CNY 2,954,053,451.55 in 2023[16] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥52,430,181,621.57, a slight increase of 0.68% from the previous year[3] - As of September 30, 2024, the total assets of China Jushi Co., Ltd. amounted to RMB 52,430,181,621.57, an increase from RMB 52,073,958,059.20 at the end of 2023[12] - The company's total liabilities amounted to RMB 20,228,673,837.12, reflecting an increase from RMB 19,693,430,120.31, which is an increase of approximately 2.7%[13] - Current liabilities rose to RMB 15,194,992,063.09, compared to RMB 14,452,761,626.78, marking an increase of about 5.1%[13] - The company's long-term borrowings decreased to RMB 4,033,681,774.03 from RMB 5,240,668,494.53, a decline of approximately 23%[13] Cash Flow - The net cash flow from operating activities for the year-to-date increased by 121.00% to ¥1,071,684,590.73[5] - The net cash flow from operating activities for Q3 2024 was CNY 1,071,684,590.73, a significant increase from CNY 484,916,016.74 in Q3 2023, reflecting improved operational efficiency[17] - Total cash inflow from financing activities reached CNY 13,825,562,954.68, up from CNY 12,833,228,709.62 in the same period last year, indicating strong financing support[18] - Cash outflow from financing activities increased to CNY 14,817,963,601.12, compared to CNY 11,877,661,674.45 in Q3 2023, leading to a net cash flow from financing activities of -CNY 992,400,646.44[18] - The net increase in cash and cash equivalents for the quarter was -CNY 808,381,354.88, contrasting with a net increase of CNY 1,607,951,707.27 in Q3 2023, indicating cash flow challenges[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 117,731, with the largest shareholder being China National Building Material Group Corporation, holding 1,079,739,151 shares (26.97%) of the company[7] - The company's total equity attributable to shareholders reached CNY 29,018,122,982.98, an increase from CNY 28,642,001,801.65 in 2023[14] Operational Insights - The company experienced a decline in product prices despite an increase in sales volume, impacting overall profitability[5] - The company has not indicated any new product launches or major strategic changes during the reporting period[11] - Research and development expenses for the first three quarters of 2024 were CNY 382,405,633.70, slightly down from CNY 408,404,803.93 in 2023, a decrease of 6.36%[15] Cost Analysis - The total operating costs for the first three quarters of 2024 were CNY 10,262,956,661.98, compared to CNY 9,413,890,555.37 in 2023, indicating an increase of 9.04%[15] - Financial expenses increased to CNY 194,982,361.02 in 2024 from CNY 84,489,613.76 in 2023, marking a significant rise of 130.9%[15] Inventory and Receivables - Accounts receivable increased significantly to RMB 2,417,057,257.78, up from RMB 1,476,541,268.89, indicating a growth of about 63.7%[12] - Inventory decreased to RMB 4,003,113,489.48 from RMB 4,533,115,068.60, reflecting a reduction of approximately 11.7%[12] - The company reported a significant increase in other receivables, which rose to RMB 1,468,845,091.94 from RMB 1,412,198,444.43, a growth of about 4%[12]

作为中国巨石股份有限公司（以下简称"公司"）董事会审计委 员会成员，本人认真审阅了公司 2024 年第三季度报告，认为该报告 真实客观，全面揭示了公司报告期内的整体经营情况，同意该报告， 并提出书面审核意见如下： 报告的编制符合企业会计准则的规定，所包含的信息真实全面地 反映了报告期内公司的经营成果以及财务状况，同意将该报告提交公 司第七届董事会第十五次会议审议。 董事会审计委员会成员签字： 中国巨石股份有限公司 董事会审计委员会对公司 2024 年第三季度报告 的书面审核意见 汤云为 武亚军 蔡国斌 2024 年 10 月 24 日 1 ...

经审议，全体与会监事一致通过了《中国巨石股份有限公司 2024 年第三季度 报告》。 本议案以 3 票同意，0 票反对，0 票弃权获得通过。 中国巨石股份有限公司监事会 2024 年 10 月 24 日 中国巨石股份有限公司 第七届监事会第十一次会议决议公告 本公司监事会及全体监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"）第七届监事会第十一次会议于 2024 年 10 月 24 日以通讯方式召开。本次会议通知于 2024 年 10 月 18 日以电子邮件方 式送达公司全体监事。会议采用传真方式和直接送达方式进行表决，应收到表决 票 3 张，实际收到表决票 3 张。本次会议的召集和召开符合《中华人民共和国公 司法》等有关法律、法规及《中国巨石股份有限公司章程》的规定，所作决议合 法、有效。 证券代码：600176 证券简称：中国巨石 公告编号：2024-064 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.54 CNY based on a 22X PE for 2024 [2][4][5]. Core Views - The glass fiber industry is currently under pressure, but there is an expectation for a turning point as GDP growth and industrial output show signs of improvement [1]. - The company has experienced a decline in revenue and profit due to falling glass fiber prices, despite an increase in production and sales volume [1]. - The company is expected to benefit from an optimized product structure and a potential reduction in competition from smaller firms, which may help stabilize prices [1]. - The company continues to enhance its cost and capacity advantages, particularly in high-end products, which may improve its resilience against industry cycles [1]. Summary by Sections Industry Overview - The glass fiber industry is facing a downturn, with supply exceeding demand leading to price declines. However, improvements in economic indicators suggest a potential recovery [1]. Financial Performance - In the first half of 2024, the company reported revenue of 7.7 billion CNY, a decrease of 1.2% year-on-year, and a net profit of 960 million CNY, down 53.4% year-on-year. The gross profit margin fell to 21.5%, down 7.9 percentage points [1]. - Sales of glass fiber products reached 1.52 million tons, up 22.6% year-on-year, while sales of electronic fabrics increased by 12.5% [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 has been revised down to 0.57 CNY, 0.69 CNY, and 0.84 CNY, respectively, reflecting the ongoing challenges in the glass fiber market [2][5]. - The report anticipates a gradual recovery in the industry, with projected revenue growth of 11.4% in 2025 and 7.2% in 2026 [3]. Valuation - The report employs a historical valuation method, referencing the previous cycle's bottom in 2020, to establish a reasonable valuation for the company at 22X PE [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.54 CNY based on a 22X PE for 2024 [2][4][5]. Core Views - The glass fiber industry is currently under pressure, but there is an expectation for a turning point as GDP growth and industrial output show signs of improvement [1]. - The company has experienced a decline in revenue and profit due to falling glass fiber prices, despite an increase in production and sales volume [1]. - The company is expected to benefit from an optimized product structure and a potential reduction in competition from smaller firms, which may help stabilize prices [1]. - The company continues to enhance its cost and capacity advantages, particularly in high-end products, which may improve its resilience against industry cycles [1]. Summary by Sections Industry Overview - The glass fiber industry is facing a downturn, with supply exceeding demand leading to price declines. However, improvements in economic indicators suggest a potential recovery [1]. Financial Performance - In the first half of 2024, the company reported revenue of 7.7 billion CNY, a decrease of 1.2% year-on-year, and a net profit of 960 million CNY, down 53.4% year-on-year. The gross profit margin fell to 21.5%, down 7.9 percentage points [1]. - Sales of glass fiber products reached 1.52 million tons, up 22.6% year-on-year, while sales of electronic fabrics increased by 12.5% [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 has been revised down to 0.57 CNY, 0.69 CNY, and 0.84 CNY, respectively, reflecting the ongoing challenges in the glass fiber market [2][5]. - The report anticipates a gradual recovery in the industry, with projected revenue growth of 11.4% in 2025 and 7.2% in 2026 [3]. Valuation - The report employs a historical valuation method, referencing the previous cycle's bottom in 2020, to arrive at a reasonable valuation for the company [5].