证券代码：600176 证券简称：中国巨石 公告编号：2024-062 中国巨石股份有限公司 关于 2024 年度第七期超短期融资券发行结果的公告 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 4 月 10 日召开 2023 年年度股东大会，审议通过了《关于公司及全资子公司 2024 年发行公司债及非金 融企业债务融资工具的议案》，同意公司及巨石集团有限公司在 2023 年年度股东 大会批准该议案之日起至 2024 年年度股东大会召开之日的期间内，在相关法律法 规、规范性文件规定的可发行债务融资工具额度范围内，根据资金需求及市场情况 以一次或分次形式发行包括公司债、短期融资券、超短期融资券、中期票据等在内 的本币债务融资工具，发行方式包括公开发行和非公开定向发行。 近日，公司发行了 2024 年度第七期超短期融资券,发行总额为人民币 5 亿 元，募集资金已于 2024 年 10 月 21 日到账。现将发行结果公告如下： | 名称 | 中国巨石股份有限公司 202 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-061 本次业绩说明会将以网络互动方式召开，公司针对 2024 年第三季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露相关规定允 许的范围内就投资者普遍关注的问题进行回答。 中国巨石股份有限公司 关于召开 2024 年第三季度网上业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 25 日(星期五) 下午 15:00-16:00 会议召开地点： 上海证券 交易所上证路演中心（ 网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 16 日（星期三）至 10 月 24 日（星期四）16:00 前，登录上证路演中心网站首页，点击"提问预征集"栏目，或通过发送邮件至 公司邮箱 ir@jushi.com 进行提问。公司将在业绩说明会上对投资者普遍关注的 问题进行回答。 中国巨石股份有限公司（ ...

Investment Rating - The report initiates coverage with a "Buy" rating for China Jushi [1][2]. Core Views - The overall supply and demand are stabilizing, with structural opportunities in wind power, automotive, and exports. The demand for fiberglass is expected to maintain low growth in the next 1-2 years, with construction materials dragging down overall usage, while wind power and automotive sectors are expected to grow faster than the industry average [1]. - The company has established a cost advantage and is focusing on structural upgrades to enhance profitability. The cost advantage is primarily due to scale effects, with production costs for raw yarn decreasing from 3,769 RMB/ton in 2011 to 2,943 RMB/ton in 2020, a reduction of 21.9% [1][20]. - The company is targeting high-end markets, including wind power, thermoplastics, electronics, and exports, to enhance its competitive edge [1]. Summary by Sections Company Overview - China Jushi is a leading global fiberglass manufacturer, part of China National Building Material Group, with production bases in multiple locations including China and the USA. The company has over 20 large-scale production lines with an annual capacity exceeding 2.6 million tons [14][16]. Industry Overview - The fiberglass industry is experiencing a cyclical downturn, with prices declining and companies facing operational challenges. The report notes that the industry is at a cyclical bottom, but recovery may take time [1][20]. Financial Performance - The company's revenue for 2022 was 20.19 billion RMB, with a net profit of 6.61 billion RMB. In 2023, revenue dropped to 14.88 billion RMB, and net profit fell to 3.04 billion RMB, reflecting a significant decline in profitability [4][20]. - Forecasts for 2024-2026 predict net profits of 2 billion, 2.8 billion, and 3.6 billion RMB, respectively, with corresponding P/E ratios of 21, 15, and 12 [1][4]. Cost Structure and Competitive Advantage - The report highlights that the company has maintained a cost advantage through effective management and technological innovations, although the rapid cost reduction phase is nearing its end [1][20]. - The focus on high-end products is expected to improve profit margins, particularly in the wind power and electronics sectors, where demand is anticipated to be stronger than in traditional markets [1]. Investment Outlook - The report suggests that China Jushi's strong market position and cost structure make it well-positioned to capitalize on future growth opportunities, particularly in high-demand sectors [1][20].

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].