Investment Rating - The investment rating for the company is "Outperform the Market" [4][19]. Core Views - The company has shown a recovery in profitability in Q2 2024, with a sequential improvement in earnings despite a year-on-year decline in revenue and net profit due to low fiberglass prices [5][19]. - The company continues to expand its production capacity and optimize its structure, which is expected to enhance its competitive advantage in the fiberglass industry [19]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.739 billion yuan, a year-on-year decrease of 1.16%, and a net profit attributable to shareholders of 961 million yuan, down 53.4% year-on-year. The earnings per share (EPS) was 0.24 yuan, exceeding previous forecasts [5][19]. - Q2 alone saw revenue of 4.357 billion yuan, an increase of 4.77% year-on-year, while net profit was 611 million yuan, a decrease of 46.5% year-on-year [5][19]. - The average price of the main product, 2400tex winding direct yarn, was 3,387.14 yuan/ton, down 10.19% year-on-year, with a recovery in prices noted since Q2 [5][19]. Sales and Market Share - The company reported a significant increase in sales volume, achieving 1.5221 million tons of roving and products, up 22.6% year-on-year, and 458 million meters of electronic cloth, up 12.5% year-on-year [5][19]. - The revenue from fiberglass and products was 7.6 billion yuan, a slight increase of 0.4% year-on-year, outperforming the industry growth rate [5][19]. Profitability and Cost Structure - The overall gross margin for H1 2024 was 21.5%, a decrease of 7.9 percentage points year-on-year, with a net profit margin of 12.8%, down 14.5 percentage points year-on-year [5][19]. - The company experienced an increase in expense ratios due to foreign exchange losses, with total expenses at 10.3% of revenue, up 1.6 percentage points year-on-year [5][19]. Future Outlook - The company is expected to maintain its leading position in the fiberglass market, with projected EPS for 2024-2026 at 0.57, 0.77, and 0.91 yuan per share, respectively, corresponding to price-to-earnings (PE) ratios of 18.0, 13.4, and 11.3 times [19][20].

中国巨石 2024 年半年度网上业绩说明会会议记录 调研时间：2024 年 8 月 23 日 16:00-17:00 调研地点：1、上证路演中心平台（https://roadshow.sseinfo.com/） 2、公司现场 调研机构：申万宏源、方正证券、华泰证券、长江证券、光大证券、中金公司、 国泰君安、广发证券、中欧基金、中信证券、东吴证券、天风证券、兴业证券、中 泰证券、中信建投、国海证券、海通证券、太平资产、摩根士丹利、民生证券、兴 全基金、高毅资产、国联证券、南方基金、大成基金、汇添富基金、景顺长城基金 等 重点问题及答复： 1、考虑到中国巨石 2024 年上半年的良好业绩表现，请问公司对未来的发展有 何规划？尤其是在技术创新、产能扩张、环境保护等方面有何计划？面对可能的市 场波动和原材料价格变化，公司将如何应对潜在的风险和挑战？ 回复：为助力"十四五"战略规划目标的实现，公司提出了将以玻纤主业、上 游产业、下游产业、新能源产业四大业务板块，打造玻纤产业循环的发展思路。玻 纤主业是公司核心产业，通过生产布局和产品结构优化调整实现并保持"热固粗纱 全球第一、热塑增强全球第一、电子基布全球第一"。上游产 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [4][6]. Core Views - The company has experienced a decline in net profit by 53.41% year-on-year, with a net profit of 960 million yuan in the first half of the year [1]. - Despite the profit decline, the company has seen a slight revenue increase in its fiberglass and products segment, driven by a 23% increase in sales volume of raw yarn [2]. - The company is expected to benefit from cost advantages due to the new production capacity and price increases in the fiberglass market, which may lead to improved profitability in the third quarter [3][4]. Financial Performance Summary - The company reported a total revenue of 7.74 billion yuan in the first half of the year, a slight decrease of 1.16% year-on-year, while the net profit was 960 million yuan, down 53.41% [1]. - The gross margin for the first half of the year was 21.5%, a decrease of 7.9 percentage points year-on-year, but the gross margin for Q2 improved to 22.6%, reflecting a quarter-on-quarter increase [3]. - The company’s overseas revenue reached 3.01 billion yuan, accounting for 39% of total revenue, indicating a stable export performance [2]. Capacity Expansion and Market Position - The company has successfully launched new production lines in Huai'an, adding 200,000 tons per year to its capacity, which is expected to enhance its market share [2]. - The company is positioned as a global leader in raw yarn and electronic cloth, with significant cost and product structure advantages that are likely to strengthen its competitive position in the market [4]. Future Outlook - The report projects a recovery in profitability in Q3, supported by price increases and a gradual recovery in demand from the downstream electronics sector [3][4]. - The company has revised its net profit forecasts for 2024-2026, now expecting 2.31 billion yuan, 3.05 billion yuan, and 3.68 billion yuan respectively, reflecting a downward adjustment due to previous price declines [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 performance shows a significant recovery, with revenue and net profit improving compared to Q1, driven by increased demand in the wind power, automotive, and home appliance sectors [2][8] - The company has successfully implemented price increases across its products, leading to a notable revenue growth of 28.8% quarter-on-quarter in Q2 [2][8] - The new production capacity at the Huai'an base is expected to enhance the company's leading position in the industry [2][8] Financial Performance Summary - For H1 2024, the company reported total revenue of 77.4 billion yuan, a slight decrease of 1.2% year-on-year, while net profit dropped by 53.4% to 9.9 billion yuan [2][8] - Q2 2024 saw revenue of 43.6 billion yuan, representing a year-on-year increase of 4.8%, while net profit was 6.1 billion yuan, down 46.5% year-on-year [2][8] - The company achieved a gross margin of 22.6% in Q2, an increase of 2.4 percentage points from the previous quarter [2][8] Sales and Market Dynamics - The company experienced a year-on-year increase in sales volume for fiberglass and related products, with sales of raw yarn and electronic yarn rising by 22.6% and 24.2%, respectively [2][8] - The industry has seen a positive price recovery, with mainstream prices for direct yarn and electronic cloth increasing significantly in Q2 [2][8] Capital Expenditure and Financial Structure - Capital expenditure has slowed due to a decrease in cash levels, with cash outflows for fixed assets amounting to 6.3 billion yuan in H1 2024, down 2.1 billion yuan year-on-year [2][8] - The company's debt-to-asset ratio improved to 42.7% by the end of H1 2024, a decrease of 1.0 percentage point year-on-year [2][8] Future Outlook - The company is expected to benefit from its cost advantages and increased market share as it continues to invest in new production capacity [2][8] - The forecast for net profit for 2024-2026 is set at 25.2 billion yuan, 34.7 billion yuan, and 45.0 billion yuan, respectively, with corresponding P/E ratios of 16.3, 11.9, and 9.2 [2][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 10.00 CNY [2]. Core Views - The company reported a revenue of 77.4 billion CNY and a net profit of 9.6 billion CNY for the first half of 2024, showing a year-on-year decline of 1.2% and 53.4% respectively [2]. - The sales volume of raw yarn reached a historical high of 152.2 million tons in 2024H1, benefiting from downstream inventory replenishment and recovering demand in sectors like wind power and home appliances [2]. - The company is expected to see a recovery in profitability as pricing for its products improves, with a projected net profit of 26 billion CNY in 2024, maintaining original profit forecasts [2][8]. Financial Forecasts - Revenue projections are as follows: - 2023A: 14,876 million CNY - 2024E: 17,152 million CNY (15% growth) - 2025E: 20,135 million CNY (17% growth) - 2026E: 23,674 million CNY (18% growth) [2]. - Net profit forecasts are: - 2023A: 3,044 million CNY - 2024E: 2,644 million CNY (-13% growth) - 2025E: 3,366 million CNY (27% growth) - 2026E: 4,158 million CNY (24% growth) [2]. - Earnings per share (EPS) estimates are: - 2023: 0.76 CNY - 2024: 0.66 CNY - 2025: 0.84 CNY - 2026: 1.04 CNY [2]. Market Position and Strategy - The company is expanding its production capacity and optimizing its product structure, with new production lines expected to come online based on market conditions [2]. - The company is actively developing products for the photovoltaic frame sector, with some already achieving bulk supply to major manufacturers [2][8]. - The report indicates that the company maintains a strong competitive position in the market, with ongoing improvements in product pricing and profitability [2][8].

Investment Rating - The report maintains a "Recommended" rating for the company [5][6]. Core Views - The company reported a slight decline in revenue for the first half of 2024, with total revenue of 7.739 billion yuan, down 1.16% year-on-year, and a significant drop in net profit attributable to shareholders, which was 961 million yuan, down 53.41% year-on-year [2][5]. - In Q2 2024, the company experienced a revenue increase of 4.77% year-on-year, reaching 4.357 billion yuan, and a net profit of 611 million yuan, down 46.5% year-on-year, indicating a recovery in profitability compared to Q1 [2][3]. - The report highlights the positive effects of price increases in the industry, particularly in the direct yarn segment, where prices rebounded significantly due to supply adjustments and increased demand for inventory replenishment [3][4]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 7.739 billion yuan, with a net profit of 961 million yuan, and a non-recurring net profit of 628 million yuan [2]. - Q2 2024 saw a gross margin of 22.57%, which is a decrease of 6.31 percentage points year-on-year but an increase of 2.43 percentage points quarter-on-quarter [2][3]. Product Segments - **Direct Yarn**: The average price for direct yarn in Q2 2024 was 3,666 yuan/ton, down 7.1% year-on-year but up 19.6% quarter-on-quarter. The sales volume for H1 2024 was 1.52 million tons, up 23% year-on-year [3]. - **Electronic Fabric**: The average price for electronic fabric in Q2 2024 was 3.71 yuan/meter, up 4.2% year-on-year and 9.9% quarter-on-quarter, indicating a stronger supply-demand balance compared to direct yarn [4][5]. Market Trends - The report anticipates continued price resilience in the direct yarn market, driven by strong pricing strategies from leading companies and a supportive cost structure [5]. - The demand outlook focuses on exports and wind power yarn, with significant growth in exports observed in the glass fiber industry [5]. Investment Recommendations - The report suggests maintaining a positive outlook on the company due to its leading position in the market, favorable pricing dynamics, and the potential for cost advantages from its zero-carbon initiatives [5][6]. - The profit forecasts for 2024-2026 are adjusted to 2.261 billion yuan, 3.028 billion yuan, and 3.427 billion yuan respectively, with corresponding dynamic PE ratios of 18x, 13x, and 12x [5][6].

中国巨石股份有限公司董事会 2024 年 8 月 23 日 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 年度第六期超短期融资券,发行总额为人民币 5 亿 元，募集资金已于 2024 年 8 月 22 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 2024 年度第六期超短期融资券 | 简称 | 24 巨石 SCP006 | | --- | --- | --- | --- | | 代码 | 012482529 | 期限 | 267 天 | | 起息日 | 2024 年 08 月 ...

[Table_Main] 证券研究报告 | 公司点评 中国巨石(600176.SH) 2024 年 08 月 23 日 买入（首次） 所属行业：建筑材料/玻璃玻纤 当前价格(元)：10.00 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 中国巨石 沪深300 -43% -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.30 | -6.98 | -18.22 | | 相对涨幅(%) | 1.08 | -1.76 | -8.35 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中国巨石（600176.SH）：24Q2 行 业全面复价，公司业绩环比明显改 善》 ...

中国巨石股份有限公司 及摘要的书面审核意见 董事会审计委员会对公司 2024 年半年度报告 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 年半年度报告及摘要，认为该 报告及摘要真实客观，全面揭示了公司报告期内的整体经营情况，同 意该报告及摘要，并提出书面审核意见如下： 汤云为 武亚军 蔡国斌 报告及摘要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 及摘要提交公司第七届董事会第十三次会议审议。 董事会审计委员会成员签字： 2024 年 8 月 21 日 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-054 中国巨石股份有限公司（以下简称"公司"）第七届监事会第十次会议于 2024 年 8 月 21 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。本次 会议通知于 2024 年 8 月 16 日以电子邮件方式送达公司全体监事。会议由公司监 事会主席裴鸿雁主持，应出席的监事 3 名，实际本人出席的监事 3 名。会议的召 集和召开符合《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。 经审议，全体与会监事一致通过了公司《2024 年半年度报告》及《2024 年半 年度报告摘要》。 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 8 月 21 日 中国巨石股份有限公司 第七届监事会第十次会议决议公告 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。 ...