中国巨石 2024 年 5 月投资者调研记录 调研时间：2024年5月15日 调研地点：中国巨石大楼 调研机构：博道基金、东方基金、万家基金、和谐汇一、海富通基金、太平养老、 圆石投资、盘京投资、运舟资本、中泰证券、广发证券、博时基金、长信基金、太 平基金、太平养老、恒越基金、睿郡资产、农银汇理、重阳投资、华富基金等 重点问题及答复： 1、合股纱是什么产品？运用领域有哪些？未来5-10是否可能出现产能过剩？ 回复：合股纱是将数根玻纤纱捻合到一起形成线密度较大的纱束，在增强复合 材料和绝缘材料等领域有广泛应用，可用于生产汽车顶棚、卫浴用品、游艇、运动 器材等，产品需求量稳定增长。 2、以旧换新的开展对贵公司的业绩有积极作用吗？ 回复：玻璃纤维产品广泛应用于电子电气等领域，公司会及时关注、研究国家 及地方有关推进家电以旧换新等相关政策及后续进展。以旧换新会带动公司工程塑 料用玻璃纤维产品，比如短切产品的需求增长，同时由于电器/装备中大量覆铜板 需求增加会带动公司电子布的需求增长，因此这项政策的实施有利于下游需求的增 长，对公司业绩有积极作用。 3、公司在建筑建材基建方面的占比有变化吗？ 回复：公司产品在建筑建材基 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-046 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 4 月 10 日的 2023 年年度股东大会审议通过。 二、 分配方案 中国巨石股份有限公司 2023 年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.275 元 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2024/5/28 | 最后交易日 － | 除权（息）日 2024/5/29 | 现金红利发放 2024/5/29 | | | | 四、 分配实施办法 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The electronic fabric industry is expected to experience a favorable supply-demand balance in 2024, with price increases likely to enhance the profitability of leading companies [1][2]. - The demand for electronic fabrics is projected to maintain positive growth in 2024, driven by sectors such as computers, smartphones, and automotive electronics [1][35]. - The supply side is expected to contract, with no new capacity additions and some production lines undergoing cold repairs, leading to a supply shortage [1][37]. - The company, as a leading player in the electronic fabric market, is well-positioned to benefit from price increases, which could significantly boost its profit margins [1][42]. Summary by Sections Electronic Fabric Demand Side - The demand for electronic fabrics is anticipated to grow positively in 2024, particularly in the mid-to-low-end PCB market, with key applications in computers, communication devices, automotive electronics, and consumer electronics [1][14]. - According to Prismark, the PCB market is forecasted to reach a value of $72.9 billion in 2024, representing a year-on-year growth of 5% [1][33]. Electronic Fabric Supply Side - The electronic fabric supply is expected to contract in 2024, with no new production capacity and some existing lines undergoing cold repairs, indicating a potential supply shortage [1][37]. - The report highlights that the electronic fabric industry may experience a supply-demand imbalance, leading to sustained price increases [1][37]. Profitability of Leading Companies - The company’s electronic fabric business is currently at a cyclical low, with significant potential for profit growth as prices increase [1][42]. - As of May 10, 2024, the price of G75 electronic yarn is approximately 8,800 yuan per ton, with potential price increases projected to enhance the company's annual net profit significantly [1][44]. - The report estimates that the company will achieve a non-GAAP net profit of 22.8 billion yuan from coarse yarn and 4.1 billion yuan from electronic yarn in 2024 [2][44].

特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对研报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制刷补或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播好的各位投资人大家晚上好我是光大金融天才的分析师宋伟峰今天的会议是由我和我的同事陈奇帆一起为大家做一个重点的讲解 那在正式开始前我们也可以回顾一下我们团队对于这个博先这个方向上的一个观点我们在三月份就是在三月底我们就第一时间提示了整个博先行业的一个涨价的一个变化 并且在4月18号啊我相信在禁门特定上大家应该也都能看到回放我们团队是旗帜鲜明的啊提出了就是电子部的一个持续的一个涨价的一个确定性啊其实是非常的高的也是看好电子部为这个据实带来这个不管是业绩还是估值上的一个弹性的一个变化那么从我们上一次会议到现在的话其实像 电子部就像初三这边的话已经是经历了两轮的一个经历了三轮的涨价那 ...

特别声明本会议为光大证券专业机构投资者设计任何情形下会议内容不构成对任何人的投资建议参会者应当充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 嘉宾发言内容仅代表嘉宾的个人观点和立场研究人员发言内容来自于以外发报告或对原报的跟踪解读观点仅代表报告发布当日的判断本会议内容的知识产权仅归光大证券所有 北京书面许可任何机构和客人不得以任何形式任何目的进行转发翻版复制纱布或沿用会议全部或部分内容亦不得擅自录音制作会议机要对外传播好的各位投资人大家晚上好我是光大金融电台的分析师宋玉峰今天的会议的话是我和我的同事陈奇帆一起为大家做一个重点的讲解 那在正式开始前 我们也可以回顾一下我们团队对于这个博先这个方向上的一个观点我们在三月份 就是在三月底 我们就第一时间提示了整个博先行业的一个涨价的一个变化 并且在4月18号啊,我相信在进门采订上,大家应该也都能看到回放,我们团队是旗帜鲜明的啊,提出了就是电子部的一个持续的一个涨价的一个确定性啊,其实是非常的高的,也是看好电子部为这个据实带来这个不管是业绩还是估值上的一个强心的一个变化,那么从我们上一次会议到现在的话,其实像。 电子部啊就像初三这边的话已经时间经历 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 12.65 CNY [2][3]. Core Views - The company has shown signs of recovery with a clear path to profitability, as indicated by the increase in sales volume and the industry's price recovery [2]. - The company achieved a revenue of 14,876 million CNY in 2023, a decrease of 26.3% year-on-year, but is expected to recover with projected revenues of 17,152 million CNY in 2024, reflecting a growth rate of 15% [2][4]. - The gross yarn sales volume increased significantly, with a year-on-year growth of 17.6% in 2023, driven by downstream replenishment and market share gains [2][4]. Financial Projections - Revenue and profit forecasts indicate a gradual recovery, with expected revenues of 20,135 million CNY in 2025 and 23,674 million CNY in 2026 [2][9]. - The net profit attributable to the parent company is projected to recover to 2,644 million CNY in 2024, with further increases to 3,366 million CNY in 2025 and 4,158 million CNY in 2026 [2][9]. - Earnings per share (EPS) are expected to rise from 0.76 CNY in 2023 to 1.04 CNY in 2026 [2][9]. Market Dynamics - The report highlights that the industry is experiencing a recovery in demand, particularly in sectors such as wind power and thermoplastics, which are expected to drive growth [2][4]. - The company is expanding its production capacity, with new projects expected to come online, enhancing its competitive position in the market [2][4]. - The overall industry inventory levels are low, suggesting a favorable supply-demand balance that could support price recovery [2][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The report indicates that the company's earnings have reached a bottom, and a turning point is now evident [5][6]. - The first quarter of 2024 saw a revenue of approximately 3.4 billion yuan, a year-on-year decrease of 8%, with a net profit attributable to shareholders of about 350 million yuan, down 62% year-on-year [5]. - The report highlights a significant recovery in sales volume, driven by a substantial drop in glass fiber prices, which fell by 24% year-on-year [5][6]. - The report emphasizes the importance of supply-demand changes in the glass fiber market, noting a recovery in both domestic and international demand [6]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of approximately 20.1%, down 9.8 percentage points year-on-year and 5.7 percentage points quarter-on-quarter [5]. - The company’s inventory at the end of Q1 was about 4.35 billion yuan, a decrease from 4.53 billion yuan at the end of 2023 [5]. - The report projects that the company's net profit attributable to shareholders will be 2.6 billion yuan and 4.1 billion yuan for 2024 and 2025, respectively, corresponding to PE ratios of 18 and 12 times [6]. Market Dynamics - The report notes that the glass fiber industry is at a turning point, with a significant price increase due to recovering demand and a strategic shift among leading companies away from price wars [6]. - It is expected that the industry will see a slowdown in new supply, with an estimated increase of only 200,000 tons in 2024 [6]. - The report highlights that the recovery in demand is expected to come from exports, thermoplastics, wind power, and electronics [6]. Competitive Position - The report asserts that the leading companies in the industry have maintained their competitive edge, with the profit gap between leading and smaller firms stabilizing or even widening [6]. - The company is positioned to benefit from price increases in electronic fabrics and the emerging demand from photovoltaic frame requirements [6].

Investment Rating - Industry Investment Rating: Overweight [1] Core Viewpoints - The release of substantial favorable policies for real estate is expected to support short-term valuations in the building materials sector and improve mid-term demand. The logic for supply-side clearing in the industry is becoming clearer, as the consumer building materials market has rapidly shifted from an incremental market to a stock market, putting operational pressure on small and medium enterprises and facilitating market share gains for leading companies [3][4][6]. Industry Perspectives - Continuous optimization of real estate policies in core cities is observed. For instance, Beijing's housing loan policies have been adjusted to favor first-time buyers, and Chengdu has lifted restrictions on housing purchases. Additionally, Shenzhen is launching a "sell old for new" housing initiative [4][24]. - The price increase of glass fiber is gradually being realized, with companies like China Jushi showing improved profit expectations despite a decline in revenue and net profit in Q1 2024. The company has implemented price adjustments for its products, which are expected to have a significant positive effect [5][25]. - Short-term focus on affordable housing is crucial for the development of the real estate sector, with plans to add 6.5 million affordable rental housing units across 21 provinces during the 14th Five-Year Plan period, potentially benefiting construction and building materials companies [6][26]. - Long-term urban renewal initiatives are anticipated to supplement demand for consumer building materials, with significant investments expected from city village renovations and related infrastructure projects [9][27]. - New materials are highlighted as key investment opportunities, particularly in pharmaceutical glass and electronic yarn, driven by increasing demand and favorable market conditions [10][29]. Market Review - The building materials index has seen a decline of 0.45%, while the broader market indices have shown positive performance. Specific sub-sectors such as consumer building materials and glass have experienced varying degrees of price changes [30][32]. - The average price of high-standard cement has decreased by 0.18% to 361.45 CNY per ton, with regional price fluctuations noted. The cement inventory ratio stands at 67.46%, indicating a slight decrease [45][46]. - The average price of float glass has decreased by 0.9% to 1721 CNY per ton, with an increase in inventory levels. The market is experiencing mixed demand dynamics across different regions [51][53].

中国巨石 2024 年 4 月投资者调研记录 调研时间：2024年4月25日9:30-10:30 调研地点：公司一季报电话会议 调研机构：长江证券、九泰基金、摩根、兴银基金、东方基金、安信基金、泓德 基金、博时基金、长信基金、平安基金、光大保德信基金、嘉实基金、长盛基金、 景顺长城、工银瑞信、九泰基金、博道基金、中泰证券资管公募部、创金合信、泓 德基金、交银施罗德、华富基金、永赢基金、天弘、国寿安保基金、南方基金、华 泰柏瑞、海富通基金、博时基金、南方基金、鹏扬基金、德邦基金、兴证全球、金 鹰基金、建信基金、汇泉基金、嘉实基金、华泰柏瑞、中信建投基金、汇丰晋信、 中银资管、泰信基金、富国基金、国融基金、平安养老、昆仑健康险、国寿养老、 广汇缘、淡水泉、海创私募、景林资产、紫阁投资、半夏投资、五地、高毅资产、 淡水泉、中金资管、国金资管、德邦自营、金元证券、财信证券、中邮证券、中航 证券、华泰自营、中邮证券、招商自营、光大资管、UBS、Neuberger Berman、施 罗德等 重点问题及答复： 1、1季度需求结构如何？出口(含海外产能)占比是否提升？ 回复：一季度国内外销售同比均实现了较大幅度增长，其中外销 ...

证券代码：600176 证券简称：中国巨石 公告编号：2024-045 中国巨石股份有限公司 关于 2024 年度第五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 年度第五期超短期融资券,发行总额为人民币 5 亿 元，募集资金已于 2024 年 4 月 26 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 | 简称 ...