JCF(SZ:000420) Xin Lang Cai Jing·2025-07-31 12:32Group 1: Viscose Filament Yarn Segment - The company is gradually increasing its market share in the viscose filament yarn sector, with a global production capacity of approximately 250,000 to 280,000 tons per year, and a domestic capacity of around 210,000 to 240,000 tons per year [1] - As of the end of 2024, the company has a production capacity of 90,000 tons per year for viscose filament yarn, with an additional 35,000 tons per year under construction [1] - The company achieved a revenue of 2.791 billion yuan in the viscose filament yarn segment in 2024, representing a year-on-year increase of 4%, while the gross margin for viscose filament and short yarn was 20.44%, a decrease of 1.03 percentage points year-on-year [1] Group 2: Carbon Fiber Segment - The carbon fiber industry is experiencing improved market conditions, with the company having a production line for 12,000 tons per year and a capacity utilization rate of 44.59% in 2024 [2] - The company’s carbon fiber segment reported a revenue of 320 million yuan in 2024, a year-on-year decrease of 12.6%, with a gross margin of -26.74%, an increase of 7.1 percentage points year-on-year [2] - The average price of carbon fiber in China has shown signs of stabilization, with a price of 83.75 yuan/kg as of July 31, 2025, a year-on-year decrease of 8.2% [2] Group 3: Industry Outlook and Capacity - The carbon fiber industry is currently facing overcapacity, with a total capacity of 159,500 tons in China and an expected additional capacity of approximately 465,300 tons from 2025 to 2028 [3] - The "anti-involution" policy initiated by the central government is expected to help reduce supply and increase industry concentration, potentially improving the overall market conditions for carbon fiber [3] - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 130 million yuan (down 39.1%) and 183 million yuan (down 29.3%) respectively, while maintaining a positive outlook for the transition to carbon fiber products [3]