CJS(SH:600176) Chang Jiang Shang Bao·2025-10-22 09:15Core Viewpoint - China Jushi's strong performance in the first three quarters of 2025 reflects a significant recovery in the fiberglass industry, driven by increased demand and improved pricing [1][2]. Financial Performance - In the first three quarters of 2025, China Jushi achieved revenue of 13.904 billion yuan, a year-on-year increase of 19.53%, and a net profit of 2.568 billion yuan, up 67.51% [1]. - The third quarter alone saw revenue of 4.795 billion yuan, growing 23.17% year-on-year, and a net profit of 881 million yuan, which is a 54.06% increase compared to the same period last year [1]. - In contrast, the previous two years showed declining revenues and profits due to a downturn in the macroeconomic environment and weakened industry demand, with revenues of 14.876 billion yuan and 15.856 billion yuan in 2023 and 2024, respectively, reflecting changes of -26.33% and 6.59% [1]. Market Dynamics - The growth in 2025 is attributed to a recovery in market demand for fiberglass applications, leading to increased sales volume and gradually improving product prices [2]. - China Jushi has established itself as a leading global producer in the fiberglass industry, with products used across various sectors including wind energy, transportation, and electronics [2]. Research and Development - The company emphasizes continuous investment in research and development, with annual R&D expenditures exceeding 500 million yuan from 2021 to 2024 [2]. - In the first three quarters of 2025, R&D expenses reached 399 million yuan, a 4.45% increase year-on-year, accounting for 2.87% of total revenue [2]. - China Jushi holds comprehensive proprietary intellectual property rights in key technologies, maintaining a competitive edge in high-performance glass formulations and other critical areas [2]. Capacity Expansion - China Jushi is actively expanding its high-quality production capacity, with several key projects progressing well, including the addition of 200,000 tons of capacity at the Jiujiang smart manufacturing base and upgrades at the Tongxiang base [3]. - Ongoing projects include a 200,000-ton high-performance fiberglass production line in Chengdu and an upgrade of the Egyptian base from 80,000 tons to 100,000 tons [3]. - These expansions are expected to optimize production capacity structure and enhance the proportion of high-performance products, solidifying the company's leading position in global capacity [3]. Stock Performance - The company's stock price has positively correlated with its performance recovery, rising over 50% since its low of around 8 yuan in 2024 [3]. - As of October 22, 2025, the stock closed at 18.05 yuan per share, reflecting a year-to-date increase of 56.14%, with a total market capitalization of 6.661 billion yuan [3].