中国巨石(600176)：股权激励彰显信心 玻纤景气持续向上

Group 1 - The company announced a restricted stock incentive plan for 2025, proposing to grant a total of up to 34.5282 million shares, accounting for 0.86% of the total share capital, with an initial grant of 31.0754 million shares, representing 0.78% of the total share capital [1] - The performance assessment targets for the incentive plan include a compound annual growth rate (CAGR) of non-recurring net profit of no less than 38.5%, 27%, and 22% for the years 2026, 2027, and 2028, respectively, based on the 2024 non-recurring net profit [1] - The company aims to enhance its long-term growth confidence through this equity incentive plan [1] Group 2 - The supply of raw yarn is expected to grow at a rate of 5.8% in 2026, which is a slowdown compared to 2025, while demand for wind power yarn is anticipated to maintain strong resilience with a growth rate of 4.1% [2] - The price of fiberglass products has been adjusted upwards by 5%-10% following an initiative to oppose "involution" competition, indicating a potential price recovery in the market [2] - The overall supply-demand balance in the fiberglass industry is expected to support price recovery [2] Group 3 - The supply of electronic fabric is tight, with prices ranging from 4.2 to 4.65 yuan per meter, reflecting a month-on-month increase of 6.6% [3] - The production growth rate of electronic yarn is projected to be 6.1% in 2026, while demand is expected to grow at 6.6% due to increased utilization rates in CCL [3] - The industry is experiencing a tight supply-demand situation, which supports the potential for price increases [3] Group 4 - The demand for special electronic fabrics is significantly increasing due to enhanced terminal computing power, with the market space for special electronic fabrics estimated to reach approximately 17.8 billion yuan in 2026, representing a year-on-year growth of 205% [4] - The company is increasing its investment in high-end electronic-grade fiberglass research and production capacity, enhancing its ability to produce thin and ultra-thin fabrics [4] - The company is strengthening its technological barriers through the development and validation of low dielectric and low expansion products [4] Group 5 - The company is steadily advancing capacity expansion and technological transformation projects across its production bases, with significant upgrades planned for its production lines [5] - The company is focusing on three main product lines: wind power, thermoplastic short-cut, and electronic yarn, while also collaborating with downstream customers to develop composite materials for photovoltaic frames [5] - The company's profit forecasts for 2025-2027 have been adjusted to 3.51 billion, 4.80 billion, and 5.47 billion yuan, respectively, reflecting a positive outlook on profitability [5]