CJS(SH:600176)2024-07-09 07:31Investment Rating - The report maintains a "Buy" rating for China Jushi Co., Ltd. [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.52-10.32 billion yuan in the first half of 2024, representing a year-on-year decline of 50-60% [5] - The decline in quarterly profits is narrowing, with the second quarter projected to yield a net profit of approximately 5.78 billion yuan, down 49.4% year-on-year but up 65.0% quarter-on-quarter [5] - The glass fiber industry is actively recovering prices, with significant price increases observed since mid-March 2024, indicating strong signals for price stability and profitability [5] - The company is focusing on product structure adjustments to enhance the proportion of high-value-added products, which is expected to improve overall gross margins [5] Financial Summary - The total revenue for 2023 is reported at 14.876 billion yuan, with projections of 16.084 billion yuan for 2024, 17.703 billion yuan for 2025, and 19.249 billion yuan for 2026, indicating a recovery trend [6][7] - The net profit attributable to shareholders is projected to be 2.429 billion yuan in 2024, 3.077 billion yuan in 2025, and 3.589 billion yuan in 2026, reflecting a gradual recovery [6][7] - The earnings per share are expected to be 0.61 yuan in 2024, 0.77 yuan in 2025, and 0.90 yuan in 2026, showing an upward trend [6][7]