CJS(600176) Guotai Junan Securities·2024-10-25 02:10Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company's Q3 performance met expectations, with a revenue of 11.632 billion yuan, a year-on-year increase of 1.81%, and a net profit of 1.156 billion yuan, a year-on-year decrease of 28.81% [1][2]. - In Q3 2024, the company achieved a revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, and a net profit of 528 million yuan, a year-on-year increase of 49.18% [1][2]. - The company is expected to maintain EPS of 0.55, 0.69, and 0.82 yuan for 2024-2026, with a target price of 12.22 yuan [1][6]. Financial Summary - Revenue for 2022 was 20.192 billion yuan, with a projected revenue of 15.748 billion yuan for 2024, reflecting a year-on-year growth of 5.9% [3][10]. - The net profit attributable to the parent company for 2022 was 6.610 billion yuan, with a projected net profit of 2.215 billion yuan for 2024, indicating a year-on-year decrease of 27.2% [3][10]. - The company’s net asset return rate is projected to be 7.5% in 2024, increasing to 10.1% by 2026 [3][10]. Sales Performance - The company maintained strong differentiated sales capabilities in Q3, achieving a sales volume of 740,000 tons of yarn, a year-on-year increase of 24% [1][2]. - The sales volume of electronic cloth in Q3 was approximately 170 million meters, with a slight decline in production and sales compared to previous quarters [1][2]. Industry Outlook - The industry is expected to see a slowdown in net new supply, with the company’s long-term cost and product capabilities being key competitive advantages [1][2]. - The report indicates that the company’s ability to maintain pricing power for high-end products remains strong, supported by differentiated product offerings [1][2].