CJS(600176) ZHONGTAI SECURITIES·2024-10-25 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in profitability, with a significant increase in sales volume of glass fiber yarn and products, exceeding 700,000 tons in Q3 2024, representing a year-on-year growth of over 24% [1] - The company is expected to continue benefiting from the recovery in pricing within the glass fiber industry, with unit profitability showing improvement [1] - The company is expanding its production capacity and optimizing its product structure, focusing on wind power, thermoplastics, and electronic yarns, while also developing products for the photovoltaic frame market [1] Financial Summary - For the fiscal year 2023, the company reported revenue of 14,876 million yuan, with a projected increase to 16,276 million yuan in 2024, and further growth expected in subsequent years [2] - The net profit attributable to the parent company is forecasted to decline from 3,044 million yuan in 2023 to 2,148 million yuan in 2024, with a recovery anticipated in 2025 and 2026 [2] - The earnings per share (EPS) is expected to decrease from 0.76 yuan in 2023 to 0.54 yuan in 2024, with a gradual recovery in the following years [2] Market Position and Strategy - The company is maintaining its leading position in the industry, with ongoing capacity expansion and product structure optimization [1] - The company is actively building a "big R&D" system to enhance research efficiency and develop unique competitive products [1] - The company is expected to release more products in the photovoltaic frame composite materials sector, with some already achieving bulk supply in 2024 [1]