中国巨石：报告原因：有信息公布需要点评

Investment Rating - The report maintains a "Buy" rating for China Jushi Co., Ltd. [16] Core Views - The company announced significant capital expenditure plans, including a 100,000-ton electronic-grade fiberglass zero-carbon intelligent production line and a 500MW wind power project, which are expected to enhance its competitive advantage and market share [16] - The company plans to increase its dividend payout ratio from 35% to 45% over the next three years, enhancing shareholder returns [16] - Major shareholders, including the controlling shareholder China National Building Material and the second-largest shareholder Zhenstone Group, have committed to increasing their stakes in the company, reflecting long-term confidence in its growth [16] - The fiberglass industry is currently at a cyclical low, but the company is expected to maintain relatively good profitability due to its cost, scale, and product structure advantages [16] Financial Summary - Total revenue for 2023 is projected at 14,876 million yuan, with a year-on-year decline of 26.3% [18] - The net profit attributable to shareholders for 2023 is expected to be 3,044 million yuan, down 53.9% year-on-year [18] - Earnings per share for 2023 is estimated at 0.76 yuan, with a projected increase to 0.90 yuan by 2026 [18] - The company’s gross margin is expected to improve from 28.0% in 2023 to 31.0% in 2026 [18]