Investment Rating - The report assigns a neutral rating to China Jushi with a 12-month target price of Rmb 11.45, while the stock price on January 15, 2025, was Rmb 11.57 [4][5][23]. Core Insights - Management is cautiously optimistic about the glass fiber market in 2025, expecting slight price increases and continued high sales growth [1][2]. - The company anticipates that electronic fabric prices will improve in 2025 due to better demand and low channel inventory, aiming for a production target of 1 billion meters of electronic fabric [2]. - The company has paused domestic capacity expansion for roving yarn and is exploring opportunities for overseas production, citing low profitability in the industry [3]. Summary by Sections Market Outlook - Management expressed cautious optimism for the glass fiber market in 2025, with expectations of price increases for electronic fabrics and stable demand for roving yarn [1][2]. Production and Capacity - The company plans to produce 1 billion meters of electronic fabric in 2025, up from approximately 900 million meters in 2024, with an expected increase in unit net profit by Rmb 0.2-0.3 per square meter [2]. - Domestic new capacity construction for roving yarn has been halted, while the company is seeking opportunities for overseas expansion [3]. Financial Projections - The report provides financial projections indicating a gradual increase in dividend payout ratios from 2024 to 2026 [1]. - Revenue and profit forecasts show a slight recovery in 2025, with net profit expected to rise from Rmb 2.13 billion in 2024 to Rmb 2.27 billion in 2025 [6].
-瑞银证券-中国巨石-2025瑞银大中华研讨会：看好电子布复价