CJS(600176) 天风证券·2025-03-20 07:45Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][5]. Core Views - The company achieved a significant improvement in Q4 performance, with a quarterly revenue of 4.22 billion yuan and a net profit of 912 million yuan, reflecting a year-on-year increase of 22.41% and 146.04% respectively [1]. - The overall revenue for the year was 15.86 billion yuan, with a net profit of 2.44 billion yuan, showing a year-on-year decline of 19.70% [1]. - The company is expected to benefit from the high demand in the wind power sector in 2025, with a projected increase in profit elasticity [2][3]. Financial Performance Summary - In 2024, the company reported a total revenue of 15.86 billion yuan, a year-on-year growth of 6.59%, while the net profit decreased by 19.70% to 2.44 billion yuan [6]. - The gross profit margin for the year was 25.03%, down by 2.98 percentage points compared to the previous year, but Q4 showed a gross margin of 28.58%, indicating a recovery [4]. - The company plans to distribute a cash dividend of 960 million yuan, representing a payout ratio of 39.30% [5]. Market and Product Insights - The company’s fiberglass and products generated a revenue of 15.48 billion yuan in 2024, with a year-on-year increase of 7.33% [2]. - The sales volume of fiberglass yarn and electronic cloth increased by 21.9% and 4.7% respectively, indicating a strong market position [2]. - Recent price increases for electronic yarn and cloth are expected to benefit the company due to rising demand from sectors like 5G and AI [3]. Future Projections - The company anticipates a net profit of 3 billion yuan in 2025, with a slight adjustment from previous estimates [5]. - The projected revenue growth rates for the next few years are 22.10% in 2025, followed by 9.11% in 2026 and 6.15% in 2027 [6].