CJS(600176) 东吴证券·2025-03-20 08:39Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 15.856 billion yuan and a net profit attributable to shareholders of 2.445 billion yuan in 2024, reflecting a year-on-year increase of 6.6% in revenue but a decrease of 19.7% in net profit [14] - The fourth quarter of 2024 saw a significant improvement, with revenue and net profit increasing by 22.4% and 146.0% year-on-year, respectively [14] - The company plans to distribute a cash dividend of 2.4 yuan per 10 shares [14] Summary by Sections Event - The company disclosed its 2024 annual report, showing total revenue of 15.856 billion yuan and a net profit of 2.445 billion yuan, with a fourth-quarter revenue of 4.224 billion yuan and net profit of 0.912 billion yuan [14] Commentary - The industry is experiencing a recovery in supply-demand balance, with strong demand in sectors like wind power and thermoplastic short-cut [15] - The company reported a gross profit margin of 28.6% and a net profit margin of 15.0% in Q4, indicating improved profitability [15] - The company achieved a total sales volume of 3.025 million tons for raw yarn and 875 million meters for electronic cloth, with year-on-year growth of 21.9% and 4.7%, respectively [15] Earnings Forecast and Investment Rating - The report forecasts net profits for 2025, 2026, and 2027 to be 30.5 billion yuan, 39.8 billion yuan, and 45.8 billion yuan, respectively, with corresponding P/E ratios of 16, 12, and 11 [21] - The report emphasizes that the glass fiber industry is expected to see continued demand growth and a recovery in supply-demand balance, supporting the company's competitive advantages and profitability [21]