CJS(600176) 天风证券·2025-03-20 10:09Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][24]. 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][5]. - 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 [1][6]. - The gross profit margin for the year was 25.03%, down by 2.98 percentage points compared to the previous year, but Q4 saw a gross margin of 28.58%, an increase of 2.77 percentage points year-on-year [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 reached 3.025 million tons and 875 million meters respectively, marking increases of 21.9% and 4.7% year-on-year [2]. - Recent price increases for electronic yarn and cloth are expected to benefit the company due to high demand from sectors like 5G and AI [3]. Cash Flow and Financial Health - The operating cash flow for 2024 was 2.032 billion yuan, reflecting a significant improvement from the previous year [4]. - The company’s asset-liability ratio stood at 41.08%, indicating a slight improvement in capital structure [4][8]. - The company’s net profit margin for 2024 was 15.95%, down by 5.27 percentage points year-on-year [4].