CJS(600176) 东兴证券·2025-03-21 12:23Investment Rating - The report maintains a "Strong Buy" rating for China Jushi [2][13] Core Views - China Jushi, as a leading player in the fiberglass industry, continues to enhance its market share despite adverse market conditions [4][7] - The company achieved a revenue of 15.856 billion yuan in 2024, representing a year-on-year growth of 6.59%, while the net profit attributable to shareholders decreased by 19.7% to 2.445 billion yuan [3][4] - The company’s operational efficiency is improving, with a reduction in inventory turnover days and an increase in sales volume, leading to a significant rise in market share [6][7] Financial Performance - In 2024, the company sold 3.025 million tons of fiberglass yarn and products, a year-on-year increase of 21.91%, and electronic cloth sales reached 875 million meters, up 4.76% [4] - The company’s net profit margin is projected to recover, with a significant increase of 146.04% in the fourth quarter compared to the previous year [5] - The forecast for net profit from 2025 to 2027 is 3.138 billion, 3.872 billion, and 4.611 billion yuan, respectively, with corresponding EPS of 0.78, 0.97, and 1.15 yuan [7][14] Market Position and Strategy - China Jushi's global layout and strong cash position allow it to mitigate international trade friction impacts and invest in R&D, with R&D expenses increasing by 1.72% to 528 million yuan in 2024 [7][14] - The company is focusing on optimizing its product structure and expanding into high-end markets, which is expected to enhance its international competitiveness [7][13]