CJS(600176) 中邮证券·2025-03-23 15:28Investment Rating - The investment rating for the company is "Accumulate" and maintained [2] Core Insights - The company reported significant improvement in Q4 earnings, with a notable increase in net profit by 146.0% year-on-year [5][6] - The company's revenue for 2024 is projected to be 180 billion yuan, representing a year-on-year growth of 13.5% [7][10] - The gross profit margin for Q4 was 28.58%, an increase of 2.77 percentage points year-on-year, indicating enhanced profitability [6] Company Overview - The latest closing price of the company's stock is 12.83 yuan, with a total market capitalization of 514 billion yuan [4] - The company achieved a record production and sales volume in 2024, with a total of 3.025 million tons of raw yarn and products sold, marking a 21.91% increase year-on-year [6] - The company’s first major shareholder is China National Building Material Group Corporation [4] Financial Performance - In 2024, the company achieved a total revenue of 158.6 billion yuan, a year-on-year increase of 6.6%, while the net profit attributable to shareholders decreased by 19.7% to 24.4 billion yuan [5][10] - The company’s operating cash flow for 2024 was 20.32 billion yuan, an increase of 11.65 billion yuan year-on-year, reflecting strong cash flow management [6] - The projected earnings per share (EPS) for 2025 is 0.74 yuan, with a corresponding price-to-earnings (P/E) ratio of 17.35 [10][12]