JCF(SZ:000420) Changjiang Securities·2025-04-29 08:45Investment Rating - The investment rating for Jilin Chemical Fiber is "Buy" and is maintained [9]. Core Views - The report indicates that the viscose filament market remains stable, while demand for carbon fiber is improving [6][12]. - In 2024, the company achieved revenue of approximately 3.88 billion yuan, a year-on-year increase of 4%, with a net profit attributable to shareholders of about 28 million yuan, a year-on-year decrease of 14% [2][6]. - For Q1 2025, the company reported revenue of approximately 1.21 billion yuan, a year-on-year increase of 32%, but the net profit attributable to shareholders was about 8 million yuan, a year-on-year decrease of 61% [2][6]. Summary by Sections Financial Performance - In 2024, the company's total revenue was approximately 3.88 billion yuan, with viscose fiber revenue accounting for about 2.79 billion yuan, representing a 4% year-on-year growth, and carbon fiber product revenue at approximately 320 million yuan, a 13% year-on-year decline [12]. - The total sales volume of viscose fiber was about 74,000 tons, a 6% year-on-year increase, while the average price of viscose filament was approximately 37,600 yuan per ton, a slight year-on-year decrease of 3% [12]. - The carbon fiber segment saw a sales volume of approximately 5,285 tons, a 12% year-on-year increase, with an average price of about 61,000 yuan per ton, a year-on-year decrease of 22% [12]. - The overall gross margin for the company was approximately 13.7%, an increase of 0.6 percentage points year-on-year, primarily due to some improvement in carbon fiber margins [12]. Future Outlook - The report forecasts that the company's net profit attributable to shareholders will be approximately 140 million yuan, 220 million yuan, and 290 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to PE ratios of 62, 40, and 31 times [12].