CJS(SH:600176) Shenwan Hongyuan Securities·2025-07-12 13:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported an unexpected strong performance, with a projected net profit attributable to shareholders for the first half of 2025 estimated between 1.65 billion to 1.70 billion yuan, representing a year-on-year growth of 71.65% to 76.85% [6] - The increase in profit is primarily attributed to the contribution from the average price per ton, despite a gradual decline in industry average prices [6] - The company is actively investing in new production capacities and product development, enhancing its competitive edge in the market [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 18,178 million yuan, with a year-on-year growth rate of 14.6% [5] - The net profit attributable to shareholders for 2025 is estimated at 3,349 million yuan, reflecting a year-on-year increase of 37.0% [5] - The earnings per share for 2025 is forecasted to be 0.84 yuan, with a gross margin of 29.8% [5]