CJS(SH:600176) China Post Securities·2025-07-14 13:21Investment Rating - The investment rating for the company is "Buy" [12] Core Views - The company is expected to achieve a net profit of 16.5 billion to 17 billion yuan for the first half of 2025, representing a year-on-year increase of 71.65% to 76.85% [5] - The second quarter net profit is projected to be 9.45 billion yuan, showing a year-on-year growth of 54.7% [6] - The company benefits from a high proportion of mid-to-high-end products, particularly in the wind power and thermoplastic sectors, which are expected to maintain high demand [6] - Anticipated growth in AI demand is expected to drive the need for Low-DK/Low CTE electronic fabrics [6] Financial Performance - The company forecasts revenues of 193 billion yuan and 209 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 21.5% and 8.5% [7] - The projected net profit for 2025 and 2026 is 34.5 billion yuan and 37.2 billion yuan, respectively, with growth rates of 41.2% and 7.7% [7] - The company's PE ratios for 2025 and 2026 are expected to be 14X and 13X, respectively [7] Financial Metrics - The latest closing price is 12.17 yuan, with a total market capitalization of 487 billion yuan [4] - The company has a debt-to-asset ratio of 41.1% and a PE ratio of 19.93 [4] - The projected EBITDA for 2025 is 44.72 billion yuan, with a net profit margin of 17.9% [10][11]