CJS(SH:600176) Hua Yuan Zheng Quan·2025-10-31 10:34Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The traditional business is steadily recovering, while high-end electronic fabrics are a future highlight [4] - The company has entered the high-end electronic fabric sector, which is expected to benefit from the demand for computing power upgrades, leading to a favorable supply-demand situation [7] - The company is the largest producer of electronic fabrics, and with good demand in the copper-clad laminate market, it is anticipated to achieve both volume and price increases [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 13.904 billion yuan, a year-on-year increase of 19.53%, and a net profit attributable to the parent company of 2.568 billion yuan, a year-on-year increase of 67.51% [7] - In Q3 alone, revenue was 4.795 billion yuan, up 23.17% year-on-year and 3.56% quarter-on-quarter, with a net profit of 881 million yuan, up 54.06% year-on-year but down 7.9% quarter-on-quarter [7] - The company expects net profits for 2025-2027 to be 3.321 billion, 3.884 billion, and 4.227 billion yuan, respectively, with corresponding EPS of 0.83, 0.97, and 1.06 yuan [7] Revenue and Profit Forecast - Projected operating revenue for 2025 is 18.489 billion yuan, with a year-on-year growth rate of 16.61% [6] - The projected net profit for 2025 is 3.321 billion yuan, with a year-on-year growth rate of 35.84% [6] - The company’s P/E ratios for 2025-2027 are expected to be 19.77, 16.90, and 15.53, respectively [6]