CJS(SH:600176) Hua Yuan Zheng Quan·2026-01-07 09:28Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's first equity incentive plan has been implemented, indicating confidence in its medium to long-term development [5][7] - The industry is showing signs of recovery after hitting a low point, with the company benefiting from structural advantages in its product offerings [7] - The company is entering the high-end electronic fabric market, which is expected to provide significant growth opportunities due to increasing demand [7] Financial Summary - The company's projected revenue for 2023 is 14,876 million RMB, with a year-on-year decline of 26.33%. Revenue is expected to grow to 15,856 million RMB in 2024, representing a 6.59% increase, and further to 18,489 million RMB in 2025, a 16.61% increase [6] - The projected net profit attributable to shareholders for 2023 is 3,044 million RMB, with a significant decline of 53.94%. This is expected to recover to 2,445 million RMB in 2024, a decrease of 19.70%, and then grow to 3,321 million RMB in 2025, an increase of 35.84% [6] - The earnings per share (EPS) is projected to be 0.76 RMB in 2023, decreasing to 0.61 RMB in 2024, and then increasing to 0.83 RMB in 2025 and 0.97 RMB in 2026 [6] Market Performance - The company is the largest producer in the electronic fabric sector, benefiting from strong demand in the copper-clad laminate market, leading to both volume and price increases [7] - The company aims for a compound annual growth rate (CAGR) of net profit of at least 38.5% from 2024 to 2026, with projected net profits of 4,851 million RMB, 5,180 million RMB, and 5,603 million RMB for 2026 to 2028 respectively [7]