CJS(SH:600176) Dongguan Securities·2026-03-23 08:09Investment Rating - The report maintains an "Accumulate" rating for China Jushi (600176) [1] Core Views - China Jushi achieved significant growth in 2025, with operating revenue of 18.88 billion yuan, a year-on-year increase of 19.08%, and a net profit attributable to shareholders of 3.285 billion yuan, up 34.38% year-on-year. The non-recurring net profit reached 3.48 billion yuan, marking a substantial increase of 95% year-on-year [2][4] - The gross profit margin showed a continuous recovery, reaching 33.12% in 2025, an increase of 8.1 percentage points compared to 2024. The quarterly gross profit margins were 30.53%, 33.84%, 32.82%, and 35.06% respectively, indicating a steady improvement [2][4] - The company reported a significant increase in sales and gross profit margin in its fiberglass segment, with sales volume of 3.2026 million tons and revenue of 18.345 billion yuan, representing an 18.51% increase year-on-year. The gross profit margin for this segment increased by 7.87 percentage points to 32.21% [2][4] Summary by Relevant Sections Financial Performance - In 2025, the company’s operating revenue was 18.88 billion yuan, with a net profit of 3.415 billion yuan. The operating profit was 4.376 billion yuan, and the total profit was 4.15 billion yuan [4] - The company’s ROE (TTM) was 10.57%, and the operating cash flow improved significantly from 2 billion yuan in 2024 to 4.2 billion yuan in 2025 [2][4] Future Projections - The forecast for EPS from 2026 to 2028 is 1.29 yuan, 1.49 yuan, and 1.66 yuan respectively, with corresponding PE ratios of 17.6 times, 15.2 times, and 13.7 times [2][4]