CJS(SH:600176) 光大证券研究·2025-03-24 10:05Core Viewpoint - China Jushi's 2024 annual report shows a mixed performance with total revenue increasing by 7% to 15.9 billion yuan, while net profit decreased by 20% to 2.4 billion yuan, indicating challenges in profitability despite revenue growth [3]. Group 1: Business Segments - Fiberglass Yarn Business: Revenue for 2024 is estimated at 12.9 billion yuan, up 8% year-on-year, with sales volume reaching 3.03 million tons, a 22% increase, significantly outperforming the industry [4]. - Electronic Fabric Business: Revenue for 2024 is projected at 2.6 billion yuan, a 3% increase, with sales volume of 880 million meters, up 5% year-on-year, indicating a strong performance relative to the industry [5]. - New Energy Business: Revenue reached 62.3 million yuan with a net profit of 40.78 million yuan, showcasing a high net profit margin of 65%, driven by new wind power projects [6]. Group 2: International Operations - Overseas Business Performance: Domestic and international revenue contributions were 62% and 38% respectively, with the U.S. subsidiary facing challenges, reporting a net loss of 28 million yuan due to pricing strategies [7]. Group 3: Future Outlook - 2025 Industry Outlook: The fiberglass industry is expected to benefit from improved demand for wind power yarns and the introduction of new production capacities, with potential price increases for long-term contracts anticipated [8].