CJS(SH:600176) 光大证券研究·2025-09-06 00:03Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by increased demand in key sectors such as wind energy and electronic fabrics [4][5][6]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 9.1 billion yuan, net profit attributable to shareholders of 1.69 billion yuan, and net profit excluding non-recurring items of 1.70 billion yuan, representing year-on-year increases of 18%, 76%, and 171% respectively [4]. - In Q2 2025, the company recorded total revenue of 4.6 billion yuan, net profit of 960 million yuan, and net profit excluding non-recurring items of 960 million yuan, with year-on-year increases of 6%, 57%, and 108% respectively, and quarter-on-quarter increases of 3%, 31%, and 29% respectively [4]. Group 2: Business Segments - For the fiberglass yarn business in H1 2025, revenue was approximately 7.3 billion yuan, with a year-on-year increase of 17%, and sales volume reached 1.58 million tons, up 4% year-on-year. The net profit excluding non-recurring items was approximately 1.34 billion yuan, a 150% increase year-on-year [5]. - In Q2 2025, the fiberglass yarn business generated approximately 3.7 billion yuan in revenue, a 7% year-on-year increase, with net profit excluding non-recurring items around 730 million yuan, a 92% increase year-on-year [5]. - The electronic fabric business in H1 2025 saw revenue of approximately 1.56 billion yuan, an 18% year-on-year increase, and net profit excluding non-recurring items of around 300 million yuan, a 233% increase year-on-year [6]. - In Q2 2025, the electronic fabric business revenue was 820 million yuan, flat year-on-year, with net profit excluding non-recurring items of 200 million yuan, over a 100% increase year-on-year [6]. Group 3: Market Outlook - The company anticipates continued demand growth in the wind energy sector, benefiting from increased installation capacity and larger blade sizes, which is expected to enhance sales [5]. - The electronic fabric segment is expected to see price increases due to rising PCB prices, with the company’s new production line projected to enhance capacity significantly by 2026 [6]. - The company is focusing on the demand for wind energy yarn, price trends in electronic fabrics, and developments in its specialty fabric business in H2 2025 [6].