5月19日，国际复材今日收盘3.91元，上涨3.17%，最新市净率1.84，创91天以来新低，总市值147.44亿 元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)5国际复材-63.33-41.661.84147.44亿行业平均 28.6743.013.02166.15亿行业中值40.2249.401.9350.02亿1三峡新材-840.64282.562.0235.50亿2山东玻 纤-770.29-38.911.5238.49亿3南玻A-343.4655.021.08146.78亿4金晶科技-68.15114.351.1969.15亿6海南发 展-19.93-19.156.8872.67亿7ST华鹏-8.06-7.9041.9011.61亿8长海股份15.9017.721.0648.68亿9中国巨石 17.2319.911.58486.78亿10福耀玻璃18.2219.783.931483.12亿11中材科技26.4330.781.45274.54亿 本文源自：金融界 作者：行情君 股东方面，截至2025年4月30日，国际复材股东户数58210户，较上次增加1860户，户均持股市值35.28 万 ...

Core Insights - The company achieved a revenue of 4.5 billion yuan in Q1, representing a year-on-year growth of 32%, and a net profit attributable to shareholders of 730 million yuan, up 109% year-on-year, with a non-recurring net profit of approximately 740 million yuan, reflecting a 342% increase year-on-year [1] Group 1: Financial Performance - The company's Q1 gross profit margin was approximately 30.5%, an increase of 10.4 percentage points year-on-year, driven by both price increases and a decrease in production costs for raw yarn and electronic fabrics [2] - The company's net profit margin for Q1 was approximately 16.3%, up 6 percentage points year-on-year, indicating improved operational efficiency [2] - The company's asset-liability ratio decreased to around 40% by the end of Q1, showing a trend of financial improvement over the past two years [2] Group 2: Market Dynamics - The increase in sales volume was primarily driven by the domestic market, while export sales weakened due to political and economic influences in Europe and the United States [2] - The average price of direct yarn in Q1 increased by 23% year-on-year, while the average price of electronic fabrics rose by approximately 0.6 yuan per meter year-on-year [2] - The company is expected to benefit from the global demand for fiberglass, particularly in the wind power sector, with an anticipated increase in global fiberglass demand of over 600,000 tons this year [4] Group 3: Industry Outlook - The fiberglass industry is expected to see a slight improvement in overall profitability, with the wind power sector driving demand in the first half of the year [4] - The company is projected to maintain a competitive edge due to its resource advantages, product structure, and scale, with estimated net profits of approximately 3.4 billion yuan and 4.3 billion yuan for 2025 and 2026, respectively [4] - The company’s export volume is projected to be around 202,000 tons in 2024, with a 27% export ratio, indicating a broad distribution in the export market despite challenges from tariffs [3]

长海股份 20250428 摘要 • 长海股份 2025 年第一季度归母扣非净利润同比增长 92.63%，环比增长 38.64%，主要受益于产品结构调整和新建窑炉带来的能耗降低，玻纤销 量 9.7 万吨，玻纤纱占比 56%，制品占比 44%，玻纤吨净利约 770 元， 树脂吨净利约 570 元。 • 公司计划提升风电设备产量，预计半年度可达 4 万吨，调整产品结构以风 电相关产品为主。一季度出口占比约 23%，欧洲市场占出口比例约 30%，主要出口短切毡和沙，受欧盟双反税影响程度取决于关税幅度。 • 美国关税影响暂未波及其他地区需求，但客户持观望态度。二季度玻纤销 量预计正常，但可能受贸易关税影响。公司初步考虑将额外税率转嫁给客 户，以避免毛利率和净利润大幅下降。 • 一季度玻璃纤维产品销售比例：直接纱约两三万吨，热塑纱接近五万吨， 合股纱四五万吨。公司计划减少热固类和骨料类产品生产，增加直接纱和 制品生产。 • 截至 2025 年 4 月，公司库存水平约为 35 天。一季度接近满产状态，实 际产量约 9.7 万吨，全年销量有望达到 40 万吨以上。风电纱需求量大， 但公司正在寻找均衡分配产能的方式。 Q&A ...

证券研究报告 长海股份 (300196 CH) Q1 盈利同环比改善，费用率明显下降 华泰研究 季报点评 2025 年 4 月 28 日│中国内地 玻璃 公司公布 25 年一季报：25Q1 收入/归母净利 7.6/0.8 亿元，同比 +31.4%/+61.8%，25Q1 玻纤延续复价带动公司盈利能力改善，新产线逐步 爬坡成熟有望进一步提升公司规模及生产效率，维持"买入"。 玻纤复价带动毛利率同环比改善，新产能逐步释放有望进一步提升效率 25Q1 公司毛利率 22.6%，同/环比+1.0/+1.5pct，玻纤价格同比提升带动公 司毛利率改善，同时公司新产线逐步爬坡成熟后生产成本有所降低。据卓创 资讯，截至 4 月 25 日国内玻纤缠绕直接纱/SMC 合股纱均价同比 +9.0%/+13.3%，玻纤价格同比延续改善趋势，叠加新产能逐步释放，我们 预计 Q2 公司盈利能力同比有望延续提升。 期间费用率明显下降，采购支出增加导致经营性现金流短期承压 25Q1 公司期间费用率 10.5%，同比-2.4pct，其中销售/管理/研发/财务费用 率分别为 2.0%/4.3%/4.9%/-0.7%，同比-0.4/-0.9/+0. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first quarter, the company achieved operating revenue of 4.5 billion yuan, a year-on-year increase of 32%; net profit attributable to shareholders was 730 million yuan, up 109% year-on-year, and the non-recurring net profit was approximately 740 million yuan, reflecting a year-on-year increase of 342% [2][4]. Summary by Relevant Sections Sales Performance - The company experienced significant sales growth, with domestic market demand driving the increase, while export sales weakened due to political and economic factors in Europe and the United States [10]. Cost and Profitability - The gross profit margin for the first quarter was approximately 30.5%, an increase of 10.4 percentage points year-on-year, attributed to both price increases and a decrease in production costs [10]. - The net profit margin for the first quarter was approximately 16.3%, reflecting a year-on-year increase of 6 percentage points [10]. Market Outlook - The company is expected to benefit from the growing demand in the wind power sector, with an anticipated global fiberglass demand increase of over 600,000 tons this year [10]. - The company’s competitive advantages include resource access, product structure, and scale, which are expected to maintain its leading position in the fiberglass industry [10]. Financial Projections - The projected net profit for the company is approximately 3.4 billion yuan in 2025 and 4.3 billion yuan in 2026, corresponding to valuation multiples of 14 and 11 times, respectively [10].