盈利预测、估值与评级 业绩简评 2025 年 10 月 21 日，公司发布 2025 年三季度公告：25Q1-Q3 公司 收入 217 亿元，同比+29%，归母净利润 14.8 亿元，同比+143%，扣 非归母净利润 11.97 亿元，同比+270%。其中 25Q3 收入 83.69 亿 元，同比+33%，归母净利润 4.81 亿元，同比+235%，扣非归母净利 润 3.89 亿元，同比+334%。 经营分析 （1）传统玻纤：淡季不淡，行业重回去库趋势。①单价方面，25Q3 全国缠绕直接纱 2400tex 均价为 3568 元/吨，同比-3%、环比-5%。 二三线企业持续垒库、因此价格有所松动。②销量方面，根据卓创 资讯数据，25Q3 期末行业库存为 86.5 万吨，环比 25Q2 末减少 2.3 万吨，其中 9 月单月去库 4.7 万吨、去库降幅达 5.1%，行业重回 降库趋势。9 月 5 日，山东玻纤/金牛/三磊等企业发布玻纤复价 函，对直接纱等相关产品每吨上浮 5-10%不等，本次复价背景为行 业自发性反内卷，二三线厂家复价、修复其与一线厂家的价差，复 价代表行业价格底部明确。 （2）定增保障特种玻纤项 ...

Core Viewpoint - The company has increased its production capacity for specialty fiberglass cloth from an annual output of 26 million meters to 35 million meters, indicating strong market demand and a commitment to enhancing supply capabilities [1] Group 1: Company Developments - The company announced the change in production capacity for its specialty fiberglass cloth project in April this year [1] - The project will be constructed and put into operation in phases [1] - The company is experiencing a strong demand for its specialty fiber cloth products, leading to a supply shortage [1] Group 2: Market Trends - The wind power market is currently seeing robust demand, resulting in a significant increase in sales [1]

Core Viewpoint - The company has increased the production capacity of its specialty fiberglass cloth project from 26 million meters to 35 million meters, indicating strong market demand and a commitment to enhancing supply capabilities [1]. Group 1: Company Updates - The specialty fiberglass cloth project, initially announced to have a production capacity of 26 million meters, has been revised to 35 million meters as of April this year [1]. - The project will be constructed and put into operation in phases, reflecting a strategic approach to meet market demand [1]. - Currently, the demand for specialty fiberglass cloth products is robust, leading to a situation of supply shortage [1]. Group 2: Market Conditions - The wind power market is experiencing significant demand this year, resulting in a substantial increase in sales [1]. - The company is actively working to enhance its supply capabilities to satisfy the growing market needs [1].

Core Viewpoint - The company has shown significant growth in revenue and profit across various business segments in the first half of 2025, driven by strong market demand and strategic capacity expansions [4][5][6]. Wind Power Blade Business - In H1 2025, the wind power blade business achieved revenue of 5.2 billion yuan, a year-on-year increase of 84%, with sales volume reaching 15 GW, up 103% [5] - The net profit attributable to the parent company was 370 million yuan, reflecting a 258% increase [5] - The company is expanding its production capacity both domestically and internationally, with new projects in Xinjiang, Shantou, and Brazil [5] Glass Fiber Business - The glass fiber segment saw a significant increase in profitability, with sales of 673,000 tons and revenue of 4.35 billion yuan, a 13% year-on-year increase [6] - The net profit attributable to the parent company reached 560 million yuan, up 262% [6] - The company is focusing on high-end products and has made advancements in special fiber cloth production, achieving certifications from major clients [6] Investment in Special Fabric Projects - The company plans to invest 1.8 billion yuan in a project in Shandong for producing 35 million meters of low dielectric fiber cloth and 1.75 billion yuan for 24 million meters of ultra-low loss low dielectric fiber cloth, with an 18-month construction period [7] Lithium Membrane Business - In H1 2025, the lithium battery separator business generated revenue of 930 million yuan, a 22% increase year-on-year, with sales volume reaching 130 million square meters, up 60% [8] - The company has established seven production bases across various provinces in China and is advancing the construction of an overseas base in Hungary [8]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The demand for special electronic fabrics is a blue ocean, with domestic leaders actively expanding [6] - Cement prices continue to rise, while glass inventory has shifted from increasing to decreasing [7] - The report recommends focusing on special fabrics and the African chain, with existing leaders as the main line for the year [9] Summary by Relevant Sections Special Electronic Fabrics - China National Materials Technology has announced new expansion plans, indicating strong commitment. Taishan Fiberglass plans to invest 1.81 billion yuan to build a project with an annual output of 35 million meters of special fiber fabric and another 1.75 billion yuan for a project with an annual output of 24 million meters of ultra-low loss low dielectric fabric (Q fabric). The total annual output of these projects will reach 59 million meters, with a construction period of 18 months. The funding will come from self-owned funds and bank loans. After production, the total capacity is expected to reach approximately 120 million meters. Additionally, China Jushi has also confirmed its increased investment in the special electronic fabric sector. AI electronic fabrics are expected to be a new wave for industry leaders, considering the high technical barriers, product iteration, and sustained unexpected demand [6]. Cement Market - As of the end of August, cement demand has slightly rebounded in southern regions due to reduced rainfall. However, demand has weakened in regions like Beijing-Tianjin-Hebei, Shandong, and Henan due to stricter environmental controls. The average cement shipment rate in key regions is approximately 45.3%, a decrease of 0.2 percentage points month-on-month. Some areas are still actively pushing for price increases, leading to an overall market price increase of 0.5% [7]. Glass Market - The domestic float glass market has seen a slight improvement in transactions, with prices gradually stabilizing and some areas experiencing minor price increases. As downstream processing plants further digest inventory, there has been a slight increase in essential replenishment, supporting float glass manufacturers. However, the current inventory level remains high, and speculative sources still pose risks. The production capacity has slightly increased, with 283 float glass production lines in total, 222 of which are operational, with a daily melting capacity of 158,855 tons [8][36]. Recommendations - The report recommends focusing on core leader China National Materials Technology due to the explosive demand for AI and high supply barriers in special electronic fabrics. The report also highlights the African chain, recommending Keda Manufacturing, which has advantages in production, channels, and brand in the African market. The report anticipates continued recovery in net profit margins in 2025H, benefiting from the recovery in lithium carbonate prices. Additionally, it recommends Huaxin Cement and Western Cement, noting Huaxin's acquisition of Haorui's Nigerian assets, which enhances overseas profit elasticity [9].

Group 1 - The core viewpoint of the report highlights significant improvements in the cement and fiberglass sectors in Q2, with cement prices showing a downward trend but profitability increasing year-on-year, while fiberglass benefits from rising prices in thermoplastics and wind power yarns, leading to improved gross margins [1][3] - The construction materials sector saw a 2.71% increase in the Shanghai and Shenzhen 300 index, with the building materials sector (CITIC) rising by 0.53%, particularly driven by strong performance in the fiberglass segment [2] - The report recommends focusing on high-end electronic fabrics and traditional building materials with improving fundamentals, while also noting the impact of declining new construction in real estate on consumption building materials [3] Group 2 - The report indicates that the demand for traditional building materials remains generally weak, although there are signs of improvement in supply, with price increases announced for waterproof materials and gypsum boards in August [3] - A significant expansion announcement was made by China National Materials Group, planning to invest approximately 180.624 million yuan in a low-dielectric fiber fabric project and 175.089 million yuan in an ultra-low-loss low-dielectric fiber fabric project, adding a total of 5.9 million meters of production capacity [4] - The recommended stock portfolio includes companies such as Honghe Technology, China National Materials, Qingsong Chemical, Tibet Tianlu, Huaxin Cement, and Sankeshu, reflecting a focus on firms with potential for growth in the current market environment [5]