| 市场数据： | 2025 年 07 月 11 日 | | --- | --- | | 收盘价（元） | 12.17 | | 一年内最高/最低（元） | 13.25/8.80 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 1.97 | | 流通 A 股市值（百万元） | 48,718 | | 上证指数/深证成指 | 3,510.18/10,696.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.69 | | 资产负债率% | 40.17 | | 总股本/流通 A 股（百万） | 4,003/4,003 | | 流通 B 股/H 股（百万） | -/- | 上 市 公 司 建筑材料 2025 年 07 月 12 日 中国巨石 (600176) ——业绩超预期，预期单吨盈利逆势上行 报告原因：有业绩公布需要点评 买入（维持） 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04- ...

证券研究报告 | 2025年05月09日 中国巨石（600176.SH） 优于大市 2025 年一季报点评：复价增量持续，盈利能力逐季继续提升 量价齐升，Q1 收入利润同比大幅修复。2025Q1 公司实现营收 44.8 亿元， 同比+32.4%，环比+6.0%，归母净利润 7.3 亿元，同比+108.5%，环比 -19.9%，扣非归母净利润 7.44 亿元，同比+342.5%，环比+17.8%，EPS 为 0.18 元/股，受益风电、热塑等领域结构性需求拉动及持续复价落地 带来量价齐升，收入利润同比大幅修复，据据卓创资讯数据，25Q1 国内 主流产品无碱 2400tex 缠绕直接纱均价同比+22%，环比+2.3%，G75 电子 纱均价同比+18.4%，环比-2.8%。 复价持续落地叠加降本提效，盈利能力逐季继续提升。2025Q1 公司实现毛 利率 30.5%，同比+10.4pp，环比+2.0pp，主要受益于有序稳价复价持续 落地带动产品均价提升和成本管控持续加强；期间费用率 9.3%，同比 -2.8pp，环比+7.6pp，其中销售/管理/财务/研发费用率分别为 1.04%/3.68%/1.16%/3.41%， ...

事件：25Q1 公司实现营收、归母净利和扣非归母净利分别为44.8、7.3、7.4 亿元，分别同比+32.4%、 +108.5%、+342.5%，公司业绩落于快报区间偏上限。 结构性复价落地，公司扣非业绩大幅提升。25Q1 风电、热塑等中高端领域需求旺盛，电子布景气有所 改善，预计带动公司粗纱、电子布产销同比较快增长。价格方面，据卓创资讯，25Q1 缠绕直接纱 2400tex 均价同比+22.8%，环比+2.0%。24 年末针对风电纱（提价15-20%）、热塑短切（提价10-15%） 等长协产品的提价在25Q1 得以有序落地执行，叠加公司单位生产成本的优化，预计25Q1 粗纱、电子布 单位净利环比进一步改善。2 月底7628 电子布报价上调约0.3 元/米，后续业绩反映或更充分。 公司全球化布局对冲关税风险。中国是全球玻纤核心供应国，24 年国内玻纤产量756 万吨，出口占比 27%，其中对美出口24.6 万吨（占出口比例12%）。美国玻纤本土产能预计在120 万吨左右，对中国进 口依存度较高。 公司从国内直接出口美国的销量有限，面对贸易摩擦，公司可以通过埃及基地40 万吨产能转口，美国 本土9.6 万吨产能 ...

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]

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].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a Q1 2025 revenue of 4.479 billion yuan, a year-on-year increase of 32.4%, and a net profit attributable to shareholders of 730 million yuan, up 108.5% year-on-year [2] - The company is experiencing a recovery in gross profit margins, with Q1 2025 gross margin at 30.53%, up 10.40 percentage points from the bottom in Q1 2024 [3] - The pricing power in the industry is evident as the company has successfully implemented price increases for its products, particularly in the high-end segments [3][4] Summary by Sections Performance Review - Q1 2025 revenue reached 4.479 billion yuan, with a net profit of 730 million yuan, and a non-recurring net profit of 744 million yuan, showing significant year-on-year growth [2] Operational Analysis - **Fiberglass Yarn**: The average price for 2400tex yarn in Q1 2025 was 3,766 yuan/ton, reflecting a 22.3% year-on-year increase. The company’s inventory decreased by 6.7% from Q4 2024, indicating a positive inventory trend [3] - **Electronic Fabric**: The average price for 7628 electronic fabric in Q1 2025 was approximately 4.14 yuan/meter, up 22.8% year-on-year, driven by strong downstream demand and limited supply [4] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 3.531 billion yuan, 4.210 billion yuan, and 4.590 billion yuan, respectively, with corresponding PE ratios of 14x, 11x, and 10x [5]