CJS(600176)2024-11-22 07:35Group 1: Impact of Export Tax Adjustment - The export tax rate for fiberglass products will be reduced from 13% to 9% starting December 1, 2024, affecting the company's export operations [1] - Approximately 35% of the company's total sales are from overseas, with Egypt and the USA meeting about 50% of external demand [1] - The estimated impact on the company's total profit for the year, based on 2023 domestic exports of over $300 million, is around 2.5% [1] - The company plans to mitigate the impact through cost reduction, product structure optimization, price adjustments, and increasing external supply ratios [1] Group 2: Outlook for Composite Materials in Photovoltaics - Fiberglass is crucial for photovoltaic frames, enhancing mechanical strength and sealing performance [2] - For every additional 1GW of photovoltaic capacity, approximately 3600-3700 tons of fiberglass will be required [2] - If fiberglass composite materials are fully adopted for photovoltaic frames, it will significantly increase demand for fiberglass [2] - The penetration rate of fiberglass in photovoltaic frames is expected to steadily increase by 2025, although it requires time for certification and testing [2] Group 3: Development Expectations for Offshore Wind Power - The global wind energy council predicts an average annual increase of 27.6GW in offshore wind power installations from 2024 to 2028 [3] - Each 1GW of wind power requires about 10,000 tons of fiberglass, with increasing demand as turbine capacities grow [4] - The company offers high-performance E8 and E9 series fiberglass products tailored for offshore wind applications [4] Group 4: Market Value Management Strategy - The company has integrated market value management into its key strategic goals for the 14th Five-Year Plan [4] - Plans include improving assessment mechanisms and exploring new market value management strategies [4] - The company aims to maintain stable shareholder returns while actively seeking feedback from shareholders and investors to enhance the effectiveness of market value management [4]