重要内容提示： 证券代码：600176 证券简称：中国巨石 公告编号：2024-068 中国巨石股份有限公司 关于公司持股 5%以上股东以专项贷款和自有资金 增持公司股份计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ●中国巨石股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日收到 公司持股 5%以上股东振石控股集团有限公司（以下简称"振石集团"）通知， 振石集团拟增持公司股份。本次增持计划的实施期限为自本公告披露之日起 12 个月，增持不设定价格区间，增持总金额不低于人民币 5 亿元，不超过人民币 10 亿元（以下简称"本次增持计划"）。 ●本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 一、增持主体的基本情况 （一）增持主体名称及与公司的关系： 增持主体为振石集团。振石集团直接持有本公司 15.59%的股份，为本公司 持股 5%以上的非控股股东。 （二）增持主体已持有股份的数量、占公司总股本的 ...

Group 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]

证券代码：600176 证券简称：中国巨石 公告编号：2024-067 中国巨石股份有限公司 股份质押公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 振石控股集团有限公司（以下简称"振石集团"）持有中国巨石股份有限公 司（以下简称"公司"）624,225,514 股股份，占公司总股本的 15.59%。截至本 公告披露日，振石集团累计质押公司股份 444,768,000 股，占公司总股本的 11.11%，占其所持公司股份总数的 71.25%。 1、本次股份质押基本情况 | 股东 | 是否为 | 本次质押 | 是否 | 是否 | 质押 | | 质押 | | | 占其所持 | 占公司总 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 控股股东 | 股数（股） | 为限 | 补充 | 起始日 | | 到期日 | | 质权人 | 股份比例 | 股本比例 | 资金用途 ...

中国巨石 (600176. SH) 2024 年三季报点评:复价落地叠加降本增效,Q3 业绩继续改 核心观点 单季度收入增速逐季提升,扣非净利同比大幅改善。2024年1-9 月公司实现 营收 116. 32 亿元,同比+1. 81%, 归母净利润 15. 33 亿元, 同比-42. 66%, 扣 非归母净利润 11.56 亿元,同比-28.81%,EPS 为 0.383元/股;其中 Q3 单季 度实现营收 38.93 亿元,同比+8. 27%, Q1、Q2 单季同比-7. 86%/+4. 77%, 归 母净利润 5. 72 亿元,同比-6. 38%, Q1、Q2 单季同比-61. 97%/-46. 5%, 扣非 归母净利润 5. 28 亿元,同比+49. 18%, Q1、Q2 单季同比-65. 95%/-40. 73%, 单季度收入增速逐季提升,扣非净利同比大幅改善,其中资产处置收益继续 下降，Q3 单季 2279 万元，上年同期 1. 85 亿。 复价落地量加降本增效,盈利能力环比继续修复。2024年 1-9 月公司实现综 合毛利率 23.7%,同比-4.93pp, Q1、Q2、Q3 单季度毛利率分别为 2 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][4] Core Views - The company has shown sequential improvement in revenue growth and significant year-on-year improvement in non-recurring net profit for Q3 2024, with a revenue of 38.93 billion yuan, up 8.27% year-on-year [1][4] - The company's gross margin has improved significantly in Q3 2024, reaching 28.2%, benefiting from effective cost control and price recovery strategies [1][8] - The company is expanding its production capacity steadily, with significant cash flow improvements and ongoing projects in various locations [1][12] Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 116.32 billion yuan, a year-on-year increase of 1.81%, while the net profit attributable to shareholders was 15.33 billion yuan, down 42.66% [1][4] - The non-recurring net profit for the same period was 11.56 billion yuan, down 28.81% year-on-year, with an EPS of 0.383 yuan per share [1][4] - The comprehensive gross margin for the first nine months was 23.7%, a decrease of 4.93 percentage points year-on-year, but Q3 showed a recovery with a gross margin of 28.2% [1][8] - Operating cash flow for the first nine months improved significantly, reaching 10.7 billion yuan, up 121% year-on-year [1][12] Earnings Forecast and Valuation - The company is expected to have EPS of 0.57, 0.73, and 0.85 yuan per share for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.8, 15.5, and 13.3 [1][3][13] - The report highlights the company's structural advantages and competitive position in the fiberglass industry, particularly in high-end products and overseas market expansion [1][12]

[Table_StockInfo] 2024 年 10 月 24 日 证券研究报告•2024 年三季报点评 买入 （首次） 当前价：11.21 元 中国巨石（600176）建筑材料 目标价：13.65 元（6 个月） 玻纤行业龙头，综合优势突出 [Table_Summary 事件：公司发布] 2024年三季报，前三季度公司实现营业总收入 116.3亿元，同 比+1.8%，实现归母净利润 15.3亿元，同比-42.7%，实现扣非归母净利润 11.6 亿元，同比-28.8%；2024年单三季度实现营业总收入 38.9亿元，同比+8.3%， 实现归母净利润 5.7 亿元，同比-6.4%，实现扣非归母净利润 5.3 亿元，同比 +49.2%。 充分发挥龙头优势，持续扩宽营收渠道。1）产品结构方面：公司在热固粗纱、 热塑增强、电子基布、风电纱等多个领域实现全球第一，龙头地位坚实；持续 加大风电、汽车轻量化、电子电气等中高端应用领域的布局与投入，推动产品 高端化转型，产品结构持续优化向好。2）下游客户方面：持续加大研发投入， 致力于为海上风电、光伏边框、汽车电池盒、氢气储罐等领域提供高性能产品 解决方案，下游应用领域持续 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's performance is gradually recovering due to a rebound in demand and the implementation of price increases for glass fiber products. The company reported a revenue of 11.632 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.81%, while net profit attributable to shareholders decreased by 42.66% to 1.533 billion yuan [1][2]. - The company has improved its cost control, leading to a significant increase in operating cash flow, which reached 1.072 billion yuan, a year-on-year growth of 121% [2]. - The company is expanding its production capacity and optimizing its product structure, with the launch of new production lines and an increasing proportion of high-end products [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.893 billion yuan, a year-on-year increase of 8.27%, while net profit attributable to shareholders was 572 million yuan, down 6.38% [1]. - The gross profit margin for the first three quarters was 23.74%, a decrease of 4.93 percentage points year-on-year, but improved by 2.24 percentage points compared to the first half of the year [1]. Cost Control and Cash Flow - The company's expense ratio for the first three quarters was 10.48%, an increase of 0.67 percentage points year-on-year, but the Q3 ratio decreased by 1.34 percentage points to 10.93% [2]. - The net cash flow from operating activities for Q3 was 845 million yuan, showing a year-on-year increase of 609.25% [2]. Capacity Expansion and Product Structure - The company has successfully launched two production lines with an annual capacity of 100,000 tons each at its Huai'an zero-carbon intelligent manufacturing base [2]. - The company is focusing on optimizing its product structure, with a gradual increase in the proportion of mid-to-high-end products [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 2.274 billion yuan, 2.916 billion yuan, and 3.428 billion yuan, respectively, with corresponding earnings per share of 0.57 yuan, 0.73 yuan, and 0.86 yuan [3][4].

公 司 研 究 中国巨石（600176.SH）：玻纤龙头 优势引领，低迷期夯实新发展基础 2024 年 10 月 29 日 强烈推荐/维持 中国巨石 公司报告 公司发布 2024 年三季报：前三季度实现营业收入 116.32 亿元，同比增长 1.81%；归属于上市公司股东的净利润为 15.33 亿元，同比下降 42.66%。扣 非后归母净利润为 11.56 亿元，同比下降 28.81%，实现 EPS 为 0.38 元。 点评： "复价"和销量齐发力，三季度营业收入同比转正和单季毛利率同比改善。公 司从 2024 年二季度以来，开始"复价"。在长期持续不断地价格下跌后，二季 度产品销售价格较一季度有所提升。销量上，风电和热塑短切产品保持了较高 的增速，这和国内风电"抢装"有关，2024 年 1-9 月风电累计装机 3912 万千瓦， 同比增长 16.85%。另外，新能源汽车等也拉动了热塑短切的需求，2024 年 1-9 月新能源汽车产量同比增长 33.8%，这些成为国内需求增长较好的方向。 同时，在出口需求较好的带动下，公司海外需求增长较好，外销保持了高增长 的态势，特别是欧美和中东地区需求增长最大，东南亚等新 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 28 年 月 日 中国巨石（600176.SH） 业绩表现向好，坚持产品结构升级修复盈利 事件：中国巨石发布 2024 三季报。公司前三季度实现营收 116.32 亿元， 同比增长 1.81%，实现归母净利润 15.33 亿元，同比下滑 42.66%，其中 非流动资产处置收益、政府补助等非经常性损益金额为 3.77 亿元，去年 同期为 10.5 亿元，扣非归母净利润 11.56 亿元，同比下滑 28.81%。单季 度来看，Q3 公司收入 38.93 亿元，同比增长 8.27%，归母净利润 5.72 亿 元，同比下滑 6.38%，扣非后归母净利润 5.28 亿元，同比增长 49.18%。 Q3 业绩表现逐步企稳。单三季度公司营收及扣非净利润同比均回到正增 长，主要系粗纱销量增长及电子布价格提涨所致。环比来看，Q3 公司收 入下降 10.64%，推测主要系销量环比有缩（（Q2 玻纤行业复价刺激中下游 积极提货，出货量基数较高）；价格方面推测环比继续上涨，主要系公司 5- 6 月陆续发布针对风电纱及短切纱产品的涨价函，或在 Q3 有所体现。展 望 ...

Company Overview - Latest closing price: 11.21 RMB [1] - Total shares outstanding: 4.003 billion [1] - Total market capitalization: 44.9 billion RMB [1] - 52-week high/low: 13.07 RMB / 8.72 RMB [1] - Debt-to-asset ratio: 42.4% [1] - P/E ratio: 14.74 [1] - Largest shareholder: China National Building Material Co Ltd [1] Investment Rating - Rating: Overweight | Maintain [2] Financial Performance - Q3 revenue: 3.89 billion RMB, up 8.3% YoY [2] - Q3 net profit attributable to shareholders: 570 million RMB, down 6.4% YoY [2] - Q3 non-GAAP net profit: 530 million RMB, up 49.2% YoY [2] - First three quarters revenue: 11.63 billion RMB, up 1.8% YoY [2] - First three quarters net profit attributable to shareholders: 1.53 billion RMB, down 42.7% YoY [2] - First three quarters non-GAAP net profit: 1.16 billion RMB, down 28.8% YoY [2] Key Insights - Price recovery drives profit improvement, Q4 prices expected to continue rising [3] - Q3 gross margin: 28.18%, up 1.04 pct YoY and 5.61 pct QoQ [3] - Q3 net margin: 15.38%, down 2.33 pct YoY but up 1.08 pct QoQ [3] - Industry inventory remains high, supply-demand balance maintained [3] Financial Projections - 2024 revenue forecast: 15.3 billion RMB, up 2.8% YoY [4] - 2025 revenue forecast: 17.8 billion RMB, up 16.3% YoY [4] - 2024 net profit forecast: 2.21 billion RMB, down 27.4% YoY [4] - 2025 net profit forecast: 2.94 billion RMB, up 33.3% YoY [4] - 2024 P/E ratio: 19X [4] - 2025 P/E ratio: 14X [4] Financial Ratios - 2023A gross margin: 28.0% [8] - 2024E gross margin: 20.5% [8] - 2025E gross margin: 22.6% [8] - 2023A net margin: 20.5% [8] - 2024E net margin: 14.4% [8] - 2025E net margin: 16.5% [8] - 2023A ROE: 10.6% [8] - 2024E ROE: 7.4% [8] - 2025E ROE: 9.2% [8]