CJS(600176) 申万宏源证券·2025-03-20 06:15Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved record high production and sales volumes, indicating a clear upward trend from the bottom [6] - The financial performance for 2024 met expectations, with total revenue of 15.86 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 2.45 billion yuan, a year-on-year decrease of 19.7% [6] - The company has maintained its competitive advantage through product structure and overseas base advantages, achieving significant growth in production and sales volumes compared to industry growth rates [6] - The glass fiber industry is experiencing a price recovery, with expectations for further profit improvement in 2025 [6] - The company is accelerating capital expenditure plans with significant investments in its subsidiaries to enhance competitive advantages [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.094 billion yuan, with a year-on-year growth rate of 14.1% [5] - Net profit attributable to shareholders is projected to be 3.077 billion yuan for 2025, reflecting a year-on-year increase of 25.9% [5] - The company’s gross margin is expected to improve to 29.5% in 2025, up from 25.0% in 2024 [5] - The return on equity (ROE) is forecasted to be 9.3% in 2025, with a gradual increase in subsequent years [5]