研報掘金丨申萬宏源:中國巨石業績符合預期,維持“買入”評級
申萬宏源研究指出,中國巨石(600176.SH)24年歸母淨利潤24.4億元,yoy-19.7%;扣非歸母淨利潤17.9億元,yoy-5.8%;Q4歸母淨利潤9.1億元,yoy+146.0%,qoq+59.4%。業績符合預期。期內粗紗及電子紗銷量均創歷史新高,毛利率仍然承壓。公司粗紗及製品產銷量增速顯著跑贏行業增速,我們推測主因公司具備產品結構和海外基地優勢。公司產能規模全球第一,實現並保持了“熱固粗紗、熱塑增強、電子基布”三個“世界第一”的規模優勢。行業價格逐步修復,2025年盈利進一步提升可期。另外,增資巨石淮安與巨石新能源,資本開支規劃提速,進一步鞏固公司競爭優勢。維持公司“買入”評級。
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