今年上半年，中国巨石已对产品进行了四轮调价：最先是3月25日，中国巨石发布了产品价格恢复性调整的通知，直接纱复价200-400元/吨，丝饼纱复价300-600元/吨；随后在4月发布调价通知，自4月15日起，7628电子布复价0.2-0.3元/米，相关规格的电子纱复价400-600元/吨；5月17日，中国巨石对公司各规格型号短切毡产品价格恢复性调整，全系列规格型号根据不同品种按照300-600元/吨进行复价；6月2日，中国巨石发布涨价函，对公司全系列风电用纱及短切原丝复价10%。1. In the first half of the year, the company expects net income attributable to shareholders to be between 0.8252 billion and 1.032 billion yuan, a year-on-year decrease of 50%-60%. 2. In the first quarter, the average price of fiberglass continued to decline, and the company's sales gross margin decreased to 20.13%. 3. In the first half of the year, the company carried out four rounds of price adjustment on its products, stating that product prices have recovered since the second quarter, and sales have increased significantly year-on-year.
Caixin learned on July 8 that China Jushi (600176.SH) announced tonight that the "restorative price increase" of its products in the first half of the year has not been effective, and predicted that the net income attributable to shareholders in the first half of the year would be between 0.8252 billion and 1.032 billion yuan, a decrease of 50%-60% year-on-year.
The company stated that the reason for the significant decline in its profit level during the reporting period compared to the same period last year was due to the continued low running of prices of fiberglass products in the industry. The company is orderly re-pricing its products, product prices have begun to recover since the second quarter, and sales have achieved a significant year-on-year increase.
In the first half of this year, China Jushi carried out four rounds of price adjustment on its products: first, on March 25, China Jushi issued a notice of restored product price adjustment, with direct yarn prices restored by 200-400 yuan/ton, silk cake yarn prices restored by 300-600 yuan/ton. Then, in April, a notice of price adjustment was issued. From April 15, the price of 7628 electronic cloth was restored by 0.2-0.3 yuan/meter, and the price of relevant specifications of electronic yarn was restored by 400-600 yuan/ton. On May 17, China Jushi made a restorative price adjustment to the short-cut felt products of the company's various specifications and models, and all series of specifications and models were restored according to different varieties at a price of 300-600 yuan/ton. On June 2, China Jushi issued a letter of increase, and the company's full range of wind power yarns and short-cut raw silk prices were restored by 10%.
In two investor research reports in April and June, China Jushi mentioned that in the first quarter, the downstream areas of fiberglass products, such as thermoplastics, electronics, and wind power-related areas, had good growth. Since March, the company has issued notices of price restoration for some of its coarse yarn products and electronic cloth products, and the current execution is good. The company's inventory is basically stable.
According to the financial report, China Jushi had net income of 0.3503 billion yuan in the first quarter, and based on the forecast, net income in the second quarter is estimated to be between 0.4749 billion and 0.68 billion yuan. The company's net income in the first and second quarters of last year was 0.9211 billion yuan and 1.142 billion yuan, respectively.
According to data from Zhuochuang Information, the average price of domestic fiberglass coarse yarn in the first quarter of this year was about 3,677 yuan/ton, a decrease of 4.05% month-on-month and 21.82% year-on-year; the average price of fine yarn was about 7,273 yuan/ton, a decrease of 7.36% month-on-month and 18.48% year-on-year. Due to the impact of the decline in fiberglass product sales prices, China Jushi's sales gross margin in the first quarter of this year was 20.13%. From recent data, the company's sales gross margin has been declining since 2021 and reached 28% in 2023.
Several brokerages have pointed out that after four rounds of product price adjustments, fiberglass prices have stabilized and rebounded, and the industry may usher in a cyclical turning point. However, whether the price increase is sustainable still depends on changes in the supply and demand relationship.
China Jushi is mainly engaged in the production and sales of fiberglass and products. In 2023, the company achieved sales of 2.4814 million tons of coarse yarn and products and 0.836 billion meters of electronic cloth.
