Ping An Securities Research Report pointed out that China's Jushi's performance increased year on year, and the price increase of electronic cloth is expected to continue. The first half of the year achieved revenue of 11.16 billion yuan, an increase of 22.5% over the previous year, and net profit to mother of 2.93 billion yuan, an increase of 73.9% over the previous year. The company plans to pay a cash dividend of 3.30 yuan for every 10 shares. Considering that the price increase of ordinary electronic cloth exceeded expectations and raised the company's profit forecast, the company's net profit for 2026-2028 is estimated to be 7.6 billion yuan, 10.2 billion yuan, and 10.5 billion yuan. The original forecast was 6.2 billion yuan, 7.5 billion yuan, and 7.3 billion yuan. The current market value corresponding to PE is 22.0 times, 16.4 times, and 16.0 times, respectively. As a leader in the global glass fiber industry, the company has outstanding cost and product advantages, and has built strong competitiveness barriers. In terms of traditional thick yarn, prices rose steadily and slightly during the year, and the profit contribution was relatively stable. In terms of electronic cloth, benefiting from the high demand for AI, the problem of conversion in the superposition industry is prominent. The supply and demand relationship of ordinary electronic cloth is difficult to reverse quickly. Prices are expected to continue to rise. The commissioning of superimposed company production lines will bring growth, and ordinary electronic cloth is expected to greatly increase the company's profits; in addition, the company is actively promoting R&D and certification of special electronic fabrics, and subsequent technological breakthroughs are worth looking forward to. Maintain a “Recommended” rating.

Ping An Securities Research Report pointed out that China's Jushi's performance increased year on year, and the price increase of electronic cloth is expected to continue. The first half of the year achieved revenue of 11.16 billion yuan, an increase of 22.5% over the previous year, and net profit to mother of 2.93 billion yuan, an increase of 73.9% over the previous year. The company plans to pay a cash dividend of 3.30 yuan for every 10 shares. Considering that the price increase of ordinary electronic cloth exceeded expectations and raised the company's profit forecast, the company's net profit for 2026-2028 is estimated to be 7.6 billion yuan, 10.2 billion yuan, and 10.5 billion yuan. The original forecast was 6.2 billion yuan, 7.5 billion yuan, and 7.3 billion yuan. The current market value corresponding to PE is 22.0 times, 16.4 times, and 16.0 times, respectively. As a leader in the global glass fiber industry, the company has outstanding cost and product advantages, and has built strong competitiveness barriers. In terms of traditional thick yarn, prices rose steadily and slightly during the year, and the profit contribution was relatively stable. In terms of electronic cloth, benefiting from the high demand for AI, the problem of conversion in the superposition industry is prominent. The supply and demand relationship of ordinary electronic cloth is difficult to reverse quickly. Prices are expected to continue to rise. The commissioning of superimposed company production lines will bring growth, and ordinary electronic cloth is expected to greatly increase the company's profits; in addition, the company is actively promoting R&D and certification of special electronic fabrics, and subsequent technological breakthroughs are worth looking forward to. Maintain a “Recommended” rating.