According to the Guosheng Securities Research Report, China's giant stone yarn is stable, and the contribution of electronic cloth is outstanding. 2026H1 achieved net profit of 2,933 billion yuan, +73.87% YoY, and Q2 net profit of 1,666 billion yuan, +74.17% YoY. The company is a leading global and Chinese fiberglass company, and its market share is the top all year round. In terms of thick yarn, while consolidating the cost advantage of scale, the company focuses on developing high-end differentiated segments such as wind power and thermoplastic; in terms of electronic cloth, the company already has a clear leading advantage in ordinary low-end varieties. In the future, it will accelerate the layout of thin and special products, complete the product chain, and form a complete product matrix. Considering that the electronic cloth price increase cycle has not stopped and the company's profit forecast was raised, the company's net profit due to mother for 2026-2028 is estimated to be 6.66 billion yuan, 12.17 billion yuan, and 14.67 billion yuan, respectively. The corresponding valuations are 25 times, 14 times, and 11 times, respectively, maintaining the “buy” rating.

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