花旗参加中国巨石2026年三季度业绩说明会，总裁杨国明、董秘丁成车出席。管理层预计2027年上半年普通电子布新增供给有限，淮安新线最快2027年三季度末贡献少量产量；电子布需求旺盛而织物变薄进一步制约单台织机产出，公司库存仅4-5天，客户库存亦在下降，且存在重复下单，公司更看重实际消耗而非订单。研报认为价格上行趋势获得支撑，但后续涨幅与节奏仍不确定；特种电子布具备长期成长空间，商业化放量仍取决于客户认证与良率提升。粗纱方面高端产品及部分海外产品已提价，低端直接纱竞争仍激烈，成都20万吨产线预计2027年一季度投产。目标价71元，对应17.3倍2027年预期市盈率，维持买入评级。
We dialed into Jushi's 3Q26 Results Presentation Call today. Mr Yang Guoming, President, and Mr Ding Chengche, Board Secretary, presented on the call. Jushi expects little incremental conventional E-fabric supply in 1H27, with its new Huai'an line potentially contributing limited volumes from late 3Q27. Rising demand for thinner fabrics further constrains output per loom. Company inventory remains low at 4-5 days, while management believes customer inventories are also declining. Importantly, management acknowledged potential double ordering and prioritizes actual consumption over reported orders when assessing demand. We see support for continued pricing strength, although the pace and magnitude of further increases remain uncertain. Specialty E-fabric offers longer-term growth potential, but qualification and yield improvement remain prerequisites for commercial scale-up. Maintain Buy. Our target price of Rmb71 is based on 17.3x 2027E P/E, in line with its historical average.