On January 30, Gelonghui International Composites (301526.SZ) announced that net profit for 2023 is expected to be 520.00 million yuan to 59,388 million yuan, down 48.10% to 54.56% from the same period last year, after deducting non-net profit of 4010.00 million yuan to 450.01 million yuan, down 54.20% to 59.18% over the same period last year.
The glass fiber market continued to be sluggish in 2023, and demand in major application markets such as wind power and electronics was weak, and performance fell short of expectations. Affected by this, the company's product prices fell year-on-year during the reporting period, and the profit level declined compared to the same period last year. During the reporting period, the company reduced costs through measures such as improving ore reserve quality, lean organization of production, and optimizing product structure, etc., to enhance the company's profitability, and actively explore domestic and foreign markets, so that product sales increased year-on-year, but this was not enough to make up for the impact of falling sales prices.