The two major listed fiberglass companies suffered losses of over 100 million yuan in the first three quarters of 2024. Why?

On October 23, International Composites released its third-quarter results announcement, saying that its operating income in the first three quarters of 2024 was 5.389 billion yuan, a year-on-year increase of 2.01%; the net profit attributable to shareholders of the listed company was a loss of 157 million yuan; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was a loss of 217 million yuan. Coincidentally, Shandong Fiberglass released its 2024 third-quarter report on October 29. The report shows that the company's operating income in the first three quarters was 1.487 billion yuan, a year-on-year decrease of 10.38%; the net profit attributable to the parent company was a loss of 111 million yuan, a year-on-year decrease of 204.56%; the net profit attributable to the parent company after deducting non-recurring gains and losses was a loss of 122 million yuan, a year-on-year decrease of 441.53%. In the third quarter, the company achieved total operating revenue of 472 million yuan, a year-on-year decrease of 4.61% and a month-on-month decrease of 5.61%; net profit attributable to the parent company was -13.3419 million yuan, a year-on-year decrease of 9.01% and a month-on-month decrease of 10.19%; non-net profit was -18.0735 million yuan, a year-on-year increase of 52.64% and a month-on-month decrease of 9.35%.
As we all know, the fiberglass industry has been very competitive in recent years, with both volume and price under pressure. It is worth noting that since March this year, many leading companies have successively issued multiple rounds of price re-pricing letters, and fiberglass prices have gradually stabilized and rebounded. It is now the end of October, and the traditional peak season of "Golden September and Silver October" has come to an end. The global economic environment is still sluggish, domestic downstream market demand is tepid, and performance below expectations has become the norm.
At any time, we must maintain the strategic determination of "looking at the pine trees in the dusk, and still calm in the clouds". The development of the industry has never been smooth sailing and smooth sailing. my country's glass fiber industry has also been growing and developing through tests again and again. Our fiberglass enterprises need to strengthen cost control, increase the research and development of cutting-edge technologies, and continuously develop new fiberglass products to enhance the competitiveness and added value of products. At the same time, we should make every effort to open up new fields and tracks for the application of fiberglass, such as new energy vehicles, energy-saving doors and windows, photovoltaic frames, environmentally friendly pallets, sports and leisure industries, etc., to continuously inject new impetus into the development of the industry. In addition, we should listen to customer needs, do our best to provide services, solve the problems encountered by customers, help customers grow, and make the company's foundation evergreen. Are there any new expectations in the last two months of 2024? Can the market make waves again and regain its glory? Let us wait and see!