化学纤维 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 执业证书编号：S0740521120003 Email：nielei@zts.com.cn 分析师：曹惠 执业证书编号：S0740525030003 Email：caohui@zts.com.cn | 总股本(百万股) | 900.00 | | --- | --- | | 流通股本(百万股) | 144.65 | | 市价(元) | 20.61 | | 市值(百万元) | 18,549.00 | | 流通市值(百万元) | 2,981.25 | 1、《需求疲软增长承压，多举措提升 竞争力》2024-10-29 2、《销量高增，盈利企稳》2024-05-10 中复神鹰（688295.SH） 证券研究报告/公司点评报告 2025 年 04 月 03 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E ...

国泰君安证券股份有限公司 关于中复神鹰碳纤维股份有限公司 2024 年度持续督导跟踪报告 国泰君安证券股份有限公司（下称"国泰君安"或"保荐机构"）作为中复 神鹰碳纤维股份有限公司（以下简称"中复神鹰"或"公司"）首次公开发行股 票并在科创板上市的保荐机构。根据《证券发行上市保荐业务管理办法》《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，作为公 司持续督导工作的保荐机构，负责中复神鹰上市后的持续督导工作，并出具本持 续督导跟踪报告。 一、重大风险的结论性意见 2024 年，公司实现营业收入 155,731.06 万元，同比下降 31.07%； 归属于 上市公司股东的净利润-12,438.39 万元，同比下降 139.12%；归属于上市公司 股东的扣除非经常性损益的净利润-18,478.95 万元，同比下降 177.77%。主要 系：1、受碳纤维行业供需失衡，下游需求不及预期及产品销售价格持续下降影 响；2、归属于上市公司股东的净利润同比下降主要系应收账款及存货计提减值 准备、神鹰西宁和神鹰上海项目全面投产利息资本化转费用化等原因所致。 2024 年，上市公司较上年同期由盈转亏，针 ...

丨证券研究报告丨 公司研究丨点评报告丨中复神鹰（688295.SH） [Table_Title] 盈利承压，关注中期成长 报告要点 [Table_Summary] 中复神鹰发布年报：2024 年收入约 15.6 亿元，同比下降 31%，归属净利润约-1.2 亿元，同比 下降 139%，扣非净利润同比下降 178%。2024Q4 收入约 4.4 亿元，同比下降 33%，归属净 利润约-1.2 亿元，同比下降 568%，扣非净利润同比下降 335%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 [Table_Title2] 盈利承压，关注中期成长 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中复神鹰（688295.SH） cjzqdt11111 [Table_Summary2] 事件描述 中复神鹰发布年报：2024 年收入约 15.6 亿元，同比下降 31%，归属净利润约-1.2 亿元，同比 下降 139%， ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.557 billion yuan in 2024, a year-on-year decline of 31.07%, and a loss of 124 million yuan, compared to a profit of 318 million yuan in the same period last year [1] - The carbon fiber product sales volume decreased by 10.1% year-on-year to 16,200 tons, primarily due to weaker-than-expected market demand [2] - The company has significantly improved its operating cash flow, achieving a net cash flow from operations of 540 million yuan in 2024, a year-on-year increase of 121.67% [3] - Despite the current downturn in the carbon fiber industry, the company is actively seeking to strengthen its competitive advantages by enhancing cost management and expanding its product offerings [3] Financial Summary - In 2024, the company's revenue was 1.557 billion yuan, down from 2.259 billion yuan in 2023, with a projected recovery to 1.814 billion yuan in 2025 [5] - The net profit forecast for 2025-2027 is 20 million yuan, 57 million yuan, and 123 million yuan, respectively, indicating a gradual recovery [4] - The company's gross margin for 2024 was 13.59%, down 16.6 percentage points year-on-year, reflecting the impact of declining sales prices [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.557 billion yuan in 2024, a year-on-year decline of 31.07%, and a loss of 124 million yuan, compared to a profit of 318 million yuan in the same period last year [1] - The carbon fiber product sales volume decreased by 10.1% year-on-year to 16,200 tons, primarily due to weaker-than-expected market demand [2] - The company has significantly improved its operating cash flow, achieving a net cash flow from operations of 540 million yuan, a year-on-year increase of 121.67% [3] - Despite the current downturn in the carbon fiber industry, the company is actively seeking to strengthen its competitive advantages and expand its market share in high-end segments [3] Financial Summary - In 2024, the company's revenue was 1.557 billion yuan, down from 2.259 billion yuan in 2023, with a projected recovery to 1.814 billion yuan in 2025 [5] - The net profit attributable to the parent company is expected to recover from a loss of 124 million yuan in 2024 to a profit of 20 million yuan in 2025 [5] - The earnings per share (EPS) is projected to improve from -0.14 yuan in 2024 to 0.02 yuan in 2025 [5] - The company’s gross margin is expected to recover gradually, with projections of 16.5% in 2025 and 17.5% in 2026 [5]

Core Viewpoint - Zhongfu Shenying (688295) reported a significant decline in revenue and net profit for 2024, indicating short-term profitability pressure despite emerging demand growth [1][2]. Financial Performance - The company achieved a revenue of 1.557 billion yuan in 2024, down 31.07% year-on-year, with a net profit attributable to shareholders of -124 million yuan, a year-on-year increase of 139.12% [1]. - In Q4 2024, revenue was 439 million yuan, down 32.57% year-on-year but up 13.50% quarter-on-quarter, with a net profit of -116 million yuan, reflecting a year-on-year decline of 568.42% and a quarter-on-quarter decline of 248.36% [1]. - The overall gross margin for 2024 was 14.25%, a decrease of 16.36 percentage points year-on-year, with Q4 2024 gross margin at 1.46%, down 14.6% year-on-year and 10.1% quarter-on-quarter [2]. Cost and Expenses - The company faced increased financial costs due to the capitalization of project loans being converted to expenses, leading to a financial expense increase of 34 million yuan year-on-year [3]. - The inventory impairment loss was recorded at 75 million yuan, which was 69 million yuan higher than the previous year, impacting the net profit margin [3]. - The total expense ratio for 2024 was 26.88%, an increase of 8.04 percentage points year-on-year, with specific rates for sales, management, R&D, and financial expenses showing increases [3]. Cash Flow and Market Conditions - The operating cash flow for 2024 was 540 million yuan, up 121.7% year-on-year, with collection and payment ratios improving [4]. - As of late March, the sales price of T700-12K carbon fiber decreased by 3.3% month-on-month, while other product prices remained stable [4]. - Emerging demand in low-altitude economy and electronic 3C sectors is expected to strengthen the company's pricing power [4]. Profit Forecast and Valuation - The company anticipates improved profitability post full production in 2025, with adjusted EPS forecasts for 2025, 2026, and 2027 at 0.10, 0.29, and 0.42 yuan respectively [5]. - The target price is set at 26.19 yuan, maintaining a "buy" rating, with a projected PB of 5 times for 2025 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 26.19 RMB [8][9]. Core Views - The company reported a revenue of 1.557 billion RMB in 2024, a year-on-year decrease of 31.07%, and a net profit attributable to the parent company of -124.38 million RMB, a year-on-year decline of 139.12% [1]. - The comprehensive gross margin for 2024 was 14.25%, down 16.36 percentage points year-on-year, with a significant drop in product prices impacting profitability [2]. - The company has improved its cash flow management, achieving a net operating cash flow of 540.04 million RMB in 2024, a year-on-year increase of 121.7% [4]. - Emerging demand in sectors such as low-altitude economy and electronic 3C is expected to support recovery in the company's pricing power [4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 439 million RMB, down 32.57% year-on-year but up 13.50% quarter-on-quarter, with a net profit of -116 million RMB [1]. - The company recorded a net profit margin of -7.99% for the entire year of 2024, a decrease of 22.06 percentage points year-on-year [3]. Cost and Pricing - The average selling price of products fell to 95,200 RMB per ton, a decrease of 23.4% year-on-year, while the cost of raw materials remained relatively stable [2]. - The company recognized inventory impairment losses of 75 million RMB in 2024, which negatively impacted net profit [3]. Future Outlook - The company expects to improve its profitability in 2025 as production stabilizes and new demand emerges, with adjusted EPS forecasts of 0.10, 0.29, and 0.42 RMB for 2025, 2026, and 2027 respectively [5]. - The target price of 26.19 RMB corresponds to a price-to-book ratio of 5 times for 2025, reflecting the company's strong market position [5].

中复神鹰碳纤维股份有限公司 二〇二四年度 审计报告 致同会计师事务所 (特殊普通合伙) the state 目 录 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-99 | t and the nornton 审计报告 致同审字(2025)第 110A004315 号 中复神鹰碳纤维股份有限公司全体股东: 一、审计意见 我们审计了中复神鹰碳纤维股份股份有限公司(以下简称"中复神鹰公 司"）财务报表,包括 2024年 12月 31日的合并及公司资产负债表,2024年度 的合并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表 以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编 制,公允反映了中复神鹰公司 2024年 12月 31日的合并及公司财务状况以及 2024年度的合并及公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作 ...

国泰君安证券股份有限公司 关于中复神鹰碳纤维股份有限公司 2024 年度募集资金存放与实际使用情况的专项核查意见 (二) 募集资金使用金额及期末余额 截至 2024 年 12 月 31 日，本公司首次公开发行股票募集资金使用情况: 单位:元 | 项目 | 金额 | | --- | --- | | 实际到账募集资金 | 2,787,050,000.00 | | 减: 支付的其他发行费用 | 10,366,042.62 | 1 | 置换预先投入募投项目资金 | 1.102.864.694.13 | | --- | --- | | 补充流动资金 | 450.000.000.00 | | 直接投入募投项目支出 | 621.219.375.41 | | 购买理财产品支出 | 11.722.000.000.00 | | 手续费 | 82.876.36 | | 募投项目结项补流 | 771.503.45 | | 加:利息收入 | 35.399.346.70 | | 赎回理财产品收入 | 11.312.000.000.00 | | 理财产品收益 | 36,992,797.05 | | 截至2024年12月31日募集资金账户余 ...

国泰君安证券股份有限公司 关于中复神鹰碳纤维股份有限公司 2025 年度为全资子公司提供担保的专项核查意见 国泰君安证券股份有限公司(下称"国泰君安"或"保荐机构")作为中复 神鹰碳纤维股份有限公司(以下简称"中复神鹰"或"公司")持续督导工作的 保荐机构,根据《上海证券交易所科创板股票上市规则》《上海证券交易所上市 公司自律监管指引第 11 号 -- 持续督导》及《上海证券交易所科创板上市公司 自律监管指引第 1 号 -- 规范运作》等相关规定,对中复神鹰 2025 年度为全资 子公司提供担保的事项进行了核查，具体情况如下: 一、预计担保情况概述 为满足中复神鹰碳纤维股份有限公司 (以下简称"公司")全资子公司项目 投资需要,2025年公司拟继续为神鹰西宁的综合授信向金融机构提供不超过 225,591 万元的信用担保。上述担保额度为以前年度的存量担保,已分别在 2020 年至 2022 年期间签订了相关担保协议,2025 年度无其他新增担保额度。 公司于 2025年 3 月 24 日召开第二届董事会第九次会议、第二届监事会第 六次会议,审议通过了《公司 2025年度为全资子公司提供担保的议案》,同意 为子公 ...