Investment Rating - The report maintains a "Buy" rating for Zhongfu Shenying (688295 SH) [1] Core Views - The company achieved revenue of 2 26 billion yuan in 2023 with a YoY growth of 13 3% but saw a significant decline in net profit attributable to the parent company by 47 5% [1] - In Q1 2024 the company reported revenue of 448 million yuan a YoY decrease of 21 1% and net profit attributable to the parent company of 42 million yuan a YoY drop of 68 1% [1] - The company's carbon fiber production reached 19 800 tons in 2023 with a YoY increase of 86 2% and sales volume reached 18 000 tons with a YoY growth of 92 4% [1] - The average price of carbon fiber in 2023 was 124 000 yuan per ton a YoY decrease of 41 1% while the Q1 2024 average price was 95 000 yuan per ton remaining stable compared to Q4 2023 [1] - The company's cost per ton decreased by 21 2% in 2023 due to economies of scale and is expected to continue declining [1] - The company has a total production capacity of 28 500 tons with the Lianyungang 30 000-ton project progressing steadily and expected to start trial production by the end of 2024 [1] - The company holds a leading position in the domestic market with a market share of over 50% in T700 grade and above products and 80% in the hydrogen storage tank sector [1] Financial Performance - Revenue is projected to grow from 2 519 million yuan in 2024E to 4 085 million yuan in 2026E with a CAGR of 23 2% [1] - Net profit attributable to the parent company is expected to increase from 232 million yuan in 2024E to 759 million yuan in 2026E with a CAGR of 35 4% [1] - The company's gross margin is forecasted to improve from 28 1% in 2024E to 38 8% in 2026E [6] - ROE is expected to rise from 4 7% in 2024E to 13 0% in 2026E [6] Industry and Competitive Position - The company is a leader in small and medium tow carbon fiber in China with significant scale and cost advantages [1] - It has a diversified product portfolio covering 1K-48K specifications and can flexibly adjust production lines to meet market demand [1] - The company has a strong presence in strategic emerging fields such as hydrogen storage tanks and carbon carbon composites [1]

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 32.5 RMB [1][3] Core Views - The company's Q1 2024 revenue was 448 million RMB, a year-on-year decrease of 21.10%, while net profit attributable to shareholders was 42 million RMB, a year-on-year decrease of 68.12% [1] - The decline in profitability is attributed to the drop in carbon fiber product prices, with the average selling price of carbon fiber in 2023 at 124,300 RMB/ton, a year-on-year decrease of 41% [1] - The company's carbon fiber sales volume in 2023 reached 18,000 tons, a year-on-year increase of 92%, driven by the steady increase in production capacity at the Xining base [1] - The company's gross margin and net margin in Q1 2024 were 25.25% and 9.32%, respectively, down by 15.6 and 13.7 percentage points year-on-year [1] - The company's total carbon fiber production capacity reached 28,500 tons by the end of 2023, ranking among the top three globally [1] Financial Performance - The company's 2024E revenue is projected to be 3,068 million RMB, a year-on-year increase of 35.8%, with net profit attributable to shareholders expected to be 364 million RMB, a year-on-year increase of 14.4% [2] - The company's 2025E revenue is projected to be 3,301 million RMB, a year-on-year increase of 7.6%, with net profit attributable to shareholders expected to be 447 million RMB, a year-on-year increase of 23.0% [2] - The company's 2026E revenue is projected to be 4,145 million RMB, a year-on-year increase of 25.5%, with net profit attributable to shareholders expected to be 617 million RMB, a year-on-year increase of 38.0% [2] - The company's 2024E EPS is projected to be 0.40 RMB, with a P/E ratio of 66x [2] Industry and Market Trends - The price of large-tow carbon fiber has been rising since 2024, with T300 (25K) and T300 (50K) prices increasing by 3.9% and 4.2% respectively by May 3, 2024 [1] - The company is accelerating R&D in aerospace applications, with the progress of carbon fiber aerospace application R&D projects exceeding 64% by the end of 2023 [1] - The company is expanding its product applications in emerging fields such as electronics 3C, automotive, and drones, which is expected to enhance its competitive advantage [1] Valuation and Projections - The report projects the company's 2024-2026 net profit attributable to shareholders to be 364 million RMB, 447 million RMB, and 617 million RMB, respectively, with corresponding EPS of 0.40 RMB, 0.50 RMB, and 0.69 RMB [1] - The report assigns a 2025E P/E ratio of 65x, corresponding to a target price of 32.5 RMB [1]

%% research.95579.com %% 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] 盈利筑底中 报告要点 [中Ta复bl神e_鹰Su发m布m一ar季y]报：2024Q1实现收入4.5亿元，同比下降21%，归属净利润约0.42亿元， 同比下降68%，扣非净利润约0.15亿元，同比下降87%。 ...

2024年5月5日 公司研究 销量逆势增长，规模效应助力降本增效 ——中复神鹰（688295.SH）2023 年年报点评及 2024 年一季报 买入（维持） 要点 当前价：26.67元 事件1：中复神鹰发布2023年年报。2023年，公司实现营业总收入/归母净利润/ 作者 扣非净利润23/3.2/2.4亿元，同比+13%/-47%/-58%；23Q4，公司实现营业总收 分析师：孙伟风 入/归母净利润/扣非净利润6.5/0.25/-0.25亿元，同比+20%/-86%/-116%。公司拟 执业证书编号：S0930516110003 现金分红0.95亿元，分红率为30%，同比+15pcts。 021-52523822 sunwf@ebscn.com 事件2：中复神鹰发布2024年一季报，24Q1公司实现营业总收入/归母净利润/扣 非净利润分别为4.5/0.4/0.2亿元，同比-21%/-68%/-87%。 分析师：赵乃迪 执业证书编号：S0930517050005 点评： 010-57378026 zhaond@ebscn.com 行业景气度下行导致产品均价及毛利率显著下降。 分析师：陈奇凡 2023年，公司碳纤 ...

证券代码：688295 证券简称：中复神鹰 中复神鹰碳纤维股份有限公司 投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会  路演活动 类别 □现场参观 □其他（电话会议） 安信基金、创金合信、长江证券、大成基金、景顺长城、摩根华鑫、平安基 参与单位名单 金、瑞信致远、生命资管、招商基金 2024 年4月28日 10:00-11:30 时间 2024 年4月28日 12:00-13:00 2024 年4月28日 13:30-15:00 地点 深圳 上市公司接待 副总经理、董事会秘书：金 亮 人员姓名 证券事务代表：张晶晶 第一部分 公司副总经理兼董事会秘书金亮、证券事务代表张晶晶共同参 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company is positioned as a leading player in the high-performance carbon fiber sector, with expectations of expanding its competitive advantages during the current industry downturn. It is anticipated to benefit from the recovery in aviation demand, the export of domestic carbon fiber, and the growth of new demands in the low-altitude economy, ensuring long-term growth potential [7][8] Financial Performance Summary - In Q1 2024, the company reported revenue of approximately 448 million yuan, a year-on-year decrease of 21.10%, and a net profit attributable to shareholders of approximately 42 million yuan, down 68.12% year-on-year. The adjusted net profit was about 15 million yuan, reflecting an 86.97% decline year-on-year [5] - The average price of domestic carbon fiber in Q1 2024 was approximately 95.45 yuan per kilogram, a year-on-year decrease of 33.95% but a slight increase of 0.24% compared to the previous quarter [5] - The company's gross margin for Q1 2024 was approximately 25.25%, a decrease of 15.60 percentage points year-on-year, but an improvement of 9.15 percentage points compared to Q4 2023 [5] - The company’s total production capacity is expected to increase from 28,500 tons to 58,500 tons with the completion of a new project, which will further enhance its scale and cost advantages [6] Market Dynamics - The carbon fiber market has experienced tentative price adjustments since late 2023, primarily driven by rising costs of raw materials. However, the overall market demand remains weak, limiting the potential for significant price increases [6] - The company is expected to maintain its competitive edge as non-leading firms face increasing pressure, allowing it to expand its scale, cost efficiency, and product matrix [6] Future Projections - The company’s projected net profits for 2024, 2025, and 2026 are estimated to be 384 million yuan, 532 million yuan, and 765 million yuan, respectively, indicating a recovery trajectory [9][10]

2024 年第一季度报告 单位：元 币种：人民币 证券代码：688295 证券简称：中复神鹰 中复神鹰碳纤维股份有限公司 2024 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | |-----------------------------------------------|----------------|-------------------------------------| | 项目 本报告期 | | 本报告期比上年同 期增减变动幅度 (%) | | 营业收入 | 448,442,089.45 | - ...

证券代码：688295 证券简称：中复神鹰 公告编号：2024-016 中复神鹰碳纤维股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 4 月 19 日 （二） 股东大会召开的地点：江苏省连云港市经济技术开发区大浦工业区公司 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 13 | | --- | --- | | 普通股股东人数 | 13 | | 2、出席会议的股东所持有的表决权数量（股） | 803,899,444 | | 普通股股东所持有表决权数量（股） | 803,899,444 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 89.3221 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 89.3221 | （注：所 ...

北京市嘉源律师事务所 关于中复神鹰碳纤维股份有限公司 2023 年年度股东大会的 法律意见书 LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 嘉 派 霍师事务 所 IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI' AN 致:中复神鹰碳纤维股份有限公司 北京市嘉源律师事务所 关于中复神鹰碳纤维股份有限公司 2023年年度股东大会的法律意见书 嘉源(2024)-04-270 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大会审议的议案内容以及该等议案所表述的事实或数据的 真实性及准确性发表意见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和 711 中复神鹰 2023 年年度股东 ...

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 2023 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。 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行了 | | 1 | 针对具体的持续督导工作制定相应的工作 | 持续督导制度，并制定了相应的工作 | | | 计划。 | 计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与中复神鹰签订保荐协 | | | 开始前，与上市公司签署持续督导协议，明 | 议，该协议明确了双方在持续督导期 | | | 确双方在持续督导期间的权利义务，并报上 | 间的权利和义务，并报上海证券 ...