Investment Rating - The report maintains a "Buy" rating for Zhongfu Shenying (688295.SH) [3] Core Views - The company reported a significant decline in revenue and profit due to industry downturns and fierce price competition, with a 30.65% year-on-year decrease in revenue to 732 million yuan and an 88.7% drop in net profit to 24.97 million yuan in the first half of 2024 [1] - The company is focusing on internal improvements and cash flow management to strengthen its long-term development despite external pressures [1] Financial Performance Summary - Revenue for the first half of 2024 was 732 million yuan, down 30.65% year-on-year, with a net profit of 24.97 million yuan, down 88.7% [1] - The second quarter saw revenue of 284 million yuan, a 41.78% decline year-on-year, resulting in a loss of 16.81 million yuan [1] - The company's gross margin decreased to 23.32%, down 15.43 percentage points year-on-year, with a second-quarter gross margin of 20.27% [1] - Operating cash flow improved to 25.01 million yuan from a negative 132 million yuan in the same period last year, with a sales collection ratio of 100.46% [1][10] - The company expects net profits of 40 million yuan, 108 million yuan, and 200 million yuan for 2024, 2025, and 2026 respectively [1][2] Industry Context - The carbon fiber industry is experiencing a structural supply-demand imbalance, leading to significant price declines, with T700 high-performance fiber prices dropping 29% year-on-year [1] - The report indicates that the recovery of the industry may take a considerable amount of time due to these challenges [1]

中复神鹰（688295.SH）2024 年半年报点评 碳纤维价格继续承压，积极拓展低空飞行器等增量领域 2024 年 08 月 28 日 ➢ 公司披露 2024 年半年报：24H1 实现营业收入 7.32 亿元，同比-30.65%， 实现归母净利润 0.25 亿元，去年同期为 2.21 亿元，扣非归母净利润-0.18 亿元， 去年同期为 1.98 亿元。其中 24Q2 单季度收入 2.84 亿元，同比-41.78%，归母 净利润-0.17 亿元，扣非归母净利润-0.34 亿元。24Q2 公司毛利率 20.27%，同 比-16.02pct、环比-4.98pct。 ➢ 碳纤维单价同比继续承压，24H1 单位成本同比-22%： （1）量、价维度，报告期内，公司产销量实现同比增长，但 24H1 收入同比-31%， 主因系碳纤维市场供需关系变化、市场竞争加剧，产品单价下调。根据百川盈孚 数据，24H1 华东国产 T700（12K）碳纤维均价为 136.09 元/kg，同比-31.5%。 （2）单位成本维度，西宁、连云港两地对标产品质量成本主要因素，对物料、 能耗单耗进行对比，制定理想状态成本目标，产品 A 等品率同比提 ...

[Table_Main] 证券研究报告 | 公司点评 中复神鹰(688295.SH) 2024 年 08 月 28 日 买入（维持） 所属行业：基础化工/化学纤维 当前价格(元)：16.88 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 中复神鹰 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -7.71 | -17.34 | -34.67 | | 相对涨幅(%) | -4.11 | -12.48 | -25.07 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中复神鹰（688295.SH）：24Q1 需 求疲软公司低价走量，价 ...

Financial Performance - The company reported a revenue of 1.2 billion yuan for the first half of 2024, representing a year-on-year increase of 15%[2]. - The company's operating revenue for the first half of 2024 was ¥732,248,482.19, a decrease of 30.65% compared to ¥1,055,813,294.59 in the same period last year[15]. - The net profit attributable to shareholders decreased by 88.70% to ¥24,973,443.36 from ¥221,047,807.73 year-on-year[15]. - Basic and diluted earnings per share fell by 88.00% to ¥0.03 from ¥0.25 year-on-year[16]. - The company reported a significant increase in product sales year-on-year, demonstrating strong resilience in a challenging market environment[53]. - The net cash flow from operating activities turned positive at ¥25,012,499.02, compared to a negative cash flow of ¥131,675,757.00 in the previous year[15]. - The company reported a total profit of CNY 21,731,963.34 for the first half of 2024, down 90.7% from CNY 234,688,778.55 in the previous year[185]. - The total comprehensive income for the first half of 2024 was 24,973,443.36 RMB, reflecting a decrease compared to the previous period[193]. Research and Development - Research and development expenses increased by 30% to support new product innovations and technology advancements[2]. - The company successfully developed new products SYM46X, SYM55J, and SYM60J in the first half of 2024, expanding its product range to cover 1-48K tow sizes[21]. - The company increased its R&D investment as a percentage of operating revenue, which rose to 9.78% from 9.69% in the previous year[16]. - The company achieved a total R&D investment of ¥71,597,896.66, a decrease of 30.04% compared to the previous year, with a capitalized R&D investment ratio of 7.63%[37]. - The company has applied for 111 new patents during the reporting period, including 71 invention patents and 40 utility model patents[35]. - The company has developed key preparation technologies for T1200 grade carbon fiber, achieving tensile strength ≥ 8000 MPa and tensile modulus ≥ 315 GPa[39]. Market Expansion and Strategy - The company plans to launch a new carbon fiber product line aimed at the aerospace sector by Q4 2024[2]. - Future guidance estimates a revenue growth of 10-15% for the full year 2024, driven by increased demand in the automotive and aerospace industries[2]. - The company is expanding its market presence in Europe, targeting a 25% market share in the carbon fiber sector by 2025[2]. - The company is actively exploring applications for its products in emerging fields such as electronic 3C, new energy vehicles, and low-altitude economy[21]. - The company is focusing on expanding its market presence in aerospace and high-end applications for its carbon fiber products[39]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[102]. Operational Efficiency - A new production facility is set to be operational by early 2025, expected to increase production capacity by 40%[2]. - The company has implemented a flexible production model based on sales, ensuring quality and efficiency in meeting market demand[24]. - The company has established a centralized procurement management system, optimizing supply chain management and reducing procurement costs[23]. - The unit production cost decreased by approximately 22% year-on-year, while the product A quality rate improved by over 10%[55]. - The company has reduced comprehensive energy consumption per product by 10% year-on-year through effective energy-saving measures[55]. Risk Management - The company has identified potential risks related to raw material supply chain disruptions and is implementing measures to mitigate these risks[2]. - The company is enhancing risk management capabilities by identifying and addressing risks across various business chains, including market and procurement[58]. - The company faces ongoing risks from increased competition and price declines in the carbon fiber market, impacting profitability[67]. Environmental Initiatives - The company is focusing on green development, enhancing resource recycling efficiency and promoting low-carbon development in line with national "dual carbon" strategies[51]. - The company has implemented various pollution control measures, including high-efficiency oxidation catalytic devices and closed cooling systems, to manage emissions effectively[89]. - The company has achieved a 100% online measurement rate for energy consumption, promoting efficient and low-carbon production processes[94]. - The company has received approval for the environmental impact assessment of a new high-performance carbon fiber project, with an annual production capacity of 30,000 tons[90]. Shareholder and Governance - The company has committed to not transferring or managing shares of Zhongfu Shenying for 36 months post-IPO, ensuring compliance with relevant regulations[105]. - The controlling shareholder will not reduce their holdings during the lock-up period and will follow legal procedures for any future reductions[106]. - The company will ensure that all share repurchase and increase actions comply with the relevant laws and regulations[109]. - The company has established a remuneration system linked to the execution of its return measures, ensuring accountability within its governance structure[118]. - The company has committed to avoiding any direct or indirect competition with its controlled enterprises in both domestic and international markets[122].

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 年半年度募集资金存放与使用情况的专项核查意见 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《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则（2024 年 4 月修订）》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和《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（2023 年 12 月修订）》等相关规定，对中复神鹰 2024 年 半年度募集资金的存放与实际使用情况进行了审慎核查，具体核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 2 月 22 日 出具了《关于同意中复神鹰碳纤维股份有限公司首次公开发行股票注册的批复》 （证监许可〔2022〕337 号），同意公司首次公开发行股票的注册申请。公司首 次公开发行人民币普通股（A 股）100,000,000.00 股，发行价格为 29 ...

本公司监事会及全体监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。 一、监事会会议召开情况 中复神鹰碳纤维股份有限公司 第二届监事会第四次会议决议公告 中复神鹰碳纤维股份有限公司（以下简称"公司"）第二届监事会第四次会 议通知于 2024 年 8 月 17 日以电子邮件的方式发出，会议于 2024 年 8 月 27 日 在公司会议室以现场结合通讯方式召开。会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席裴鸿雁主持。会议的召集和召开符合《公司法》《证券法》 等法律法规以及《公司章程》《监事会议事规则》等相关规定，会议的表决程序 和表决结果合法有效。 二、监事会会议审议情况 会议经全体参会监事充分审议，形成决议如下： 证券代码：688295 证券简称：中复神鹰 公告编号：2024-023 经核查，公司监事会认为：公司《2024 年半年度募集资金存放与实际使用情 况的专项说明》符合《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2024-025 中复神鹰碳纤维股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 投资者可于 2024 年 8 月 28 日(星期三)至 9 月 4 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@zfsycf.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 重要内容提示： 会议召开时间：2024 年 9 月 5 日(星期四)下午 15:00-16:00 中复神鹰碳纤维股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日 披露了《2024 年半年度报告》及《2024 年半年度年度报告摘要》。为便于广大投 资者更全面深入地了解公司 2024 ...

为了积极响应并贯彻落实关于开展科创板上市公司"提质增效重回报"专项 行动的倡议，落实以投资者为本的理念，推动上市公司持续优化经营、规范治理 和积极回报投资者，大力提高上市公司质量，助力信心提振、资本市场稳定和经 济高质量发展的精神要求，中复神鹰碳纤维股份有限公司（以下简称"公司"或 "中复神鹰"）制定了《中复神鹰 2024 年度"提质增效重回报"行动方案》（以 下简称"《行动方案》"），具体请详见公司 2024 年 3 月 28 日于上海证券交易所网 站（www.sse.com.cn）披露的公告。 中复神鹰碳纤维股份有限公司 关于公司 2024 年度提质增效重回报专项行动方案的 半年度评估报告 2024 年上半年，中复神鹰切实履行并持续评估《行动方案》的具体举措，现 将《行动方案》在报告期内的实施和效果评估情况报告如下： 一、深挖万吨规模优势，提升产品竞争能力 随着神鹰西宁 2.5 万吨基地全面投产，为继续提升万吨规模带来的成本边际 效应，中复神鹰在技术和规模双轮协同驱动下，不断深挖万吨规模下的降本潜力， 凝练出一系列产业化技术成果和经验，产品竞争力得到进一步提升。 1、科学配置产品结构，各线产能最大化 科学 ...

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 年半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 票并上市的保荐机构。根据《证券发行上市保荐业务管理办法（2023 年修订）》、 《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》等相关规定，负责 中复神鹰上市后的持续督导工作，并出具本持续督导半年度跟踪报告。 | 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计 | 持续督导制度，并制定了相应的工作 | | | 划。 | 计划。 | | | 根据中国证监会相关规定，在持续督导工作 开始前，与上市公司签署持续督导协议，明 | 保荐机构已与中复神鹰签订保荐协 议，该协议明确了双方在持续督导期 | | 2 | | | | | 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，并报上海证券交易 | ...

证券代码：688295 证券简称：中复神鹰 公告编号：2024-022 中复神鹰碳纤维股份有限公司 2024 年第一次临时股东大会决议公告 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 8 月 16 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 | 111 | | --- | --- | | 普通股股东人数 | 111 | | 2、出席会议的股东所持有的表决权数量（股） | 802,789,106 | | 普通股股东所持有表决权数量（股） | 802,789,106 | | 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 | 89.1987 | | 例（%） | | | 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 ...