Financial Performance - Revenue for Q3 2024 was CNY 386,437,953.29, a decrease of 30.09% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was a loss of CNY 33,312,236.68, down 146.16% year-on-year[3] - The basic earnings per share for Q3 2024 was -CNY 0.04, a decline of 150.00% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was a loss of CNY 56,636,638.23, down 187.08% year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 1,118,686,435.48, a decrease of 30.5% compared to CNY 1,608,596,116.02 in the same period of 2023[19] - The net loss for the first three quarters of 2024 was CNY 8,338,793.32, compared to a net profit of CNY 293,207,412.85 in the same period of 2023[20] - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY -0.01, compared to CNY 0.33 in the previous year[20] Research and Development - R&D investment for Q3 2024 totaled CNY 31,866,565.38, a decrease of 39.20% compared to the same period last year[4] - The proportion of R&D investment to revenue was 8.25%, a decrease of 1.23 percentage points compared to the previous year[4] - Research and development expenses for the first three quarters of 2024 were CNY 92,611,641.43, a decrease of 37.1% from CNY 147,229,243.89 in the same period of 2023[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,204,340,551.04, a decrease of 3.48% from the end of the previous year[4] - The company's current assets totaled CNY 3,324,510,494.61, down from CNY 3,604,332,892.49 in the previous period[14] - The total liabilities as of the end of the third quarter of 2024 amounted to CNY 4,463,015,775.30, compared to CNY 4,691,131,356.57 at the end of the same period in 2023[18] - The total equity attributable to shareholders of the parent company was CNY 4,741,324,775.74, down from CNY 4,845,063,569.06 in the previous year[18] - The total non-current assets were CNY 5,879,830,056.43, slightly down from CNY 5,931,862,033.14[16] Cash Flow - The net cash flow from operating activities for Q3 2024 was CNY 204,962,124.59, not applicable for year-on-year comparison[3] - The net cash flow from operating activities for the first three quarters of 2024 was approximately ¥1.12 billion, compared to ¥904.73 million in the same period of 2023, representing a significant increase[23] - The total cash inflow from investment activities decreased to approximately ¥3.06 billion in 2024 from ¥3.61 billion in 2023, indicating a decline in investment returns[23] - The cash outflow for purchasing fixed assets and intangible assets was approximately ¥487.27 million, down from ¥894.10 million in the previous year, reflecting a reduction in capital expenditures[24] - The net cash flow from financing activities was approximately ¥426.44 million in 2024, compared to ¥663.70 million in 2023, showing a decrease in financing inflows[24] - The company reported a net cash increase of approximately ¥973.90 million at the end of the third quarter of 2024, down from ¥1.76 billion at the end of the same period in 2023[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,529[7] - The company reported a total of 10,001,848 shares held by the top shareholder, accounting for 1.11% of total shares[11] Other Information - The company has not reported any significant new strategies or product developments during this period[13] - The company experienced a significant increase in investment payments, totaling approximately ¥4.14 billion in 2024, compared to ¥2.12 billion in 2023, suggesting aggressive expansion strategies[24]

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。 重要内容提示： 证券代码：688295 证券简称：中复神鹰 公告编号：2024-026 中复神鹰碳纤维股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 会议召开时间：2024 年 10 月 29 日(星期二)下午 13:00-14:00 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 投资者可于 2024 年 10 月 22 日(星期二)至 10 月 28 日(星期一)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。 中复神鹰碳纤维股份有限公司（以下简称"公司"）将于 2024 年 10 月 25 日 披露《2024 年第三季度报告》。为便于广大投资者更全面深入地了解公司 2024 年 第三季度的经营成果、 ...

证券代码：688295 证券简称：中复神鹰 编号：2024-005 中复神鹰碳纤维股份有限公司 投资者关系活动记录表 | --- | --- | |-------------------------|--------------------------------------------------------------------| | | | | | 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 | | | | | | 参与单位名单 | 国华兴益保险、国信资管、混沌投资、凯联资本、泰信基金、银河证券、 | | | 13:00-14:30 2024 年 10 月 15 日 15:00-16:30 | | 时间 | 09:00-10:30 2024 年 10 月 16 日 10:30-12:00 | | | | | 地点 连云港、苏州 | | | 上市公司接待 人员姓名 | | | | 公司副总经理兼董事会秘书金亮、证券事务代表张晶晶等 | | | 领导相继参加上述交流活动，活动中主要讨论了公司发展战略与应用领域 | | ...

编号：2024-004 1 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 | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------|--------------------------------------------------------------| | | | | | | 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（策略会） | | | | 参与单位名单 申万菱信基金、兴业证券、信达资产 | | | 时间 | 2024 年 9 月 24 日 13:00-14:30 2024 年 9 月 24 日 15:00-16:00 | | | | | | | 地点 连云港 | | | | 上市公司接待 | 副总经理、董事会秘书：金 亮 ...

Sales Performance - In the first half of the year, sales in the new energy sector (hydrogen energy, wind power, thermal fields) accounted for over 45%, a decrease compared to 2023 due to a decline in photovoltaic demand [3] - Sales in the sports and leisure sector accounted for over 30%, showing an increase compared to the same period in 2023 [3] - Aerospace sector sales increased, with significant growth in export sales; other sectors accounted for over 15% [3] Profitability by Production Base - The Lianyungang base for high-performance small tow products showed strong profitability with a slight increase in gross margin [3] - The Xining base, producing T700 grade products, experienced a slight decline in gross margin due to a small drop in prices [3] Strategic Response to Market Conditions - The company faced lower-than-expected carbon fiber market demand and price reductions, leading to increased sales but unchanged profits [3] - Measures taken include cost reduction, market research, and overseas market expansion [3] - Strategic focus for the second half includes adjusting production plans, increasing R&D investment, and exploring new application opportunities in wind power, photovoltaic, and hydrogen energy sectors [3] Sales Strategy Changes - The company optimized sales processes and expanded market share by integrating sales modules and establishing a marketing center for unified management [3] - Strengthened sales team construction with detailed regional responsibilities and incentive policies to boost team motivation [3] - Developed a multi-channel sales model, primarily direct sales supplemented by distribution, to enhance market coverage [3] Wind Power Market Outlook - Wind power remains a significant application area for carbon fiber, with increasing demand driven by the "dual carbon" goals and the need for larger, lighter wind turbine blades [4] - The company has increased investment and R&D in the wind power sector, resulting in significant sales growth in the first half of the year [4] - New products T700-24K and T700-48K have been validated by mainstream wind power manufacturers, receiving positive feedback [4] Future Demand and Applications - Emerging fields show promising demand for carbon fiber, particularly in the electronic 3C sector with the rise of foldable screens and laptops [5] - Carbon fiber applications in large structural components and bridge repairs are expected to expand, contributing to industry growth [5] Pricing Trends and Profitability Strategies - Despite a sales increase of over 10% in the first half, revenue was impacted by overall price declines in the carbon fiber industry [5] - Strategies to enhance profitability include increasing high-end product output, leveraging cost advantages, and accelerating new product development [5] - The company aims to extend its product line beyond current offerings to include high-end intermediates, enhancing profitability [5] Competitive Positioning - The company has accumulated significant experience and accolades, including national science and technology awards, indicating strong technical and product performance [5] - Launched 20 product series and over 40 product models, maintaining the largest high-performance carbon fiber production base in the country [5] - Introduced three new high-strength, high-modulus products at the China International Composite Materials Industry Technology Exhibition, filling gaps in high-end applications [5]

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 ...