证券代码：688295 证券简称：中复神鹰 公告编号：2024-017 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/5/22 | 2024/5/23 | 2024/5/23 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中复神鹰碳纤维股份有限公司（以下简称"公司"或"本 公司"）2024 年 4 月 19 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 中复神鹰碳纤维股份有限公司 2023 年年度权益分派实施公告 本次利润分配以方案实施前的公司总股本 900,000,000 股为基数，每股派发 1 是否涉及差异化分红送转：否 每股分配比例 每股现金红利 0.106 元 相关日期 现金红利 0.106 元（含税），共计派发现金红利 95,400,000.00 元。 四、 分配实施办法 1. 实施办法 截至股权登记日下午上 ...

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%。 ...

Investment Rating - The report maintains a "Buy" rating for Zhongfu Shenying (688295.SH) with a current price of 26.67 CNY [2] Core Views - Despite a downturn in the carbon fiber industry, Zhongfu Shenying achieved a significant increase in sales volume, leading to a notable rise in market share [10] - The company has demonstrated cost reduction and efficiency improvements through scale effects, with a substantial increase in production capacity expected in the coming years [7][10] Summary by Sections Revenue Performance - In 2023, Zhongfu Shenying reported total revenue of 2.3 billion CNY, a year-on-year increase of 13%, while net profit decreased by 47% to 320 million CNY [5] - The Q4 2023 results showed a total revenue of 650 million CNY, with a net profit of 25 million CNY, reflecting a significant decline in profitability [5] Production and Market Position - The company’s carbon fiber production capacity reached 28,500 tons by the end of 2023, ranking among the top three globally, with plans to expand to 60,000 tons by 2026 [7] - In 2023, the company achieved a market share of approximately 26%, an increase of 13.5 percentage points year-on-year, despite a decline in overall industry demand [8] Cost and Profitability - The cost of carbon fiber products decreased by 21% year-on-year, leading to a gross profit margin of 30.2%, down 17.6 percentage points from the previous year [6] - The report anticipates a recovery in profitability in 2024, supported by a slight increase in carbon fiber prices observed in April 2024 [9] Financial Projections - The forecast for net profit is adjusted to 330 million CNY for 2024 and 470 million CNY for 2025, with a new projection of 580 million CNY for 2026 [10] - The current price corresponds to a dynamic P/E ratio of 72x for 2024, indicating potential for growth as new production capacity comes online [10]

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]

Financial Performance - The company's operating revenue for Q1 2024 was RMB 448,442,089.45, representing a decrease of 21.10% compared to the same period last year[4] - The net profit attributable to shareholders was RMB 41,785,664.10, down 68.12% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 15,321,537.28, a decline of 86.97% compared to the previous year[4] - Basic and diluted earnings per share were both RMB 0.05, down 66.67% from the same period last year[4] - Total operating revenue for Q1 2024 was CNY 448,442,089.45, a decrease of 21.1% compared to CNY 568,369,045.69 in Q1 2023[22] - Net profit for Q1 2024 was CNY 41,785,664.10, a decline of 68.2% from CNY 131,089,281.56 in Q1 2023[22] Cash Flow - The net cash flow from operating activities was negative RMB 34,242,045.87, a decrease of 154.86% year-on-year[4] - Cash inflows from operating activities for Q1 2024 total ¥406,647,204.21, compared to ¥498,645,841.21 in Q1 2023, reflecting a decline of about 18.4%[25] - The net cash flow from operating activities for Q1 2024 is -¥34,242,045.87, contrasting with a positive cash flow of ¥62,422,060.98 in Q1 2023[25] - Cash inflows from investment activities in Q1 2024 amount to ¥452,484,552.77, significantly lower than ¥2,120,277,669.86 in Q1 2023, a decrease of approximately 78.7%[26] - The net cash flow from investment activities for Q1 2024 is ¥152,915,659.74, down from ¥744,418,843.41 in Q1 2023, indicating a decline of about 79.5%[26] - Cash inflows from financing activities in Q1 2024 total ¥303,163,920.00, compared to ¥254,766,321.00 in Q1 2023, showing an increase of approximately 19.0%[26] - The net cash flow from financing activities for Q1 2024 is ¥273,252,511.28, up from ¥118,347,729.18 in Q1 2023, representing an increase of about 130.5%[26] - The ending balance of cash and cash equivalents as of Q1 2024 is ¥2,271,108,628.24, compared to ¥1,669,049,636.38 at the end of Q1 2023, reflecting an increase of approximately 36.0%[26] Assets and Liabilities - Total assets at the end of Q1 2024 were RMB 9,795,865,139.88, an increase of 2.72% from the end of the previous year[6] - Total liabilities rose to CNY 4,909,015,906.72 in Q1 2024, compared to CNY 4,691,131,356.57 in Q1 2023, marking an increase of 4.6%[20] - Non-current liabilities totaled CNY 2,957,622,056.92 in Q1 2024, up from CNY 2,589,934,031.84 in Q1 2023, representing a growth of 14.2%[20] - The company's total equity increased to CNY 4,886,849,233.16 in Q1 2024 from CNY 4,845,063,569.06 in Q1 2023, reflecting a growth of 0.9%[21] Shareholder Information - The company reported a total of 2,898,326 shares held by a significant shareholder, indicating a stable ownership structure[13] - The top ten shareholders include major institutional investors, with the largest holding being 44,650,558 shares[13] - The company has engaged in securities lending activities, with 799,400 shares lent out by a major fund[15] Research and Development - R&D investment totaled RMB 37,228,852.05, a decrease of 22.92% year-on-year, accounting for 8.30% of operating revenue[4] - Research and development expenses for Q1 2024 amounted to CNY 34,915,363.55, down from CNY 48,297,400.36 in Q1 2023[22] - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[17] Operational Strategy - The financial report does not indicate any significant changes in the operational strategy or major acquisitions during the reporting period[17] - The company has not disclosed any audit opinion type, indicating that the financial statements are unaudited[18] - The company has not applied new accounting standards or interpretations for the first time in 2024[27] Other Financial Metrics - The weighted average return on net assets was 0.86%, a decrease of 1.94 percentage points compared to the previous year[4] - Accounts receivable increased to RMB 669,783,062.55 from RMB 583,675,514.05, reflecting a rise of about 14.7%[18] - Inventory levels rose to RMB 569,669,808.77, up from RMB 464,347,923.61, indicating an increase of approximately 22.6%[18] - Total current assets reached RMB 3,859,122,799.73, compared to RMB 3,604,332,892.49 at the end of 2023, marking an increase of around 7.1%[18] - The company reported a decrease in accounts payable to CNY 910,379,632.61 in Q1 2024 from CNY 1,134,093,332.94 in Q1 2023, a decline of 19.8%[20]

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 ...