三、分红送配方案情况 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6877.66万股，累计占流通股比： 47.54%，较上期变化： -110.31万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 连云港市工业投资集团有限公司 | 4465.06 | 30.87 | 不变 | | 华夏上证科创板50成份ETF | 555.84 | 3.84 | -94.19 | | 易方达上证科创板50ETF | 398.14 | 2.75 | -16.12 | | 国泰君安证裕投资有限公司 | 300.00 | 2.07 | 不变 | | 夏月明 | 289.83 | 2.00 | 不变 | | 连云港市工投集团产业投资有限公司 | 223.91 | 1.55 | 不变 | | 上海汽车集团股份有限公司 | 169.63 | 1.17 | 不变 | | 深创投红土私募股权投资基金管理(深圳)有限公司-深创投制 | | | | | 造业转型升级新材料基金(有限合伙) ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The new materials index experienced a decline of 0.2%, underperforming the CSI 300 index by 0.8%. Among sub-sectors, the carbon fiber index decreased by 0.4%, semiconductor materials index by 1.3%, OLED materials index by 1.6%, while membrane materials index increased by 1.8% and coatings and inks index by 1.5% [11] - In the carbon fiber sector, T300 large tow is currently at a stage of bottoming out, but potential price wars may continue due to rapid capacity release by some companies. The original tow segment has limited players, suggesting less likelihood of price drops in that area. Recommended companies include Jilin Carbon Valley [3] - In the electronic materials sector, the demand for foldable smartphones remains strong despite a downturn in consumer electronics. The continuous decline in industry price bands is expected to further stimulate downstream demand. Key recommendations include Shiming Technology and Kaisheng Technology [3] - In the renewable materials sector, the photovoltaic demand continues to grow rapidly, but the expansion across the industry chain is fast, indicating a need for market clearing. Wind power is seeing significant growth, particularly in offshore wind, with a high concentration in the wind blade segment. Recommended company is Times New Material [4] Summary by Sections Carbon Fiber - T300 large tow is at a bottoming phase, with potential for continued price competition. Limited players in the original tow segment suggest stability in pricing. Recommended to focus on Jilin Carbon Valley and Zhongfu Shenying [3][4] Electronic Materials - The foldable smartphone market is expected to see sustained growth over the next 3-5 years, with key players in the supply chain likely to maintain premium pricing. Recommendations include Shiming Technology and Kaisheng Technology [3] Renewable Materials - Photovoltaic demand is strong, but rapid expansion in the industry chain necessitates market clearing. Offshore wind power is expanding significantly, with Times New Material recommended for investment [4]

根据市场公开信息及4月15日披露的机构调研信息，知名私募宽远资产近期对1家上市公司进行了调研， 相关名单如下： 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 1）中复神鹰 （宽远资产参与公司业绩说明会） 调研纪要：中复神鹰在航空领域进展顺利，自主研发的T800级航空预浸料已通过商飞PCD预批准。 2025年专用领域需求预计增长超50%，风电市场碳纤维需求将达到4万吨，光伏领域市占率将稳步提 升，压力容器需求将持续释放。2024年单位生产成本同比降低5%以上，2025年计划通过生产线改造提 升纺丝速度，持续增加产能。国内碳纤维自给率超过80%，公司产品覆盖高强标模型、高强中模型、高 强高模型全系列碳纤维品种。连云港基地产能规划为3.1万吨，预计2025年底开始陆续释放产能。公司 肩负政治责任、社会责任和经济责任，致力于成为绿色环保、环境友好型企业。美国关税调整对公司产 品出口等整体海外业务布局无直接影响，中国碳纤维市场国产化率已达80%。 机构简介： 上海宽远资产管理有限公司（以下简称"宽远资产"）成立于2014年5月，注册资本100 ...

Core Viewpoint - Zhongfu Shenying, a leading company in the carbon fiber sector, demonstrated resilient operational performance in its 2024 annual report despite facing competitive pressures, showcasing the significant potential of its self-controlled strategy [1][3]. Financial Performance - In 2024, Zhongfu Shenying achieved operating revenue of 1.557 billion yuan, a year-on-year decrease of 31.07%. However, the company actively responded to market changes through technological innovation and cost control, effectively enhancing product competitiveness [1]. - The net profit attributable to shareholders was -124 million yuan, marking a shift from profit to loss due to industry supply-demand imbalance and declining product prices. Nevertheless, the net cash inflow from operating activities reached 540 million yuan, a year-on-year increase of 121.67%, indicating a strong cash flow position [1]. Industry Context - Carbon fiber, known as "black gold" in the new materials sector, is a strategic emerging industry globally due to its excellent mechanical properties and wide application prospects. In 2019, China's carbon fiber import dependency was as high as 72.22%, which limited the development of related industries and increased supply chain risks [1]. - Zhongfu Shenying has been committed to a self-controlled strategy to break foreign technology barriers and achieve independent innovation and industrialization in carbon fiber technology. The company currently ranks among the world's top in carbon fiber production capacity and is the only domestic enterprise to have mastered the industrialization technology of dry-jet wet-spinning carbon fiber at a scale of ten thousand tons [2]. Market Opportunities - With the current "tariff battle," Zhongfu Shenying may encounter further development opportunities. Increased tariffs on imported carbon fiber will raise costs, allowing Zhongfu Shenying to leverage its advantages in technology, cost, and production capacity to expand market share and enhance domestic carbon fiber supply capabilities [2]. - The company is actively expanding the application fields of carbon fiber, enhancing product added value. Its products are widely used in aerospace, new energy, and sports leisure sectors, and it is developing applications in emerging fields such as wind turbine blades and building reinforcement [2]. Conclusion - The 2024 annual report from Zhongfu Shenying reflects the company's robust operational stance and the immense potential of its self-controlled strategy in the face of market challenges. With the continuous growth of domestic carbon fiber demand and changes in tariff policies, Zhongfu Shenying is poised to seize market opportunities and further enhance the domestic supply capacity of carbon fiber, contributing significantly to the development of China's carbon fiber industry [3].

Market News - The National Bureau of Statistics will release March CPI and PPI data on April 10, with February figures showing a month-on-month CPI decrease of 0.2% and a year-on-year decrease of 0.7%, while PPI decreased by 0.1% month-on-month and 2.2% year-on-year [2] - The People's Bank of China has 763.4 billion yuan in reverse repos and 150 billion yuan in treasury cash deposits maturing this week, with specific amounts maturing each day [3] - The U.S. will release March CPI data on April 10, which is expected to be a significant test for the dollar, as persistent inflation could support the dollar and raise concerns about further interest rate cuts by the Federal Reserve [4] Sector Events - The 10th China Science and Technology Finance Forum will be held in Beijing on April 7, focusing on summarizing reform achievements and innovative paths for the future of technology finance [6] - The 2025 Global 6G Technology and Industry Ecosystem Conference will take place in Nanjing from April 10 to 12, gathering global leaders in the 6G field to discuss innovation and future industry development [7] - The Ministry of Commerce has announced export controls on seven categories of medium and heavy rare earths, effective immediately, to safeguard national security and fulfill international obligations [8] - Amazon plans to launch its first batch of 27 satellites for its Project Kuiper on April 9, entering competition with SpaceX's Starlink [9] Company News - HeXin Instruments plans to acquire a 56% stake in Shanghai Liangxi Technology Co., Ltd. through a combination of share issuance and cash payment [11] - Shengnong Development intends to acquire a 54% stake in Anhui Sun Valley Food Technology Group for 1.126 billion yuan, enhancing its integrated industry chain [12] - Lier Chemical expects a net profit of 145 to 155 million yuan for Q1 2025, representing a year-on-year increase of 203.08% to 223.98% due to rising sales and prices [13] - Stone Technology reported a revenue of 11.945 billion yuan for 2024, a year-on-year increase of 38.03%, and a net profit of 1.977 billion yuan, a decrease of 3.64% [14] - Chengdi Xiangjiang announced a contract worth 4.452 billion yuan for a data center project with China Mobile, with a cooperation period of seven years plus an uncertain duration [15] Restricted Shares - This week, 24 companies in the A-share market will have a total of 1.735 billion shares released from restrictions, with a total market value of 35.015 billion yuan, an increase of 12.411 billion yuan week-on-week [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total of approximately 42.6 million shares and expected fundraising of 1.161 billion yuan [21] Market Outlook - Dongfang Securities suggests the market may see a turning point post-holiday, with potential for a rebound as policy benefits are released in Q2 [24] - Founder Securities believes A-shares may perform better than global markets due to positive macro policies and recovering domestic demand [25] - Dongguan Securities anticipates a range-bound market in the short term due to global volatility and upcoming earnings reports [26] - Guojin Securities recommends a shift in investment strategy towards large-cap value stocks, focusing on "profit bottom" logic in the upcoming quarter [27]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][8]. Core Views - The company faces pressure from weak demand and declining sales, but it is taking measures to enhance competitiveness [7]. - The carbon fiber sales volume decreased by 10.12% in 2024, with an inventory increase of 61.45%, indicating a mismatch in supply and demand [7]. - The average price of carbon fiber products fell by 23.44% year-on-year, with a current industry gross margin of -18.30%, suggesting profitability challenges for most manufacturers [7]. - The company is focusing on high-end product output and cost advantages to improve profitability [7]. - The company has a strong market position in the new energy sector, with over 50% market share, and aims to increase its market share further in 2025 [7]. Financial Summary - In 2024, the company reported revenue of 1.557 billion yuan, a decrease of 31.07% year-on-year, and a net profit attributable to the parent company of -124 million yuan, down 139.12% [6]. - The company’s earnings per share (EPS) for 2024 is projected at -0.14 yuan, with a forecasted recovery to 0.38 yuan by 2027 [4][20]. - The company’s net profit forecast for 2025-2027 has been adjusted to 340 million, 1.75 billion, and 3.39 billion yuan respectively [7][20]. Market Position and Strategy - The company is the only domestic enterprise with mature technology for dry-jet wet-spinning carbon fiber production, with a current capacity of 28,500 tons [7]. - The company is expanding its production capacity with a new 30,000-ton facility expected to begin trial production in 2025 [7]. - The product matrix includes a full range of carbon fiber varieties, and the company has successfully developed several high-end products in 2024 [7].

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]