Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 400 million yuan in Q1, a year-on-year decrease of 10%. The net profit attributable to shareholders was -45 million yuan, down 208% year-on-year, and the non-recurring net profit was approximately -58 million yuan, down 479% year-on-year [2][6]. - The decline in revenue is primarily attributed to falling carbon fiber prices, with the average price for T700 carbon fiber around 93,000 yuan per ton in Q1, a decrease of approximately 27% year-on-year. Despite this, the company achieved significant sales volume growth [12]. - The gross margin for Q1 was approximately 3%, down 22 percentage points year-on-year but up 2 percentage points quarter-on-quarter, mainly due to a reduction in manufacturing costs [12]. - The company is focusing on cost reduction and efficiency improvement, with a reduction in employee count to 2,955 by the end of 2024, down 764 from the previous year [12]. - The demand for carbon fiber is expected to continue growing, with global demand projected to reach 156,000 tons in 2024, a year-on-year increase of 36%. Domestic demand in China is expected to grow by 22% [12]. - The current low capacity utilization rate in the carbon fiber industry, around 60%, indicates that price rebounds may take time due to oversupply [12]. - The company anticipates a significant increase in demand in 2025, particularly in the offshore wind power sector, with expectations of over 40% growth in related domestic demand [12]. Financial Summary - The company’s total revenue is projected to increase from 1.557 billion yuan in 2024 to 2.539 billion yuan in 2026, with a gross profit margin expected to rise from 14% to 25% over the same period [18]. - The net profit attributable to shareholders is forecasted to improve from -124 million yuan in 2024 to 516 million yuan in 2027, indicating a recovery in profitability [18]. - The company’s cash flow from operating activities is expected to turn positive, with net cash flow projected to be 610 million yuan in 2025 [18].

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6] Core Insights - Lithium demand may be pressured by trade tensions, with a market surplus expected to increase to approximately 10,000 tons of lithium carbonate equivalent (LCE) in April, leading to downward pressure on prices [2][3] - Uranium fundamentals remain solid despite a spot price correction, with term pricing stable at around US$80 per pound, indicating a constructive medium-to-long-term supply-demand outlook [3] - Solar glass prices are likely to stabilize due to supply responses, although pressures are expected to persist in the second half of 2025 as demand decreases [4][10] Summary by Sections Lithium - Demand in 1Q25 was stronger than expected due to EV trade-in programs and energy storage system (ESS) demand, but the peak season in 2Q25 is anticipated to be muted due to earlier demand pull-forward [2] - Tariff uncertainties have caused large EV makers to pause April order books, leading to a potential price bottom for lithium carbonate at approximately Rmb65,000 per ton [2] Uranium - The spot price has declined to around US$60 per pound, influenced by uncertainties regarding Russian enriched uranium and US tariffs, but the gap between spot and term prices has widened, limiting further downside [3] - Supply imbalances are expected to gradually reflect in the market, potentially pushing uranium prices higher and benefiting companies like CGN Mining [3] Solar Glass - A reasonable recovery was noted in 1Q25, with prices rebounding due to increased demand from module producers, but a decrease in demand is expected in June as rush installations conclude [4][10] - The near-term supply and demand for solar glass could remain solid, supporting earnings recovery for producers, but increased industry supply may pressure prices again in 2H25 [10] Rare Earth Magnets - An upward trend in rare earth prices is anticipated due to new smelting regulations and tariffs, which could tighten supply from imports, benefiting producers [11] Stock Ratings - Overweight-rated stocks include Xinyi Solar, CGN Mining, and various rare earth magnet producers, with significant upside potential noted for several companies [12][13]

证券研究报告 中复神鹰 (688295 CH) 技改扰动产能释放，短期盈利仍承压 25Q1 毛利率 3.38%，同/环比-21.87/+1.92pct，毛利率同比下滑较多，但环 比有所修复。同比下滑主要系碳纤维行业仍处于阶段性供需失衡，叠加西宁 公司一季度进行降本技术改造，产能未完全释放，拉高单位成本，利润进一 步压缩；且受销售产品结构影响，风电领域销售价格较低。 25Q1 管理费用良好管控，经营性净现金流同比改善 25Q1 公司期间费用率为 19.61%，同比 -0.15pct。销售/管理/研发/财务费 率分别为 1.62%/6.84%/9.50%/1.65%，同比+0.55/-3.42/+1.71/+1.0pct，研 发费用保持较高水平。归母净利率为 -11.26%，同比/环比-20.57/+15.20pct； 扣非归母净利率为 -14.46%，同比/环比-17.88/+10.55pct。经营性净现金流 为 0.2 亿元，同比增加 0.54 亿元，收现比/付现比分别为 75.2%/55.8%， 同比+13.98/-20.68pct。资产负债率同比+0.64pct 至 50.75%，维持健康。 碳纤厂库连续 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688295 证券简称：中复神鹰 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 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 √适用 □不适用 单位：元 币种：人民币 (三) 主要会计数据、财务指标发生变动 ...

也在同日，两家碳纤维龙头企业发布了2025年第一季度以及2024年财报。 【DT新材料】 获悉，4月24日， 中复神鹰 、 吉林化纤 同日发布高层变动公告，原因都是 达到法定退休年龄。 其中， 中复神鹰 总经理刘芳 女士 辞职，公司董事长张健女士代行总经理职责。 吉林化纤 副总经理孔玉影 女士 辞职。 营销方面，公司3K小丝束碳纤维产品销量同比增长35%，高模系列碳纤维产品销量同比增长超 20%；国内T800 级以上高强中模碳纤维销量占比位居行业首位。 2025年，公司锁定重点及新兴领域，聚焦航空航天、风电、光 伏、汽车、体育器材、低空经济等碳纤维需求旺盛的领域。 其中， 吉林化纤 2025年第一季度 营收12.14亿元，同比上升32.39%；归母净利润为826.98万元，同比下降 60.59% 。 2024 年 ， 实 现 营 收 38.83 亿 元 ， 同 比 上 升 3.93%； 实 现 归 母 净 利 润 2888.41 万 元 ， 同 比 下 降 13.90%；实现扣非归母净利润2636.99万元， 同比上升76.88% 。 其中， 碳纤维 营收占比8.24%，同比下滑12.59%，主因行业阶段性供 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-021 二、董事长代行总经理职责情况 2025 年 4 月 24 日，公司第二届董事会第十次会议审议通过《公司董事长代 行总经理职责的议案》，同意公司董事长张健女士代行总经理职责，自本次董事 会审议通过之日起至董事会聘任总经理之日止。 公司将根据法律法规和《公司章程》的有关规定，积极推进新任董事及总经 理的选举工作。 特此公告。 中复神鹰碳纤维股份有限公司 关于董事、总经理退休离任暨董事长代行 总经理职责的公告 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。 一、董事、总经理离任情况 中复神鹰碳纤维股份有限公司（以下简称"公司"）董事会于近日收到董事、 总经理刘芳女士的辞职报告。因达到法定退休年龄，刘芳女士申请辞去公司董事、 总经理职务。辞去上述职务后，刘芳女士不再担任公司任何职务。根据《公司法》 《公司章程》等相关规定，刘芳女士的辞职不会导致公司董事会成员低于法定最 低人数，不会影响公司及董事会的正常运行，其辞职报告自送达董事会之日起生 刘芳女士作为公司创始团队 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-022 中复神鹰碳纤维股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：江苏省连云港市经济技术开发区大浦工业区公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《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》 等有关规定执行。 （七） 涉及公开征集股东投票权 无 二、 会议审议事项 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 1 股东大会召开日期：2025年5月16日 本次股东大会采用 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 401,816,630.89, a decrease of 10.40% compared to CNY 448,442,089.45 in the same period last year[4]. - The net profit attributable to shareholders was a loss of CNY 45,228,808.57, representing a decline of 208.24% from a profit of CNY 41,785,664.10 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 58,117,314.13, a decrease of 479.32% compared to CNY 15,321,537.28 last year[4]. - Total operating revenue for Q1 2025 was CNY 401.82 million, a decrease of 10.4% compared to CNY 448.44 million in Q1 2024[18]. - Net profit for Q1 2025 was a loss of CNY 45.23 million, compared to a profit of CNY 41.79 million in Q1 2024, representing a significant decline[19]. - The company experienced a decline in gross profit margin, leading to an operating loss of CNY 51.36 million in Q1 2025, compared to an operating profit of CNY 50.83 million in Q1 2024[18]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 20,057,182.58, a significant improvement from a negative cash flow of CNY 34,242,045.87 in the same period last year[4]. - Operating cash flow for Q1 2025 was CNY 20.06 million, recovering from a negative cash flow of CNY -34.24 million in Q1 2024[22]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 1.14 billion, down from CNY 2.27 billion at the end of Q1 2024[23]. - The company's cash and cash equivalents increased to CNY 1,366,071,332.34 from CNY 963,944,685.91, representing a growth of approximately 42%[14]. - Investment activities generated a net cash inflow of CNY 301.72 million in Q1 2025, compared to CNY 152.92 million in Q1 2024[23]. Research and Development - Research and development expenses totaled CNY 38,176,157.59, an increase of 2.54% from CNY 37,228,852.05 in the previous year[4]. - The proportion of R&D expenses to operating revenue increased to 9.50%, up by 1.20 percentage points from 8.30% last year[5]. - Research and development expenses increased to CNY 38.18 million in Q1 2025, up from CNY 34.92 million in Q1 2024, indicating a focus on innovation[18]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 9,301,460,573.86, a slight decrease of 0.60% from CNY 9,357,372,085.28 at the end of the previous year[5]. - As of March 31, 2025, the company's total assets amounted to CNY 9,301,460,573.86, a slight decrease from CNY 9,357,372,085.28 as of December 31, 2024[14]. - Total current liabilities decreased to CNY 1,622,899,914.10 from CNY 1,727,737,000.21, indicating a reduction of about 6%[16]. - The company's fixed assets decreased to CNY 4,125,376,634.25 from CNY 4,521,333,824.46, reflecting a decline of approximately 8.8%[15]. - The total equity attributable to shareholders decreased to CNY 4,580,777,399.83 from CNY 4,625,279,704.26, a decrease of about 1%[16]. - The company's accounts receivable increased to CNY 226,233,795.91 from CNY 218,481,181.05, showing a growth of approximately 3.4%[14]. - The inventory level decreased slightly to CNY 554,304,265.43 from CNY 564,900,416.88, a reduction of about 1%[14]. - The company's long-term borrowings increased to CNY 2,041,421,766.75 from CNY 2,019,883,819.60, reflecting a growth of approximately 1.1%[16]. - The company's total liabilities remained relatively stable, decreasing slightly to CNY 4,720,683,174.03 from CNY 4,732,092,381.02[16]. - The company reported a significant increase in other non-current assets to CNY 668,859,885.73 from CNY 626,685,812.69, indicating a growth of about 6.8%[15]. Challenges and External Factors - The company faced challenges due to a supply-demand imbalance in the carbon fiber industry and increased production costs, impacting profitability[8]. - The company received government subsidies amounting to CNY 12,479,030.10, which were related to its normal business operations[6]. - Total operating costs increased to CNY 472.30 million in Q1 2025, up 10.3% from CNY 427.94 million in Q1 2024[18]. - Financial expenses rose to CNY 6.61 million in Q1 2025, compared to CNY 2.89 million in Q1 2024, reflecting higher interest costs[18]. - The weighted average return on net assets was -0.98%, a decrease of 1.84 percentage points from 0.86% in the previous year[4].

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]