Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 1.557 billion yuan, down 31.07% year-on-year, and a net loss of 124 million yuan [2][4]. - In Q1 2025, the company continued to experience revenue decline, achieving 402 million yuan, a decrease of 10.40% year-on-year, with a net loss of 45 million yuan [2][4]. - The carbon fiber industry is facing a temporary supply-demand imbalance, leading to price pressures on the company's products, which has resulted in a contraction of profit margins [4][8]. - The company is accelerating its product structure upgrade and diversifying applications, particularly in high-performance carbon fiber for aerospace, hydrogen storage, and unmanned aerial vehicles [4][8]. Financial Summary - For 2024, the company’s total revenue is projected to be 1.557 billion yuan, with a year-on-year growth rate of -31.1%. The net profit is expected to be -124 million yuan, reflecting a -139.1% change [4][9]. - The forecast for 2025 shows a recovery in revenue to 1.944 billion yuan, with a growth rate of 24.8%, and a net profit of 65 million yuan, indicating a significant turnaround [4][9]. - The company’s gross margin for 2024 is expected to be 14.25%, down 16.36 percentage points from the previous year, while the net margin is projected at -7.99%, a decrease of 22.06 percentage points [4][8]. Market Position and Strategy - The company is enhancing its production capabilities with a new facility in Lianyungang, which will utilize advanced fourth-generation carbon fiber technology, aiming to increase its market share in high-performance applications [4][8]. - The company is focusing on strengthening its product adaptability and deepening customer relationships in sectors such as wind energy, photovoltaic thermal fields, and automotive lightweighting [4][8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][18]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 1.557 billion yuan, down 31.07% year-on-year, and a net profit attributable to shareholders of -124 million yuan, marking a shift to a loss [2][4]. - In Q1 2025, the company continued to experience revenue decline, achieving 402 million yuan, a decrease of 10.40% year-on-year, with a net loss of 45 million yuan [2][4]. - The carbon fiber industry is facing a temporary supply-demand imbalance, leading to price pressures and reduced profitability for the company [4][8]. Financial Summary - The company's total revenue is projected to recover to 1.944 billion yuan in 2025, with a growth rate of 24.8%, and further increase to 3.398 billion yuan by 2027, reflecting a growth rate of 37.9% [4][9]. - The net profit is expected to turn positive in 2025, reaching 65 million yuan, and continue to grow to 251 million yuan by 2027 [4][9]. - The company's gross margin is projected to decline to 14.25% in 2024, down 16.36 percentage points year-on-year, with a net margin of -7.99% [4][8]. Market Position and Strategy - The company is advancing its product structure upgrade and diversifying applications, particularly in high-performance carbon fiber for aerospace, hydrogen storage, and unmanned aerial vehicles [4][8]. - The construction of a new facility in Lianyungang, with a planned capacity of 31,000 tons, aims to leverage advanced carbon fiber technology and enhance production capabilities [4][8]. - The company is focusing on strengthening its product adaptability and deepening customer relationships in various sectors, including wind energy, photovoltaic thermal fields, and automotive lightweighting [4][8].

证券代码：688295 证券简称：中复神鹰 公告编号：2025-026 本次权益变动为中复神鹰碳纤维股份有限公司持股 5%以上股东连云港鹰 游纺机集团有限公司（以下简称"鹰游集团"）与其全资子公司海南鹰游科技有 限公司（以下简称"海南鹰游"）签署了股份转让协议，鹰游集团拟通过协议转 让方式向海南鹰游转让其所持公司 200,000,000 股股份，占公司总股本的 22.22%， 转让价格 21.02 元/股。 本次协议转让为鹰游集团在同一控制下不同主体之间的股份转让，不涉 及向市场减持公司股份的情形，不触及要约收购。本次协议转让前后，鹰游集团 及其全资子公司合计持股数量未发生变化，不会导致公司控股股东及实际控制人 发生变化。 本次协议转让尚需取得上海证券交易所合规性确认，并在中国证券登记 结算有限责任公司上海分公司办理股份过户相关手续，因此本次协议转让事项是 否能最终完成尚存在不确定性，敬请广大投资者注意投资风险。 一、本次权益变动的基本情况 2025 年 5 月 21 日，鹰游集团与其全资子公司海南鹰游签署了股份转让协议， 鹰游集团拟向海南鹰游转让其所持中复神鹰碳纤维股份有限公司（以下简称"公 司"）200, ...

中复神鹰碳纤维股份有限公司 通讯地址：海南省三亚市天涯区天涯解放三路70号衍宏现代城5楼513-B06 信息披露义务人的一致行动人：连云港鹰游纺机集团有限公司 通讯地址：连云港市海州开发区瀛州路西振兴南路 股份变动性质：增加，一致行动人内部协议转让，合计持股不变。 签署日期：2025年5月21日 1 上市公司：中复神鹰碳纤维股份有限公司 上市地点：上海证券交易所 股票简称：中复神鹰 股票代码：688295 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司 收购管理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益 变动报告书》《公开发行证券的公司信息披露内容与格式准则第16号——上市公 司收购报告书》及其他相关法律、法规和规范性文件编写。 详式权益变动报告书 信息披露义务人：海南鹰游科技有限公司 二、截至本报告书签署日，信息披露义务人及其一致行动人签署本报告书已获 得必要的授权和批准，其履行亦不违反其章程或内部规则中的任何条款，或与之 相冲突。 三、依据《证券法》《上市公司收购管理办法》的规定，本报告书已全面披露 了信息披露义务人及其一致行动人在中复神鹰碳纤 ...

中复神鹰碳纤维股份有限公司 简式权益变动报告书 上市公司名称：中复神鹰碳纤维股份有限公司 股票上市地点：上海证券交易所 股票简称：中复神鹰 股票代码：688295 信息披露义务人：连云港鹰游纺机集团有限公司 通讯地址：连云港市海州开发区瀛州路西振兴南路 信息披露义务人的一致行动人：海南鹰游科技有限公司 通讯地址：海南省三亚市天涯区天涯解放三路70号衍宏现代城5楼513-B06 权益变动性质：减少，一致行动人内部协议转让，合计持股不变。 签署日期：2025年5月21日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第15号-----权益变动报告书》及 其他相关的法律、法规和规范性文件编写。 二、截至本报告书签署日，信息披露义务人及其一致行动人签署本报告书已获 得必要的授权和批准，其履行亦不违反其章程或内部规则中的任何条款，或与之相 冲突。 三、依据《证券法》《上市公司收购管理办法》的规定，本报告书已全面披露 了信息披露义务人及其一致行动人在中复神鹰碳纤维股份有限公司中拥有权益的 股份变动情况。 截至本报告书签署日，除本报告书 ...

中复神鹰公告，鹰游集团与其全资子公司海南鹰游签署了股份转让协议，鹰游集团拟通过协议转让方式 向海南鹰游转让其所持公司2亿股股份，占公司总股本的22.22%，转让价格21.02元/股。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The carbon fiber market is currently at a stage of price stabilization, with potential for further price wars due to rapid capacity release by some companies. However, the original fiber segment remains limited, suggesting that price reductions in this area are unlikely. Companies such as Jilin Carbon Valley are recommended for attention [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, creating a positive feedback loop. The report maintains a positive outlook for the penetration of foldable smartphones over the next 3-5 years, with key recommendations including 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 also significant, indicating a need for market clearing. The wind power sector is seeing increased capacity, particularly in offshore wind, with a recommendation for Times New Material [4] Summary by Sections Market Review - The new materials index increased by 0.6%, underperforming the CSI 300 index by 0.5 percentage points. Notable performances include a 2.9% increase in the carbon fiber index and a 3.1% increase in the paint and ink index [11] Key Focus Areas - The price of wet 3K carbon fiber has increased by approximately 4%, driven by demand from the low-altitude economy and significant export growth. The price before the adjustment ranged from 150,000 to 400,000 yuan per ton [8] Long-term Perspectives - Carbon Fiber: The T300 large tow is at a price bottom, with potential for price wars in the carbon fiber segment. Jilin Carbon Valley is highlighted as a key player [3] - Electronic Materials: The report emphasizes the growth potential of foldable smartphones and recommends Shiming Technology and Kaisheng Technology [3] - Renewable Materials: The photovoltaic sector is expected to maintain strong demand, while the wind power sector is experiencing significant growth, with Times New Material recommended [4]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - Carbon Fiber: The T300 large tow is currently at a stage of bottoming out, but there is a possibility of continued price competition due to rapid capacity release by some companies. However, the number of companies in the precursor segment is limited, making significant price drops unlikely. It is recommended to focus on Jilin Carbon Valley and other companies in this sector [3]. - Electronic Materials: The demand for foldable smartphones remains high despite a downturn in consumer electronics. The continuous decline in industry price bands is expected to further stimulate downstream demand, creating a positive cycle. The report remains optimistic about the penetration of foldable smartphones over the next 3-5 years and highlights the potential for domestic substitution in upstream materials like photoresists and high-frequency high-speed CCL. Key recommendations include Shiming Technology and Kaisheng Technology [3]. - New Energy Materials: In the photovoltaic sector, downstream demand continues to grow rapidly, but the expansion of various segments in the supply chain suggests a need for market clearing. In wind energy, offshore wind power is overcoming obstacles and expanding, with a high concentration in the wind turbine blade segment. The report recommends focusing on Times New Materials [4]. Summary by Sections Market Review - The new materials index increased by 0.6%, underperforming the CSI 300 index by 0.5 percentage points. Notable performances include the carbon fiber index up by 2.9% and the coating ink index up by 3.1% [11]. - Among the new materials sector, 49% of stocks achieved positive returns, with standout performers including Yuzhong Sanxia A (+50.6%) and Jilin Chemical Fiber (+24.5%) [11]. Key Focus Areas - Price Increase: On May 13, Jilin Chemical Fiber announced a price increase of 10,000 yuan per ton for its wet 3K carbon fiber products, driven by demand from the low-altitude economy and drones [8]. - Upcoming Events: Huawei's new Harmony OS computer is set to be released on May 19, 2025 [8]. Key Tracking Targets - The report tracks key companies in the carbon fiber and electronic materials sectors, providing insights into their market performance and future prospects [10].

| 证券代码：688295 证券简称：中复神鹰 公告编号：2025-025 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 中复神鹰碳纤维股份有限公司 | | | | | | | | 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 | | | | | | | | 股东大会召开的时间：2025 5 16 （一） 年 月 | 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： | | | | | | | | ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-025 中复神鹰碳纤维股份有限公司 2024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：2025 年 5 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） | 804,030,394 | | 普通股股东所持有表决权数量（股） | 804,030,394 | | 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 | 89.3367 | | 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（%） | 89.336 ...