中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 1 月 20 日 中复神鹰碳纤维股份有限公司（股票代码：688295） 2025 年第一次临时股东大会会议资料 目录 | 2025 | 年第一次临时股东大会会议须知 3 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 5 | | 2025 | 年第一次临时股东大会会议议案 6 | 2 中复神鹰碳纤维股份有限公司（股票代码：688295） 2025 年第一次临时股东大会会议资料 中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会会议须知 为维护广大投资者的合法权益，确保中复神鹰碳纤维股份有限公司（以下简 称"公司"）2025 年第一次临时股东大会的正常秩序和议事效率，保障股东在本 次股东大会期间依法行使权利，根据《公司法》《上市公司股东大会规则》和《中 复神鹰碳纤维股份有限公司股东大会议事规则》等有关规定，特制定 2025 年第 一次临时股东大会会议须知如下，望出席股东大会的全体人员遵照执行。 一、参加本次股东大会的股东及股东代理人请按规定出示证券账户卡、身份 证或法人单位证明以及授权委托 ...

Investment Rating - The investment rating for the company has been downgraded to "增持" (Overweight) due to the continued decline in carbon fiber prices and the company's profitability challenges [13] Core Views - The carbon fiber industry is currently in a downward cycle, with prices continuing to decline, leading to a significant impact on the company's profitability [13] - The company reported a net loss in the first three quarters of 2024, with a further decline expected in Q4 due to continued price pressures [12] - The company's new 30,000-ton capacity project in Lianyungang is progressing, with partial production expected by the end of 2025 [12] Financial Performance - Revenue for 2024E is projected to be 1,522 million yuan, a decrease of 32.63% compared to 2023 [6] - Net profit attributable to the parent company for 2024E is expected to be -41 million yuan, a significant decline from 318 million yuan in 2023 [6] - The company's ROE (attributable to the parent company) is projected to be -0.86% in 2024E, down from 6.56% in 2023 [6] Profitability - The company's gross margin for 2024E is expected to be 21.9%, down from 30.6% in 2023 [3] - EBITDA margin for 2024E is projected to be 25.9%, compared to 26.7% in 2023 [3] - The net profit margin attributable to the parent company is expected to be -2.7% in 2024E, a significant decline from 14.1% in 2023 [3] Valuation Metrics - The company's P/E ratio for 2024E is not applicable (na), while the P/B ratio is expected to be 3.9 [6] - The EV/EBITDA ratio for 2024E is projected to be 55.6, up from 35.1 in 2023 [3] Industry and Market Conditions - Carbon fiber prices in December 2024 experienced a slight decline, with the average price dropping by 1.20% month-on-month [11] - Raw material prices, particularly for acrylonitrile, increased by 5.67% month-on-month, further pressuring production costs [11] - The industry faces oversupply, with no new capacity added in December 2024, and most existing facilities maintaining stable production [11] Future Outlook - The company's profitability is expected to remain under pressure in Q4 2024 due to further declines in carbon fiber prices [12] - The timeline for price recovery in the carbon fiber industry remains uncertain, given the current oversupply situation [13]

财联社12月27日电，中复神鹰公告称，公司董事会于近日收到公司董事长张国良的辞职报告。 因年龄原因，张国良申请辞去公司董事长、董事、董事会下设专门委员会及公司法定代表人等职务。 辞去上述职务后，张国良仍担任公司总工程师、核心技术人员。 公司将依照相关法定程序，尽快完成董事补选和新任董事长的选举工作。 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2024-027 中复神鹰碳纤维股份有限公司 关于公司董事长辞职的公告 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、准确性和完整性依法承担法律责任。 中复神鹰碳纤维股份有限公司（以下简称"公司"）董事会于近日收到公司 董事长张国良先生的辞职报告。因年龄原因，张国良先生申请辞去公司董事长、 董事、董事会下设专门委员会及公司法定代表人等职务。辞去上述职务后，张国 良先生仍担任公司总工程师、核心技术人员，将持续在技术研发领域发挥关键作 用。 根据《公司法》《公司章程》等相关规定，张国良先生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效。公司将依照相关法定程序，尽快完成董事补选和新任 董事长的选举工作，并及时履行信息披露义务。 张国良先生是公司创始人，公司发展的核心掌舵人。自公司创立以来，带领 公司实现了跨越式发展并在国内碳纤维行业奠定了领导者地位，为我国碳纤维的 制造技术进步和产业发展做出了突出贡献。在精准把握公司战略航向、提高国产 碳纤 ...

Group 1: Market Overview - The carbon fiber industry is experiencing overall capacity expansion, but there are concerns about potential oversupply in certain downstream markets due to demand-supply imbalance [4] - The demand for carbon fiber is expected to grow, particularly in the wind power sector, with significant increases projected by 2025 [4] Group 2: Sales Distribution - As of the end of the third quarter, the sales distribution of the company is as follows: 50% in the new energy sector (hydrogen energy, wind power, thermal fields), approximately 30% in the sports and leisure sector, and over 10% in transportation construction [4] Group 3: Production Capacity - The company’s 30,000-ton carbon fiber project in Lianyungang is progressing well, with some production lines expected to be operational by the end of next year, contingent on downstream demand [4] Group 4: Product Structure - The Xining base primarily produces SYT45S and SYT49S grades, with specifications ranging from 3K to 48K, targeting markets in hydrogen energy, photovoltaics, and wind power, as well as high-end sports prepregs and fabrics [4] Group 5: Price Trends - The domestic carbon fiber market is facing intensified competition, leading to price declines due to lower-than-expected demand and supply shocks; prices are currently at a bottom level but are expected to stabilize as the industry develops sustainably [4] Group 6: Future Developments - The company aims to provide better solutions and higher cost-performance products, with ongoing collaborations with major wind power manufacturers and carbon fiber pultrusion board producers [4]

Group 1: Sales and Market Strategy - The company has set a sales target for 2024 based on demand research across various application fields [1] - For 2025, the company is planning to enhance sales through targeted partnerships with leading enterprises and product structure adjustments [2] - The company currently has over 40 product models, with the SYT45/SYT49 series accounting for over 85% of total sales as of Q3 [2] Group 2: Pricing and Demand Analysis - The company will adjust product prices considering downstream application needs, production costs, and product strategies [2] - In Q4, the demand in the sports and leisure sector is slightly fluctuating, with bicycle composite material inventory piling up and fishing gear sales affected by climate [2] - The overall demand in the sports and leisure sector remains relatively stable despite slight fluctuations [2] Group 3: Profitability and Inventory Management - The company is focusing on creating a differentiated product matrix to enhance profitability amid increasing market competition and pressure on margins [2] - As of Q3 2024, the company's inventory has slightly decreased compared to Q2, and efforts are ongoing to improve inventory turnover [2] Group 4: Industry Outlook and Future Plans - The company is actively involved in the development and validation of prepreg applications in collaboration with COMAC for future aircraft models [3] - The carbon fiber industry is facing challenges due to oversupply and demand imbalances, but future market expansion is anticipated [3] - The company is progressing with its 30,000-ton carbon fiber project in Lianyungang, with plans to gradually launch production lines based on global market conditions [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][10] Core Views - The carbon fiber industry is expected to see a bottom reversal, with emerging low-altitude economy sectors opening up growth opportunities for the company [2][4] - The company has established three major bases in Lianyungang, Xining, and Shanghai, each focusing on different aspects of production, which strengthens its industrial structure [3][5] - The company is the only domestic enterprise that has mastered the industrialization technology of dry-jet wet-spun carbon fiber, positioning it as a leader in the carbon fiber industry [7][10] Summary by Sections Company Overview - The company specializes in the research, production, and sales of carbon fiber and its composite materials, focusing on high-performance carbon fiber innovation [5][7] - The company has achieved significant breakthroughs in the industrialization of high-performance dry-jet wet-spun carbon fiber technology [5] Financial Performance - In Q3 2024, the company reported revenue of 386 million yuan, a year-on-year decrease of 1.66 million yuan, and a net profit of -33 million yuan, a year-on-year decrease of 105 million yuan [4][8] - The average market price of carbon fiber in China was 87.11 yuan/kg in Q3 2024, down 21.30% year-on-year [4][8] Future Outlook - Revenue projections for 2024-2026 are 1.708 billion, 1.989 billion, and 2.807 billion yuan, respectively, with net profits expected to be 2 million, 114 million, and 172 million yuan [7][8] - The company is expected to benefit from new demand in emerging fields, which may drive a reversal in profitability [4][7]

Investment Rating - The investment rating for Zhongfu Shenying is upgraded to "Accumulate" [1] Core Views - The report highlights that the company is facing pressure from weak demand growth, leading to a decline in average prices. However, it is taking multiple measures to enhance competitiveness, including increasing sales efforts and expanding customer base [1][2] - The company is expected to see a rebound in carbon fiber sales as terminal application fields continue to expand, and it is focusing on high-end product output to increase profit margins [1][2] Financial Summary - **Revenue**: The company reported a revenue of 2,259 million in 2023, with a projected decline to 1,646 million in 2024, followed by a recovery to 2,001 million in 2025 and 2,517 million in 2026 [1][2] - **Net Profit**: The net profit attributable to the parent company is expected to drop significantly from 318 million in 2023 to 21 million in 2024, before rebounding to 130 million in 2025 and 297 million in 2026 [1][2] - **Earnings Per Share (EPS)**: EPS is projected to decrease from 0.35 in 2023 to 0.02 in 2024, with a recovery to 0.14 in 2025 and 0.33 in 2026 [1][2] - **Return on Equity (ROE)**: The ROE is expected to decline from 0.27 in 2023 to 0.30 in 2024, with a gradual increase to 0.58 in 2025 and 0.90 in 2026 [1][2] Market and Industry Analysis - The report indicates that the domestic carbon fiber apparent consumption has decreased by approximately 12% year-on-year, primarily due to weak terminal demand. The average price of carbon fiber is also under pressure, with estimates suggesting a continued decline [1][2] - The company is expected to enhance its profitability through various measures, including increasing the output of high-end products and expanding the sales volume of lower-tier products while maintaining stable pricing [1][2] - The report notes that the company has successfully developed T700 grade carbon fiber and is making progress in expanding its production capacity, which is expected to support future growth [1][2]

Investment Rating - The report maintains a "Buy" rating for Zhongfu Shenying (688295.SH) [3] Core Views - Zhongfu Shenying reported a revenue of 1.119 billion yuan for the first three quarters of 2024, a year-on-year decline of 30.46%, with a net loss of 8.34 million yuan compared to a profit of 293 million yuan in the same period last year [1] - The third quarter revenue was 386 million yuan, down 30.09% year-on-year, with a net loss of 33.31 million yuan, compared to a profit of 72.16 million yuan in the previous year [1] - The carbon fiber industry is facing downward pressure due to weak supply and demand fundamentals, leading the company to focus on internal improvements and high-quality development [1] Financial Summary - Revenue (million yuan): 2022A: 1,995, 2023A: 2,259, 2024E: 1,440, 2025E: 1,614, 2026E: 1,883 [2] - Net profit (million yuan): 2022A: 605, 2023A: 318, 2024E: -38, 2025E: -2, 2026E: 88 [2] - EPS (yuan/share): 2022A: 0.67, 2023A: 0.35, 2024E: -0.04, 2025E: 0.00, 2026E: 0.10 [2] - The company’s gross margin for Q3 was 11.57%, a decrease of 20.55 percentage points year-on-year [1] Industry Context - The carbon fiber industry is currently experiencing oversupply and slower-than-expected demand growth, impacting overall performance [1] - The company is focusing on cost reduction through refined management, developing high-end product lines, and expanding market applications, particularly in wind power and aerospace [1]

Investment Rating - The report maintains a "Recommend" rating for the company [5] Core Views - The company's profitability continues to face pressure, with a significant year-on-year decline in revenue and net profit [2] - The company is actively expanding into new growth areas such as low-altitude economy and aerospace [4] - The company's cash flow has improved significantly, with a notable reduction in accounts receivable and a positive operating cash flow [3] Financial Performance - 24Q1-Q3 revenue was 1,119 million yuan, down 30.46% year-on-year, with a net loss of 8 million yuan compared to a profit of 293 million yuan in the same period last year [2] - 24Q3 revenue was 386 million yuan, down 30.09% year-on-year, with a net profit of 33 million yuan compared to 72 million yuan in the same period last year [2] - The company's gross margin in 24Q3 was 11.57%, down 20.54 percentage points year-on-year and 8.70 percentage points quarter-on-quarter [3] Market and Product Analysis - The company's sales volume increased by over 10% in 24H1, but revenue declined by 31% due to price reductions in the carbon fiber market [3] - The company's product mix has shifted, with over 45% of sales in the new energy sector (hydrogen, wind power, and photovoltaic thermal fields), over 30% in the sports and leisure sector, and increased sales in the aerospace sector [3] - The average price of T700 (12K) carbon fiber in East China in 24Q3 was 113.69 yuan/kg, down 30.9% year-on-year and 11.1% quarter-on-quarter [3] Strategic Initiatives - The company is focusing on optimizing sales through the integration of sales modules, strengthening the sales team, and building a multi-channel sales model [4] - The company is expanding into new markets such as low-altitude economy (eVTOL, cargo drones, etc.), electronic 3C (foldable phones, laptops), and large structural components and bridge maintenance [4] Future Outlook - The company is expected to achieve a net profit of -40 million yuan in 2024, 124 million yuan in 2025, and 232 million yuan in 2026 [4] - The company's 2025-2026 dynamic PE ratios are 161X and 86X, respectively [4] - The company's scale and cost advantages are significant, and it is actively exploring new growth areas, which supports the "Recommend" rating [4] Financial Metrics - The company's revenue is expected to grow by 21.7% in 2025 and 18.8% in 2026 [6] - The company's net profit margin is expected to improve from -2.66% in 2024 to 10.71% in 2026 [6] - The company's ROE is expected to increase from -0.83% in 2024 to 4.58% in 2026 [6]