Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 2.259 billion yuan in 2023, a year-on-year increase of 13.25%, but the net profit attributable to shareholders decreased by 47.45% to 318 million yuan [1] - The company is experiencing a significant increase in production and sales volume, with production rising by 86.22% to 19,800 tons and sales increasing by 92.43% to 18,000 tons [1] - The average selling price of the company's products decreased by 41.15% to 124,300 yuan per ton due to industry supply-demand imbalance [1] - The report indicates that the company is focusing on cost control to enhance its core competitiveness while waiting for the industry to recover [1][2] Financial Summary - In 2023, the company's revenue was 2.259 billion yuan, with a year-on-year growth rate of 13.3% [3] - The net profit attributable to shareholders was 318 million yuan, reflecting a year-on-year decline of 47.4% [3] - The earnings per share (EPS) for 2023 was 0.35 yuan, down from 0.67 yuan in 2022 [3] - The company's gross profit margin for the carbon fiber business was 30.21%, a decrease of 17.64 percentage points year-on-year [1] - The report forecasts net profits of 230 million yuan, 400 million yuan, and 540 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 118X, 68X, and 50X [2]

中复神鹰（688295.SH）2023年年报点评 降本周期开启、规模效应显现，积极拓展增量领域 2024年03月29日 ➢ 公司披露 2023 年报：实现营收22.59亿元，同比+13.25%，归母净利3.18亿 推荐 维持评级 元，同比-47.45%，扣非净利2.38亿元，同比-57.90%。其中，23Q4实现营收6.51亿 元，同比+19.88%，归母净利0.25亿元，同比-86.35%，扣非净利-0.25亿元。全年毛利 当前价格： 30.15元 率30.60%，同比-17.52pct，净利率14.08%，同比-16.26pct，其中，23Q4毛利率16.10%， 同比-32.41pct、环比-16.01pct，净利率3.81%，同比-29.63pct。 [Table_Author] ➢ 全年量增价减，吨成本、吨费用均大幅下降，规模效应显现： （1）量、价维度，报告期内，公司碳纤维产量1.98万吨（同比+86%），销量1.80万 吨（同比+92%），产销量大幅增长主因系西宁二期1.4万吨项目产能释放。我们推算， 全年公司碳纤维吨价格12.43万元，同比-8.69万元，碳纤维价格下降主因系行业需求增 速放缓 ...

[Table_Main] 证券研究报告 | 公司点评 中复神鹰(688295.SH) 2024年03月28日 买入（维持） 中复神鹰（688295.SH）：周期底部龙头优 所属行业：基础化工/化学纤维 势扩大，关注新需求、新增量 当前价格(元)：27.67 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件: 2024年3月27日公司发布2023年年度报告，公司2023年公司实现营收  邮箱：yanguang＠tebon.com.cn 约 22.59亿元，同比+13.25%，实现归母净利润约 3.18 亿元，同比-47.45%，实 王逸枫 现扣非归母净利润约2.38亿元，同比-57.90%。单季度来看，23Q4公司实现营收 资格编号：S0120524010004 约6.51亿元，同比+19.88%（增速提升26.11pct），环比+17.68%，实现归母净利 邮箱：wangyf6＠tebon.com.cn 润约0.25亿元，同比-86.35%（增速下降21.77pct），环比-65.67%，实现扣非归 研究助理 母净利润约-0.25亿元，同比-115.73%（增速下降49.58pct） ...

Financial Performance - The company's operating revenue for 2023 was CNY 2,259,130,329.12, representing a 13.25% increase compared to CNY 1,994,807,849.32 in 2022[18]. - Net profit attributable to shareholders decreased by 47.45% to CNY 317,981,343.17 from CNY 605,083,744.04 in the previous year[18]. - The net cash flow from operating activities fell by 70.83% to CNY 243,620,829.66, primarily due to a decrease in cash received from sales[20]. - Total assets increased by 31.58% to CNY 9,536,194,925.63, driven by increased project investments[20]. - Basic earnings per share decreased by 49.28% to CNY 0.35, down from CNY 0.69 in 2022[19]. - The company's net assets attributable to shareholders increased by 4.94% to CNY 4,845,063,569.06 as of the end of 2023[18]. - The company reported a quarterly revenue of CNY 650,534,213.10 in Q4 2023, with a net profit of CNY 24,773,930.32[22]. - The net profit attributable to shareholders for Q3 2023 was CNY 72,159,605.12, showing a decline compared to previous quarters[22]. - The weighted average return on equity decreased to 6.73%, down 9.98 percentage points from 16.71% in 2022[19]. - The gross profit margin for carbon fiber products decreased by 17.64 percentage points to 30.21%[85]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of RMB 1.06 per 10 shares, totaling RMB 95.4 million, which represents 30% of the net profit attributable to shareholders of RMB 317.98 million for the year 2023[4]. - As of December 31, 2023, the company's undistributed profits amounted to RMB 510.42 million[4]. - The cash dividend amount is 30% of the net profit attributable to shareholders, which is RMB 317,981,343.17[145]. - The company emphasizes a cash distribution policy to ensure stable and continuous returns to investors while considering long-term development[142]. Research and Development - The company is actively engaged in the research and development of carbon fiber products, particularly in the aerospace sector[10]. - The R&D expenditure as a percentage of operating revenue rose to 9.67%, an increase of 1.91 percentage points from 7.76% in the previous year[19]. - R&D personnel increased by 20.37% year-on-year, with total R&D investment reaching 218 million yuan, a year-on-year growth of 41.16%[33]. - The total R&D investment for the year reached ¥218,482,375.60, an increase of 41.16% compared to the previous year, with R&D expenses accounting for 9.67% of operating revenue[59]. - The company has filed multiple new utility model patents related to carbon fiber production, including a high-temperature wastewater recovery device and an automatic control water jet vacuum pump group[51][52]. - The company has developed innovative methods for the preparation of low-cost high-performance carbon fiber and automatic cleaning of spinnerets[49][50]. - The company has achieved a significant increase in R&D expenses focused on low-cost technology and aerospace-grade carbon fiber[60]. - The company has established a research and development team dedicated to innovating new carbon fiber applications, with a budget increase of 10% for the upcoming year[52]. Market Expansion and Strategy - The company is expanding its market presence by developing a 48K large tow product for wind turbine blades, contributing to the launch of the world's longest land-based wind turbine blade[31]. - The company is establishing a European warehouse center to accelerate overseas market development, enhancing its international presence[32]. - The company is actively pursuing market expansion and technological advancements to maintain its competitive edge in the carbon fiber industry[47]. - The company aims to achieve a dual circulation development model, focusing on both domestic and international markets[104]. - The company plans to expand its market presence and has proposed using excess raised funds for new project implementation[108]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million yuan for potential mergers[115]. Operational Risks and Compliance - The company has detailed various operational risks and corresponding mitigation measures in the report[3]. - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[3]. - The company has received a standard unqualified audit report from its accounting firm[3]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[6]. - The company is committed to maintaining compliance with corporate governance regulations as per the Company Law and its Articles of Association[110]. Environmental and Social Responsibility - The company has invested CNY 37.71 million in environmental protection funds during the reporting period[152]. - The company has established a comprehensive ESG management system, integrating ESG factors into daily operations[151]. - The company has implemented a pollution prevention and control facility that includes various advanced technologies for air and water treatment[156]. - The company has established emergency response plans for environmental incidents, with specific protocols in place[158]. - The company has actively participated in social responsibility initiatives, benefiting nearly 3,000 employees through various support programs[182]. - The company provided financial support of 372,000 yuan for various charitable projects, benefiting 551 individuals[172]. Corporate Governance and Management - The company held multiple shareholder meetings in 2023, including the approval of the 2022 annual financial report and profit distribution plan[110]. - The company has appointed new independent directors and management personnel during the shareholder meetings[110]. - The company reported a leadership change with the resignation of key personnel, including the CFO and several board members, effective December 2023[120]. - The company has established a strategy for potential mergers and acquisitions to support its growth objectives[110]. - The company is committed to enhancing its corporate governance by appointing independent directors to oversee operations[122]. Production and Capacity - The company achieved a production output of over 16,000 tons of carbon fiber in 2023, with a 20% reduction in unit cost due to efficiency measures[29]. - The company's total production capacity reached 28,500 tons, ranking among the top three globally, with the production capacity increasing from 14,500 tons at the end of the previous year[42]. - The company is currently constructing a new facility for producing 30,000 tons of high-performance carbon fiber, with an investment of ¥120,000,000.00[99]. - The company has established a stable production process for domestic T800 grade prepreg materials, enhancing its competitiveness in the aerospace sector[62]. Financial Management - The company has a total of ¥240,960,840.33 in current non-current liabilities due within one year, an increase of 928.67% from ¥23,424,549.90 in the previous period[95]. - The company reported a significant decrease in trading financial assets from ¥1,493,060,800.00 at the beginning of the year to ¥300,166,800.00 at the end of the year, reflecting a reduction of ¥1,192,894,000.00[26]. - The company is set to hold its second extraordinary general meeting of shareholders in 2023[126]. - The company plans to apply for a comprehensive credit limit from banks for the year 2023[126].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.259 billion yuan in 2023, a year-on-year increase of 13.2%, but the net profit attributable to shareholders decreased by 47.5% to 318 million yuan due to external environmental factors and changes in the supply-demand relationship in the carbon fiber market [4][10] - The carbon fiber prices have stabilized after a decline, indicating a potential recovery in the market [5][41] - The company has significantly increased its production capacity, with a total carbon fiber output of 19,800 tons in 2023, a year-on-year increase of 86% [4][9] Financial Performance - In Q4 2023, the company reported a revenue of 651 million yuan, a year-on-year increase of 19.9%, but the net profit attributable to shareholders dropped by 86.4% to 25 million yuan [4][10] - The gross profit margin for 2023 was 30.6%, down 17.5 percentage points year-on-year, while the net profit margin was 14.1%, down 16.3 percentage points [4][10] - The company generated a net cash flow from operating activities of 244 million yuan in 2023, a decrease of 70.83% year-on-year [4][10] Market Position and Capacity - The company’s total production capacity reached 28,500 tons by the end of 2023, ranking among the top three globally in carbon fiber production [9][41] - The company maintains a leading market share in various applications, including over 50% in pressure vessels and 70% in carbon/carbon thermal fields [9][41] Research and Development - The company increased its R&D personnel by 20.37% in 2023, with R&D investment reaching 218 million yuan, a year-on-year increase of 41.16% [8][41] - The company has developed high-performance carbon fiber products and successfully applied innovative technologies in various fields [8][41] Future Outlook - The company forecasts net profits of 360 million yuan, 536 million yuan, and 744 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 75, 51, and 36 [10][41]

| Introduction | 01 ｜ | | --- | --- | | Chairman's Statement | 03 ｜ | | About us | 05 ｜ | | Brief introduction | 05 ｜ | | Corporate culture | 06 ｜ | | Sustainable Development | 07 ｜ | | --- | --- | | Column | | | Sustainable Development | 09 ｜ | | Strategy | | | Sustainability Management | 11 ｜ | | Framework | | | Major Events on Sustainability in | 13 ｜ | | 2023 | | | Sustainability Performance | 15 ｜ | | Review in 2023 | | | Honors and Awards in | 17 ｜ | | Sustainability | | | Analysis and Evaluation of | ...

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 首次公开发行部分限售股上市流通的核查意见 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 券交易所科创板股票上市规则》等相关规定，对中复神鹰首次公开发行部分限售 股份上市流通的情况进行了审慎核查，具体情况如下： 一、本次上市流通的限售股类型 公司经中国证券监督管理委员会于 2022 年 2 月 17 日出具的《关于同意中 复神鹰碳纤维股份有限公司首次公开发行股票注册的批复》（证监许可[2022]337 号），获准向社会公众公开发行人民币普通股（A 股）100,000,000 股，并于 2022 年 4 月 6 日在上海证券交易所科创板挂牌上市。公司首次公开发行股票完成后， 总股本为 900,000,000 股，其中有限售条件流通股 831,155,943 股，无限售条件 流通股 68,844,057 股。 本次上市流通的限售股为公司首次公开发行的战略配售限售股上市流通，限 售股股东数量为 ...

重要内容提示： 被担保人名称及是否为上市公司关联方：被担保人中复神鹰碳纤维西宁 有限公司（以下简称"神鹰西宁"），系公司的全资子公司。 中复神鹰碳纤维股份有限公司 关于 2024 年度为全资子公司提供担保的公告 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。 本次担保金额及已实际为其提供的担保余额：公司拟继续为神鹰西宁的 综合授信向金融机构提供不超过 225,591 万元信用担保。截至本公告披露日，公 司为上述全资子公司实际提供担保余额为 122,943 万元。无逾期担保。 一、担保情况概述 证券代码：688295 证券简称：中复神鹰 公告编号：2024-008 | 项目 | 2023 年经审计 | 2022 年经审计 | | --- | --- | --- | | 资产总额 | 538,857.62 | 399,997.67 | | 负债总额 | 411,482.48 | 298,534.26 | | 净资产 | 127,375.14 | 101,463.41 | | 营业收入 | 161,534.79 | 128,71 ...

二、独立董事年度履职概况 在 2023 年度任职期间，本人以勤勉尽责的态度，出席了公司股东大会、董 事会和各相关专门委员会，认真审阅了公司提供的各项会议资料，积极参与各议 中复神鹰碳纤维股份有限公司 2023 年度独立董事述职报告（孙正明） 本人作为中复神鹰碳纤维股份有限公司（以下简称"公司"）的独立董事， 在 2023 年度严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上海 证券交易所科创板股票上市规则》等法律、法规、规范性文件要求，以及《公司 章程》《独立董事工作制度》等制度规定，本着对全体股东负责的态度，忠实、 勤勉地履行职责，积极出席公司股东大会、董事会及其专门委员会相关会议，认 真审议董事会及其专门委员会各项议案，对公司相关会议审议的各个重大事项发 表了公正、客观的独立意见，维护了公司和全体股东尤其是中小股东的合法权益。 现将 2023 年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 孙正明，中国国籍，1964 年出生，中共党员，博士，国家特聘专家。曾任中 国科学院金属研究所助理研究员，维也纳大学客座研究员，日本产业技术综合研 究所（AIST）主任 ...

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 | | | | 2023 年 | 2023 年 | 本次预计金额与 上年实际发生金 | | --- | --- | --- | --- | --- | --- | | 关联方 | 关联交易类别 | 公司名称 | 预计金额 | 累计发生额 | 额差异较大的原 | | | | | | | 因 | | | 向关联人销售产 | 连云港神鹰复合材料科技有限公司 | 10,000.00 | 4,782.49 | 受碳纤维市场行 情影响，客户需 求调整 | | | 品、提供租赁 | 连云港鹰游纺机集团有限公司所属其他 企业 | 9.00 | 35.53 | / | | | | 小计 | 10,009.00 | 4,818.01 | / | | | | 合计 | 17,519.00 | 8,079.54 | / | | 连云港市工 | 向关联人购买原 材料 | 江苏凯实金桥新材料有限公司 （曾用名：连云港市工投集团利海化工 | 450.00 | 15.02 0.00 | / / | | | | 有限公司） | | | | | | | 连云港纤维新材料研究院有限公司 | ...