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].

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].

// 市场要闻 // 1、国家统计局公布3月CPI、PPI数据 4月10日，国家统计局将公布3月CPI、PPI数据。2月，CPI环比下降0.2%，同比下降0.7%；PPI环比下降0.1%，同比下降2.2%。 2、央行：7634亿逆回购等资金本周到期 Wind数据显示，央行公开市场将迎来7634亿元逆回购和1500亿元国库现金定存到期。本周一到周五，逆回购到期金额分别为2452亿元、 649亿元、2299亿元、2234亿元和0亿元。此外，本周一还有1500亿元国库现金定存到期。 4月10日，美国公布3月未季调CPI年率、3月季调后CPI月率、3月季调后核心CPI月率等。3月CPI数据将是美元面临的下一个重大考验， 若数据显示美国经济通胀压力持续，可能支撑美元，因为这将增强美联储对进一步降息的疑虑。 // 板块事项 // 1、2025第十届中国科技金融论坛(年会)在京举行 4月7日，由中国国际经济技术合作促进会、中国商业企业管理协会、国家金融人才服务中心、中国科技金融服务中心等机构联合主办的 第十届中国科技金融论坛(年会)暨第七届中国金融30人学术大会将在北京举行。本届论坛以"汇聚智慧共筑科技金融新未来"为主题， ...