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]

Financial Performance - Revenue for Q3 2024 was CNY 386,437,953.29, a decrease of 30.09% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was a loss of CNY 33,312,236.68, down 146.16% year-on-year[3] - The basic earnings per share for Q3 2024 was -CNY 0.04, a decline of 150.00% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was a loss of CNY 56,636,638.23, down 187.08% year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 1,118,686,435.48, a decrease of 30.5% compared to CNY 1,608,596,116.02 in the same period of 2023[19] - The net loss for the first three quarters of 2024 was CNY 8,338,793.32, compared to a net profit of CNY 293,207,412.85 in the same period of 2023[20] - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY -0.01, compared to CNY 0.33 in the previous year[20] Research and Development - R&D investment for Q3 2024 totaled CNY 31,866,565.38, a decrease of 39.20% compared to the same period last year[4] - The proportion of R&D investment to revenue was 8.25%, a decrease of 1.23 percentage points compared to the previous year[4] - Research and development expenses for the first three quarters of 2024 were CNY 92,611,641.43, a decrease of 37.1% from CNY 147,229,243.89 in the same period of 2023[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,204,340,551.04, a decrease of 3.48% from the end of the previous year[4] - The company's current assets totaled CNY 3,324,510,494.61, down from CNY 3,604,332,892.49 in the previous period[14] - The total liabilities as of the end of the third quarter of 2024 amounted to CNY 4,463,015,775.30, compared to CNY 4,691,131,356.57 at the end of the same period in 2023[18] - The total equity attributable to shareholders of the parent company was CNY 4,741,324,775.74, down from CNY 4,845,063,569.06 in the previous year[18] - The total non-current assets were CNY 5,879,830,056.43, slightly down from CNY 5,931,862,033.14[16] Cash Flow - The net cash flow from operating activities for Q3 2024 was CNY 204,962,124.59, not applicable for year-on-year comparison[3] - The net cash flow from operating activities for the first three quarters of 2024 was approximately ¥1.12 billion, compared to ¥904.73 million in the same period of 2023, representing a significant increase[23] - The total cash inflow from investment activities decreased to approximately ¥3.06 billion in 2024 from ¥3.61 billion in 2023, indicating a decline in investment returns[23] - The cash outflow for purchasing fixed assets and intangible assets was approximately ¥487.27 million, down from ¥894.10 million in the previous year, reflecting a reduction in capital expenditures[24] - The net cash flow from financing activities was approximately ¥426.44 million in 2024, compared to ¥663.70 million in 2023, showing a decrease in financing inflows[24] - The company reported a net cash increase of approximately ¥973.90 million at the end of the third quarter of 2024, down from ¥1.76 billion at the end of the same period in 2023[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,529[7] - The company reported a total of 10,001,848 shares held by the top shareholder, accounting for 1.11% of total shares[11] Other Information - The company has not reported any significant new strategies or product developments during this period[13] - The company experienced a significant increase in investment payments, totaling approximately ¥4.14 billion in 2024, compared to ¥2.12 billion in 2023, suggesting aggressive expansion strategies[24]

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。 重要内容提示： 证券代码：688295 证券简称：中复神鹰 公告编号：2024-026 中复神鹰碳纤维股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 会议召开时间：2024 年 10 月 29 日(星期二)下午 13:00-14:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 22 日(星期二)至 10 月 28 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@zfsycf.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 中复神鹰碳纤维股份有限公司（以下简称"公司"）将于 2024 年 10 月 25 日 披露《2024 年第三季度报告》。为便于广大投资者更全面深入地了解公司 2024 年 第三季度的经营成果、 ...

证券代码：688295 证券简称：中复神鹰 编号：2024-005 中复神鹰碳纤维股份有限公司 投资者关系活动记录表 | --- | --- | |-------------------------|--------------------------------------------------------------------| | | | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | | | | | | 参与单位名单 | 国华兴益保险、国信资管、混沌投资、凯联资本、泰信基金、银河证券、 | | | 13:00-14:30 2024 年 10 月 15 日 15:00-16:30 | | 时间 | 09:00-10:30 2024 年 10 月 16 日 10:30-12:00 | | | | | 地点 连云港、苏州 | | | 上市公司接待 人员姓名 | | | | 公司副总经理兼董事会秘书金亮、证券事务代表张晶晶等 | | | 领导相继参加上述交流活动，活动中主要讨论了公司发展战略与应用领域 | | ...

编号：2024-004 1 证券代码：688295 证券简称：中复神鹰 中复神鹰碳纤维股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------------------------------------------------------------------|--------------------------------------------------------------| | | | | | | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | □其他（策略会） | | | | 参与单位名单 申万菱信基金、兴业证券、信达资产 | | | 时间 | 2024 年 9 月 24 日 13:00-14:30 2024 年 9 月 24 日 15:00-16:00 | | | | | | | 地点 连云港 | | | | 上市公司接待 | 副总经理、董事会秘书：金 亮 ...

证券代码：688295 证券简称：中复神鹰 编号：2024-003 中复神鹰碳纤维股份有限公司 投资者关系活动记录表 | --- | --- | |------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 特定对象调研 □分析师会议 | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | 路演活动 | | 类别 | | | | | | 参与单位名单 | 东北证券、复胜资产、富国基金、国海富兰克林、国金证券、国盛证券、国 泰君安、华泰证券、交银施罗德、景林资产、民生证券、上海欣臻、申万证 券、盛宇投资、西部利得基金、兴证全球、长江证券、招银理财、中金证 | | 时间 地点 上海 | 日 14:00-15: ...

中复神鹰（688295.SH） 行业下行拖累公司业绩，修炼内功奠定长远发展 事件：中复神鹰发布 2024 半年报。公司上半年实现收入 7.32 亿元，同 比下降 30.65%，实现归母净利润 2497 万元，同比下降 88.7%，本期政 府补助等非经常性损益金额 4342 万元，同比增加 2018 万元，扣非后亏 损 1845 万元，去年同期为+1.98 亿元。单二季度公司收入 2.84 亿元，同 比下降 41.78%，单季度亏损 1681 万元，去年同期为+8996 万元，扣非 后亏损 3377 万元，去年同期为+8023 万元。 降价拖累公司营收及利润规模增长。上半年公司收入下滑幅度较明显，核 心原因系行业阶段性供需失衡，价格竞争惨烈，降价快速且幅度较大，参 考百川盈孚，截至 6 月末华东地区 T700 高性能小丝束主流报价 12 万/吨， 较年初下跌 17%，较去年同期下跌 29%。上半年公司销量正增长，主要 系西宁基地二期项目去年年中投产后供应规模同比显著扩大。上半年公司 综合毛利率 23.32%，同比减少 15.43pct，其中 Q2 公司毛利率 20.27%， 同环比分别减少 16.02pct、4 ...

中复神鹰（688295.SH）2024 年半年报点评 碳纤维价格继续承压，积极拓展低空飞行器等增量领域 2024 年 08 月 28 日 ➢ 公司披露 2024 年半年报：24H1 实现营业收入 7.32 亿元，同比-30.65%， 实现归母净利润 0.25 亿元，去年同期为 2.21 亿元，扣非归母净利润-0.18 亿元， 去年同期为 1.98 亿元。其中 24Q2 单季度收入 2.84 亿元，同比-41.78%，归母 净利润-0.17 亿元，扣非归母净利润-0.34 亿元。24Q2 公司毛利率 20.27%，同 比-16.02pct、环比-4.98pct。 ➢ 碳纤维单价同比继续承压，24H1 单位成本同比-22%： （1）量、价维度，报告期内，公司产销量实现同比增长，但 24H1 收入同比-31%， 主因系碳纤维市场供需关系变化、市场竞争加剧，产品单价下调。根据百川盈孚 数据，24H1 华东国产 T700（12K）碳纤维均价为 136.09 元/kg，同比-31.5%。 （2）单位成本维度，西宁、连云港两地对标产品质量成本主要因素，对物料、 能耗单耗进行对比，制定理想状态成本目标，产品 A 等品率同比提 ...

[Table_Main] 证券研究报告 | 公司点评 中复神鹰(688295.SH) 2024 年 08 月 28 日 买入（维持） 所属行业：基础化工/化学纤维 当前价格(元)：16.88 证券分析师 闫广 资格编号：S0120521060002 邮箱：yanguang＠tebon.com.cn 王逸枫 资格编号：S0120524010004 邮箱：wangyf6＠tebon.com.cn 研究助理 市场表现 中复神鹰 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -7.71 | -17.34 | -34.67 | | 相对涨幅(%) | -4.11 | -12.48 | -25.07 | 资料来源：德邦研究所，聚源数据 相关研究 1.《中复神鹰（688295.SH）：24Q1 需 求疲软公司低价走量，价 ...