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 the company [4] Core Views - The company's revenue for the first three quarters was **1.1 billion yuan**, a **30% YoY decrease**, with a net profit attributable to shareholders of **-8.34 million yuan**, a **103% YoY decrease** [4] - In Q3, the company's revenue was **390 million yuan**, a **30% YoY decrease**, with a net profit attributable to shareholders of **-30 million yuan**, a **146% YoY decrease** [4] - The company's gross margin for the first three quarters was **19%**, a **17 percentage point YoY decrease**, with Q3 gross margin at **12%**, reflecting pressure from declining product prices and lower capacity utilization [5] - The company is actively exploring new demand in areas such as wind power, construction, and aerospace, with advancements in carbon fiber applications for large aircraft and new energy aircraft [5] - The company's current carbon fiber production capacity is **28,500 tons**, with a **30,000-ton project** in Lianyungang expected to enter trial production by 2025 [6] - The report forecasts the company's net profit attributable to shareholders for 2024-2025 to be **20 million yuan** and **180 million yuan**, respectively, with corresponding PB ratios of **4.2x** and **4.1x** [6] Financial Performance - The company's cash flow improved significantly, with a net cash inflow of **230 million yuan** in the first three quarters, compared to **-260 million yuan** in the same period last year [10] - The company's operating cash flow for 2024-2026 is projected to be **861 million yuan**, **752 million yuan**, and **1.275 billion yuan**, respectively [12] - The company's EPS for 2024-2026 is forecasted to be **0.02 yuan**, **0.20 yuan**, and **0.44 yuan**, respectively [12] Industry and Market Context - The carbon fiber industry is facing oversupply, with inventory days exceeding **90 days** as of September, and the company's inventory increased by **290 million yuan** compared to the end of last year [4] - The industry's competitive landscape remains unstable, with major players expanding production capacity, including Jilin-based companies targeting **200,000 tons of precursor fiber capacity** (equivalent to **100,000 tons of carbon fiber**) and other companies like Zhongfu Shenying and Guangwei Composites also expanding [6] - The report highlights the potential for demand recovery, particularly in aerospace and new energy applications, but notes that a full reversal of the oversupply situation will require stronger-than-expected demand [6]

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: ...

Investment Rating - The report maintains a "Buy" rating for Zhongfu Shenying (688295.SH) [3] Core Views - The company reported a significant decline in revenue and profit due to industry downturns and fierce price competition, with a 30.65% year-on-year decrease in revenue to 732 million yuan and an 88.7% drop in net profit to 24.97 million yuan in the first half of 2024 [1] - The company is focusing on internal improvements and cash flow management to strengthen its long-term development despite external pressures [1] Financial Performance Summary - Revenue for the first half of 2024 was 732 million yuan, down 30.65% year-on-year, with a net profit of 24.97 million yuan, down 88.7% [1] - The second quarter saw revenue of 284 million yuan, a 41.78% decline year-on-year, resulting in a loss of 16.81 million yuan [1] - The company's gross margin decreased to 23.32%, down 15.43 percentage points year-on-year, with a second-quarter gross margin of 20.27% [1] - Operating cash flow improved to 25.01 million yuan from a negative 132 million yuan in the same period last year, with a sales collection ratio of 100.46% [1][10] - The company expects net profits of 40 million yuan, 108 million yuan, and 200 million yuan for 2024, 2025, and 2026 respectively [1][2] Industry Context - The carbon fiber industry is experiencing a structural supply-demand imbalance, leading to significant price declines, with T700 high-performance fiber prices dropping 29% year-on-year [1] - The report indicates that the recovery of the industry may take a considerable amount of time due to these challenges [1]