股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——光威复材 2024 三季报点评 | --- | |---------------------------------| | | | [table_Authors] 彭磊 ( 分析师 ) | | | | 010-83939806 | | penglei018712@gtjas.com | | 登记编号 S0880518100003 | | --- | |----------------------------| | | | | | | | 周明頔 ( 研究助理 ) | | 010-83939792 | | zhoumingdi028698@gtjas.com | | S0880123070156 | 本报告导读： 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.28 下游需求回暖，业绩稳中向好 光威复材(300699) [Table_Industry] 建材/原材料 | --- | --- | --- | |-- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant recovery in performance due to the gradual production ramp-up of the Inner Mongolia project and a gradual recovery in market demand [1][2] - In the first three quarters of 2024, the company achieved total operating revenue of 1.902 billion yuan, an increase of 8.90% year-on-year, while the net profit attributable to shareholders was 615 million yuan, a decrease of 1.00% year-on-year [1] - The third quarter saw a notable performance improvement, with operating revenue reaching 746 million yuan, a year-on-year increase of 42.63%, and net profit attributable to shareholders of 247 million yuan, a year-on-year increase of 18.62% [1] Summary by Sections Revenue and Profit Forecast - Total operating revenue is projected to be 2.794 billion yuan in 2024, with a year-on-year growth of 10.96% [1] - The net profit attributable to shareholders is expected to be 892.31 million yuan in 2024, reflecting a year-on-year increase of 2.19% [1] - The earnings per share (EPS) is forecasted to be 1.07 yuan in 2024, with a price-to-earnings (P/E) ratio of 33.29 [1] Production Capacity and Market Position - The Inner Mongolia project has successfully commenced production with an annual capacity of 4,000 tons of carbon fiber, enhancing the company's production capacity and market competitiveness [2] - The project aims for a total investment of 2.1 billion yuan to achieve an annual production capacity of 10,000 tons of high-performance carbon fiber [2] Financial Metrics and Cost Management - As of the third quarter of 2024, fixed assets increased to 2.730 billion yuan, a year-on-year rise of 43.55%, primarily due to the completion of the Inner Mongolia project [3] - Inventory reached 716 million yuan, a year-on-year increase of 57.00%, driven by the need for raw materials for the Inner Mongolia project [3] - The company has effectively controlled expenses, with management expenses decreasing by 6.58% year-on-year [3] Profitability and Valuation - The company maintains a profit forecast of 892 million yuan for 2024, with corresponding P/E ratios of 33, 28, and 25 for the years 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Recommended" [2][4]. Core Views - The company reported a revenue of 1.902 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 8.9%. The net profit attributable to shareholders was 615 million yuan, down 1.0% year-over-year, while the net profit excluding non-recurring items was 555 million yuan, up 10.1% year-over-year. The performance met market expectations [2]. - In Q3 2024, the company achieved a revenue of 746 million yuan, a year-over-year increase of 42.6% and a quarter-over-quarter increase of 15.8%. The net profit attributable to shareholders for the quarter was 247 million yuan, up 18.6% year-over-year and 16.9% quarter-over-quarter [2]. - The company is a leader in the domestic special carbon fiber market, expanding from upstream material supply to downstream applications in aerospace, wind power, and low-altitude fields, creating a strong synergistic industrial layout [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 46.8%, an increase of 0.8 percentage points year-over-year, while the net margin decreased by 3.7 percentage points to 30.3% due to increased impairment losses from carbon fiber [2]. - The revenue breakdown for the first three quarters of 2024 includes: - Carbon Fiber: 1.147 billion yuan, up 3.76% year-over-year - Energy New Materials: 410 million yuan, up 20.43% year-over-year - General New Materials: 184 million yuan, down 10.15% year-over-year - Composite Technology: 81 million yuan, up 19.65% year-over-year - Precision Machinery: 64 million yuan, up 266.06% year-over-year - Guangsheng Technology: 11 million yuan, up 79.92% year-over-year [2]. Investment Outlook - The company is expected to achieve net profits of 922 million yuan, 1.139 billion yuan, and 1.376 billion yuan for the years 2024, 2025, and 2026, respectively. The current stock price corresponds to a price-to-earnings ratio (PE) of 32x, 26x, and 22x for the years 2024 to 2026 [2][5].

威海光威复合材料股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范威海光威复合材料股份有限公司（以下简称"公司"）选 聘（含续聘、改聘，下同）会计师事务所行为，推动提升审计质量，切实维护 股东利益，根据《中华人民共和国公司法》《中华人民共和国证券法》《国有 企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《威海光威复合材料股份有限公司章程》（以下简称"《公司章 程》"）等相关法律法规，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。 第三条 公司选聘会计师事务所应当经董事会审计委员会审议同意后，提交 董事会审议，并由股东大会决定。公司不得在董事会、股东大会审议前聘请会 计师事务所开展审计业务。 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当符合下列条件： （一）具有独立的主体资格，具有国家行业主管部门和中国证监会规定的 开展证券期货相关业务所需的职业资格； （二）具有固定的 ...

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing costs [3]. - Gross profit reached $500 million, a 20% increase year-over-year [4]. Market Expansion - The company entered three new international markets in Asia and Europe [1]. - Market share in the domestic market grew by 5% [2]. - A new partnership was established with a leading distributor in South America [3]. - Sales in emerging markets contributed 25% to total revenue [4]. Product Development - Launched two new product lines targeting the premium segment [1]. - R&D investment increased by 10% to support innovation [2]. - Customer feedback led to improvements in existing product features [3]. - A new patent was filed for a groundbreaking technology [4]. Operational Efficiency - Production efficiency improved by 12% through automation [1]. - Supply chain disruptions were minimized, reducing delays by 15% [2]. - Inventory turnover ratio increased to 8x from 7x last year [3]. - Energy consumption was reduced by 5% through sustainable practices [4]. Strategic Initiatives - The company announced a new sustainability initiative to reduce carbon footprint [1]. - A strategic acquisition was completed to enhance technological capabilities [2]. - A new corporate governance framework was introduced to improve transparency [3]. - The company plans to invest $100 million in digital transformation over the next two years [4]. Customer Engagement - Customer satisfaction scores improved to 90%, up from 85% [1]. - A new loyalty program was launched, resulting in a 10% increase in repeat customers [2]. - Social media engagement grew by 30% due to targeted campaigns [3]. - Customer support response time was reduced by 20% [4].

证券代码：300699 证券简称：光威复材 公告编号：2024-056 威海光威复合材料股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 该议案在提交董事会审议前已经公司第四届董事会审计委员会审议通过。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 2、审议通过了《关于制定<会计师事务所选聘制度>的议案》。 具 体 内 容 详 见 2024 年 10 月 28 日 刊 登 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《会计师事务所选聘制度》。 该议案在提交董事会审议前已经公司第四届董事会审计委员会审议通过。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 威海光威复合材料股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日以电子邮件的形式发出了关于召开第四届董事会第六次会议的通知，会议于 2024 年 10 月 25 日上午在公司会议室以现场表决结合通讯表决的方式召开。本 次会议应参加表决董事 7 人，实际参加表决董事 7 人， ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 监事会会议召开情况 威海光威复合材料股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日以电子邮件的形式发出了关于召开第四届监事会第五次会议的通知，会议于 2024 年 10 月 25 日上午在公司会议室以现场表决的方式召开。本次会议应参加 表决监事 3 人，实际参加表决监事 3 人。会议由监事会主席丛宗杰主持，公司 高级管理人员列席了本次监事会。本次会议的召集、召开、表决程序符合《中 华人民共和国公司法》等法律法规、规范性文件和《公司章程》等有关规定。 证券代码：300699 证券简称：光威复材 公告编号：2024-057 威海光威复合材料股份有限公司 第四届监事会第五次会议决议公告 公司编制和审核《2024 年第三季度报告》的程序符合法律、法规、中国证 监会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2024 年前三季度经营的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 具 体 内 容 详 见 2024 年 10 月 28 日 刊 登 在 巨 潮 资 讯 网 （ ...

Investment Rating - The report initiates coverage on Guangwei Composites with a "Buy" rating and a target price of 38.76 RMB, corresponding to a 36x PE for 2024 [3][11] Core Views - The company is expected to benefit from the dual growth in aerospace equipment and domestic civil aircraft orders, driving demand for carbon fiber [3] - Guangwei Composites is a leading supplier of carbon fiber for aerospace applications, with a comprehensive product portfolio and ongoing capacity expansion [3][19] - The company's performance is expected to grow steadily, supported by the completion of the 4,000-ton carbon fiber project in Inner Mongolia [3] Financial Summary - Revenue is projected to grow from 2,511 million RMB in 2022 to 3,552 million RMB in 2026, with a CAGR of 7.2% [3] - Net profit attributable to shareholders is expected to increase from 934 million RMB in 2022 to 1,120 million RMB in 2026, with a CAGR of 3.7% [3] - EPS is forecasted to rise from 1.12 RMB in 2022 to 1.35 RMB in 2026 [3] Industry Overview - Carbon fiber demand is driven by the aerospace and defense sectors, with applications in military aircraft, commercial aircraft, and satellites [3][26] - The global carbon fiber market is experiencing rapid growth, with China leading in production capacity, accounting for 47.7% of global capacity in 2023 [42][43] - Aerospace remains the largest application market for carbon fiber, with a 49.9% share by value in 2023 [39] Company Analysis - Guangwei Composites has a diversified product portfolio, including T300, T700, T800, and MJ series carbon fibers, catering to both aerospace and industrial applications [47][48] - The company's aerospace segment accounted for 67.56% of revenue in 2023, with significant growth in new aerospace-grade carbon fiber products [48] - The company is actively expanding its production capacity, with the Inner Mongolia project adding 4,000 tons of high-performance carbon fiber capacity [47] Market Opportunities - The aerospace sector is expected to see continued growth, driven by the increasing use of carbon fiber in both military and commercial aircraft [3][49] - The domestic civil aircraft market, particularly the C919, presents a significant opportunity for carbon fiber demand, with over 1,000 orders already placed [3] - The low-altitude economy and eVTOL (electric vertical take-off and landing) vehicles are emerging as new growth areas for carbon fiber applications [11] Competitive Landscape - Guangwei Composites is one of the key players in the domestic carbon fiber market, alongside companies like Zhongjian Technology and Zhongfu Shenying [47] - The company's competitive advantage lies in its comprehensive product range and strong presence in the aerospace sector [19][47] - Global competitors include Japanese firms like Toray and Mitsubishi, which dominate the high-end carbon fiber market [47]

威海光威复合材料股份有限公司 关于向控股子公司提供担保、财务资助 证券代码：300699 证券简称：光威复材 公告编号：2024-055 近日，内蒙古光威已按照协议约定偿还光威能源和光威集团于 2021 年 12 月、2022 年 3 月提供的两笔财务资助款项本金和利息共计 17,438.41 万元。 根据内蒙古光威项目项目建设的实际需要，公司全资子公司光威能源于 2024 年 9 月 10 日以自有资金按照持股比例向内蒙古光威提供财务资助 10,200 万元，光威集团于同日按照持股比例向内蒙古光威提供同等条件的财务资助 6,800 万元。本次财务资助金额在公司 2023 年年度股东大会授权范围内，无需 提交董事会和股东大会审议。 三、 累计提供财务资助情况 截至目前，公司及全资子公司累计对内蒙古光威提供财务资助本金余额为 36,900 万元（含本次）,公司对外提供财务资助不存在逾期未收回的情况。 暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 担保及财务资助情况概述 威海光威复合材料股份有限公司（以下简称"公司"）于 2024 年 ...

证券研究报告 非金融公司|公司深度|光威复材（300699） 碳纤维龙头二次成长正当时 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月08日 证券研究报告 |报告要点 公司是我国碳纤维龙头，军民协同，牌号谱系化发展多领域布局，过往业绩稳定兑现铸就军工 白马属性。当前时点，供需共振 T800H 放量在即，驱动新一轮成长周期。同时 T700G 级纤维 公司作为二供逐步贡献收入增量。航空如卫星、火箭、导弹等领域空间广阔逐步贡献业绩增 量。国产大飞机进入快速放量阶段，eVTOL 驱动碳纤维需求新蓝海，公司具备先发优势。民品 碳纤维短期价格有望企稳，景气仍难逆转，但整体影响可控。公司强研发投入+盈利能力具备 较强韧性，塑造强竞争力使得公司在航空领域享受格局优化，航天领域逐步拓展更高份额。 |分析师及联系人 吴爽 SAC：S0590523110001 请务必阅读报告末页的重要声明 1 / 42 非金融公司|公司深度 glzqdatemark2 2024年09月08日 光威复材(300699) 碳纤维龙头二次成长正当时 | --- | --- | --- | |----------------- ...