关于某型号碳纤维千吨级生产线等同性验证 通过验收的公告 威海光威复合材料股份有限公司全资子公司威海拓展纤维有限公司（以下简称 "威海拓展"）承担的"国产**碳纤维工程化研制及其复合材料在**上的应用研究" 项目已于 2023 年 9 月通过验收，并转入批产阶段。为保障该型号碳纤维产品供应， 威海拓展在工程化研制生产线基础上，增建了一条千吨级产业化生产线。根据相关 产品应用的标准和技术规范要求，需要对该千吨级生产线开展等同性验证工作，确 保其生产的该型号碳纤维产品性能参数与工程化研制生产线的产品相当。 证券代码：300699 证券简称：光威复材 公告编号：2025-006 威海光威复合材料股份有限公司 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。 近日，由行业主管部门组织各应用单位和相关方面的专家、代表，召开了关于 该型号碳纤维产业化生产线的等同性评定验收会议，评审组同意威海拓展某型号碳 纤维千吨级生产线等同性验证通过评审。 本次该型号碳纤维千吨级生产线等同性验证通过验收后，公司将根据客户的具 体需求，及时组织生产、保障交付，敬请广大投资者注意投资风险。 20 ...

Investment Rating - The report maintains an "Overweight" rating for the defense materials industry [3] Core Insights - The defense materials sector is expected to see a recovery in demand in 2025, driven by the release of pent-up demand and significant orders in high-certainty areas like aerospace and defense [11][12] - The report highlights the importance of advanced materials such as ceramic matrix composites and titanium alloys, which are crucial for enhancing the performance of military equipment [30][31] - The application of 3D printing technology is expanding in both military and civilian sectors, leading to innovations in product design and manufacturing efficiency [6][34] Summary by Sections Industry Analysis - The report discusses the establishment of a ceramic matrix composite technology innovation center in Sichuan, which aims to accelerate the development of advanced materials for aerospace applications [2][30] - The demand for ceramic matrix composites is projected to increase due to their superior high-temperature resistance and lightweight properties, which can reduce component weight by 30% to 50% compared to high-temperature alloys [31] Market Performance - In February, the Zhonghang Securities defense materials index increased by 4.72%, outperforming the Shenwan defense index by 1.05 percentage points [8][37] - The report notes that 2024 is expected to be a challenging year for defense materials companies, with 10 out of 23 companies reporting profit growth while 13 experienced declines [9] Investment Logic - The report emphasizes the potential for recovery in the defense materials sector in 2025, as the industry is expected to benefit from increased military spending and the release of accumulated orders [11][12] - It suggests that companies focusing on high-temperature alloys, titanium alloys, and composite materials should be closely monitored for investment opportunities [20][48] Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber composite sector; Fushun Special Steel and Gangyan High-tech in high-temperature alloys; and Xibu Superconductor and Baotai in titanium alloys [20][48]

证券代码：300699 证券简称：光威复材 公告编号：2025-005 威海光威复合材料股份有限公司 关于股东减持股份的预披露公告 董事卢钊钧、王文义，高级管理人员林凤森、王颖超、高长星保证向本公 司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 截至本公告日，公司董事卢钊钧、王文义，高级管理人员林凤森、王颖超、高 长星合计持有本公司股份 11,099,376 股，占公司总股本比例为 1.35%，计划在本公 告披露之日起十五个交易日后三个月内以集中竞价和大宗交易方式减持本公司股 份合计不超过 2,700,000 股，占公司剔除回购专用账户持股后总股本比例为 0.33%。 威海光威复合材料股份有限公司（以下简称"公司"）于近日收到公司董事卢 钊钧、王文义，高级管理人员林凤森、王颖超、高长星分别出具的《股份减持计划 告知函》，现将具体情况公告如下： 二、 本次减持计划的主要内容 1、减持原因：个人资金需要； 2、股份来源：公司首次公开发行前间接持有、通过非交易过户过入到本人名 3、拟减持数量和比例：预计 5 位 ...

威海光威复合材料股份有限公司 舆情管理制度 第一章 总则 第一条 为提高威海光威复合材料股份有限公司（以下简称"公司"）应对 各类舆情的能力，建立快速反应和应急处置机制，充分发挥网络互动优势，及 时、妥善处理各类舆情对公司股价、公司形象、商业信誉及正常生产经营活动 造成的影响，切实保护投资者合法权益，根据《深圳证券交易所创业板股票上 市规则》等法律法规规定并结合公司实际情况，制定本制度。 第二条 本制度所称舆情是指发生或发生后涉及公司并引起社会广泛关注的 事件，包括： （一） 报刊、电视、网络等媒体对公司进行的负面报道或不实报道，包括 前述媒体的互动、评论、留言等信息； 第五条 公司应对各类舆情（尤其是媒体质疑危机时）实行统一领导、统一 组织、快速反应、协同应对的工作机制。 （二） 社会上存在的已经或将给公司造成不良影响的传言或信息； （三） 可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； （四） 其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 公司应结合舆情信息性质、传播量、媒体报道热度对舆情信息进行 分类： （一） 重大舆情：指传播范围较广，严 ...

证券代码：300699 证券简称：光威复材 公告编号：2025-004 威海光威复合材料股份有限公司 第四届董事会第八次会议决议公告 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。 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 2025 年 1 月 24 日上午以通讯表决的方式召开第四届董事会第八次会议。本次会议应参加表决 董事 7 人，实际参加表决董事 7 人，会议由董事长卢钊钧主持。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》等的有关规定。 本次会议经与会董事审议并书面表决，形成如下决议： 1、 审议通过了《关于制定<舆情管理制度>的议案》。 具体内容详见 2025 年 1 月 26 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的《舆情管理制度》。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 三、 备查文件 1、威海光威复合材料股份有限公司第四届董事会第八次会议决议。 特此公告。 威海光威复合材料股份有限公司董事会 2025 年 1 ...

Financial Performance - Total operating revenue for 2024 was CNY 244,993.49 million, a decrease of 2.69% compared to the previous year[3] - Net profit attributable to shareholders was CNY 74,717.25 million, down 14.43% year-on-year; net profit after deducting non-recurring gains and losses was CNY 67,400.17 million, a decrease of 5.30%[5] - The weighted average return on net assets was 13.60%, a decline of 3.40 percentage points from the previous year[5] - Non-recurring gains and losses amounted to CNY 73 million, a decrease of 54.68% compared to CNY 161 million in the previous year[6] Assets and Equity - Total assets at the end of the reporting period reached CNY 807,349.22 million, an increase of 14.39% year-on-year[6] - Shareholders' equity attributable to the company was CNY 554,152.84 million, up 1.72% from the beginning of the period[6] Segment Performance - The precision machinery segment achieved sales revenue of CNY 889 million, a significant increase of 161.20% year-on-year[5] - The energy new materials segment reported sales revenue of CNY 537 million, reflecting a growth of 25.81% year-on-year[5] - The composite technology segment achieved sales revenue of CNY 107 million, growing by 15.60% year-on-year[5] Cash Flow - Cash flow from operating activities was CNY 83,835.83 million, an increase of 56.87% year-on-year, primarily due to increased cash received from sales[6]

北京植德律师事务所 北京植德律师事务所 关于威海光威复合材料股份有限公司 关于威海光威复合材料股份有限公司 签署重大合同的 签署重大合同的 法律意见书 法律意见书 植德（证）字[2024]047 号 植德（证）字[2024]047 号 二〇二四年十二月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 致：威海光威复合材料股份有限公司 北京植德律师事务所（以下简称"本所"）接受威海光威复合材料股份有限 公司（以下简称"公司"）的委托，依据《中华人民共和国公司法》《中华人民 共和国民法典》《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》等有关法律、行政法规、部门规章及其他规范性文件的有关规定， 就 ...

Investment Rating - Sell: Expected to underperform the market by more than 5% over the next 12 months [1] - Hold: Expected to perform within a range of -5% to +5% relative to the market over the next 12 months [11] - Buy: Expected to outperform the market by more than 15% over the next 12 months [23] - Overweight: Expected to outperform the market by 5%-15% over the next 12 months [23] Core Views - The company's subsidiary, Weihai Expansion, signed a significant daily operation contract with Customer A, totaling 3.664 billion yuan, which accounts for 145.51% of the company's audited revenue for the most recent fiscal year [4] - The contract involves multiple products and service periods, with execution dates spanning from July 1, 2024, to December 31, 2027 [4] - The contract is expected to significantly boost the company's revenue and profits, with the subsidiary's profitability contribution increasing [4] - The company's T300 demand is expected to continue, and the next-generation material T800 is positioned to support equipment upgrades, with potential growth in high-end composite applications in aviation, civil aircraft, rockets, missiles, and satellites [4] - The company's 2024-2026 earnings per share (EPS) are forecasted to be 1.01, 1.55, and 1.91 yuan, respectively, with a target price of 40.52 yuan based on a 28X P/E ratio for 2025 [4] Financial Performance - Revenue for 2022, 2023, 2024E, 2025E, and 2026E is projected to be 2.511 billion, 2.518 billion, 2.644 billion, 3.792 billion, and 4.733 billion yuan, respectively, with growth rates of -3.7%, 0.3%, 5.0%, 43.4%, and 24.8% [6] - EBITDA for the same periods is expected to be 1.120 billion, 1.171 billion, 1.155 billion, 1.672 billion, and 2.188 billion yuan [6] - Net profit attributable to the parent company is forecasted to be 934 million, 873 million, 842 million, 1.203 billion, and 1.566 billion yuan, with growth rates of 23.2%, -6.5%, -3.6%, 42.9%, and 30.2% [6] - EPS for 2022, 2023, 2024E, 2025E, and 2026E is projected to be 1.13, 1.05, 1.01, 1.45, and 1.88 yuan, respectively [6] - The company's P/E ratio for 2022, 2023, 2024E, 2025E, and 2026E is 64.14, 25.37, 33.35, 23.34, and 17.92, respectively [6] Valuation and Target Price - The company's reasonable value is estimated at 40.52 yuan per share, based on a 28X P/E ratio for 2025 [4] - The current price is 33.77 yuan, with a target price of 40.52 yuan, maintaining an "Overweight" rating [7] Industry and Market Performance - The company's performance is expected to benefit from the aerospace and satellite industries, with high-end composite applications driving growth [4] - The company's relative market performance shows a significant outperformance compared to the CSI 300 index, with a 52% increase over the observed period [9]

Contract Details - The company's wholly-owned subsidiary, Weihai Expansion, signed three contracts with Customer A in 2021, totaling approximately 2.098 billion yuan, accounting for 99.15% of the company's audited revenue for the most recent fiscal year [1] - The contracts were for ***-type carbon fiber and fabric, with a performance period from January 1, 2022, to June 30, 2024 [1] - Recently, Weihai Expansion signed a new procurement contract with Customer A for 3.664 billion yuan, a 75% increase compared to the previous large contract [5][7] - The new contract accounts for 145.51% of the company's audited revenue for the most recent fiscal year and includes five types of carbon fiber and carbon fiber fabric (A, B, C, D, E) [7] - The execution period for the new contract is from July 1, 2024, to December 31, 2027, and it will take effect upon being signed and stamped by legally authorized representatives of both parties [10] Financial Performance - The company's revenue changes in 2022 and 2023 were -3.69% and +0.26% respectively, while net profit changes were +23.2% and -6.54% respectively [3] - In the first three quarters of 2024, the company's revenue increased by 8.9% year-on-year, while net profit decreased by 1% [11] - Carbon fiber revenue in the first three quarters of 2024 was 1.147 billion yuan, a year-on-year increase of 3.76%, with third-quarter revenue reaching 465 million yuan, up 38% year-on-year and 27% quarter-on-quarter [11] Carbon Fiber Business Development - The company's high-end fiber varieties are gradually increasing, with stable growth expected in aerospace applications [2] - Potential recovery of aerospace-related projects could bring incremental revenue contributions from T700S/T800S grades, and high-strength, high-modulus fibers are expected to grow rapidly [2] - Carbon fiber applications in low-altitude economy, gas cylinders, and thermal fields are expected to supplement the company's performance [2] - The company's carbon fiber business in the aerospace sector is growing rapidly, with T700G grade fiber being a significant contributor to the third-quarter aerospace business growth [9] - The new contract may include T300, T700, and T800H grades, which are currently finalized aerospace products [8] Market and Industry Context - The average price of carbon fiber decreased from 211 yuan/kg in 2022 to 124 yuan/kg in 2023, according to Zhongfu Shenying's annual report data [6] - Despite the continuous decline in carbon fiber prices, the execution of the previous large contract helped maintain stable revenue and net profit for the company during the relevant years [6] - The company has disclosed progress in the application of its carbon fiber in domestic large aircraft, with T300 grade fiber being provided to Customer A for processing into prepreg [9]

证券代码：300699 证券简称：光威复材 公告编号：2024-069 威海光威复合材料股份有限公司 关于签订日常经营重大合同的公告 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。 特别提示： 1、合同的生效条件：本合同自双方合法授权代表签字并且加盖公章或合同 专用章后生效。 2、合同履行对公司本年度经营成果的影响：本次合同的顺利履行，预计对 公司本年度及未来年度的经营成果产生积极影响，具体影响以公司经审计确认 的收入为准。 一、合同签署概况 近日，威海光威复合材料股份有限公司（以下简称"公司"）全资子公司威 海拓展纤维有限公司（以下简称"威海拓展"）与客户 A 签订了《物资采购合 同》，合同总金额为 366,361.67 万元。本合同为公司日常经营合同，根据《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》等相关规定，本次签订合同无需提交董事 会及股东大会审议批准。 | 分类 | 标的产品 | 金额 | 执行期间 | | --- | --- | --- | --- | | 合同组一 | A、B、C ...