Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the market due to overcapacity and increased competition in the carbon fiber industry [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.45 billion yuan, a year-on-year decrease of 2.69%, and a net profit attributable to shareholders of 741 million yuan, down 15.12% [1]. - For Q4 2024, revenue was 548 million yuan, a significant decline of 28.96%, with net profit dropping 49.93% to 126 million yuan [1]. Segment Performance - The carbon fiber and fabric segment generated revenue of 1.45 billion yuan, down 12.91% year-on-year, accounting for 59.27% of total revenue [2]. - The T800 grade carbon fiber saw a revenue increase of 64.64% to 472 million yuan, while the T700 grade remained stable due to increased demand for T700 in equipment [2]. - Wind power carbon beam business experienced a recovery with revenue of 537 million yuan, up 25.81% year-on-year [2]. - The prepreg business generated 234 million yuan, down 12.86%, primarily due to intensified competition and price declines [2]. - The composite technology segment achieved revenue of 107 million yuan, up 15.6%, driven by growth in drone-related businesses [2]. - The precision machinery segment saw a significant increase in revenue of 89 million yuan, up 161.20% [2]. New Product Development - The company is actively developing new products and expanding into new fields such as civil aviation, low-altitude economy, and electromagnetic energy storage [4]. - New T1100 and T1100 grade carbon fibers have been developed to meet high-end equipment needs, with successful applications in drones and electric aircraft [4]. - The GW300 carbon fiber and flame-retardant prepreg have been approved for use in large aircraft, marking a significant milestone for the company [4]. - New high-performance prepregs for various applications, including 3C consumer electronics and photovoltaic industries, have been successfully developed and are in stable supply [4]. Production Capacity Expansion - The company successfully passed the equivalence verification for a certain model of carbon fiber production line, ensuring product performance consistency [5]. - The first phase of the 4000-ton high-performance carbon fiber production line in Inner Mongolia was completed and began production in mid-2024 [5].

Financial Performance - In 2024, the company achieved a revenue of CNY 2.45 billion, a decrease of 2.69% year-on-year [2] - Net profit attributable to shareholders was CNY 741 million, down 15.12% year-on-year [2] - The return on equity (ROE) was 13.50%, a decline of 3.50 percentage points compared to the previous year [2] Segment Performance - Carbon fiber segment revenue was CNY 1.45 billion, down 12.91% year-on-year [3] - General new materials segment revenue was CNY 234 million, down 12.86% year-on-year [3] - Energy new materials segment revenue increased by 25.81% to CNY 537 million [3] - Composite technology segment revenue grew by 15.60% to CNY 107 million [3] - Precision machinery segment revenue rose by 161.20% to CNY 89 million [3] - Light technology segment revenue increased by 28.27% to CNY 25 million [3] Market Challenges - The decline in performance was primarily due to a downturn in the carbon fiber and prepreg sectors, with a notable drop in demand for T300 grade fibers [3] - The T300 fiber segment saw a revenue decrease of 39.4%, totaling CNY 516 million [3] - The market price for high-performance industrial carbon fibers dropped significantly, impacting revenue [3] Strategic Initiatives - The company is focusing on high-end applications and continuous product innovation to meet emerging market needs [2] - A total of 169 new patents were achieved in 2024, reflecting ongoing R&D efforts [3] - The company is expanding its applications in various sectors, including aerospace, automotive, and renewable energy [6] Future Outlook - The carbon beam business is expected to see a recovery in 2025, driven by existing orders [11] - The company anticipates stable demand for T300 grade products in the coming years [7] - The Bagou project is projected to incur losses in 2025 due to high fixed costs from initial investments [12] Customer and Contract Insights - The company is actively negotiating contracts for the CCF700G product, with ongoing supply [4] - The delivery pace for traditional products is expected to improve in 2025 [4] - The company has secured contracts for T800 grade fibers, with a focus on stable supply for large aircraft applications [5]

Core Insights - The carbon fiber industry is experiencing performance declines due to previous rapid expansion and supply-demand imbalances, but companies like Guangwei Composite Materials are showing signs of recovery through strategic focus on application development and high-end markets [1][2][3] Group 1: Industry Performance - Leading companies in the carbon fiber sector, including Guangwei Composite Materials, have reported varying degrees of performance decline in their 2024 annual reports due to past supply-demand imbalances [1] - Guangwei Composite Materials' revenue from its wind power carbon beam business has rebounded, increasing its share of total business from 16.94% to 21.9% [2] - The company's advanced composite materials and equipment manufacturing exports have also seen growth, with their combined share rising from 5.03% to 8% [2] Group 2: Strategic Focus - Guangwei Composite Materials emphasizes the importance of expanding application scenarios to address industry overcapacity, moving away from price competition and focusing on the technical and economic value of carbon fiber [3][4] - The company has increased its R&D investment in application sectors such as 3C electronics and low-altitude economy, aiming to meet the demand for high-end composite materials [2][5] Group 3: Full Industry Chain Layout - Guangwei Composite Materials has established a comprehensive industry chain layout, which provides stability and resilience to its business operations [5] - The company reported a net profit of 741 million yuan for 2024, with a weighted average return on equity of 13.5%, despite industry volatility [5] - The company has consistently implemented high cash dividends, with a proposed distribution of 5 yuan per 10 shares for 2024, reflecting its commitment to shareholder returns [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.45 billion yuan for 2024, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 741.18 million yuan, down 15.12% from 2023 [2][10] - The decline in performance is attributed to three main factors: reduced demand in the wind power carbon beam business, delays in high-margin military orders due to extended acceptance cycles, and an 18% year-on-year increase in the price of raw material acrylonitrile, which led to a 3.2 percentage point drop in the gross margin of the carbon fiber segment [2][3] - Despite the revenue decline, the company's operating cash flow increased by 61.46% year-on-year to 863 million yuan, indicating improved cash collection capabilities [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.45 billion yuan, with a year-on-year decline of 2.69% - The net profit attributable to shareholders was 741.18 million yuan, reflecting a decrease of 15.12% compared to the previous year [2][10] - The company’s earnings per share (EPS) for 2024 is projected at 0.89 yuan, with a price-to-earnings (P/E) ratio of 34.94 [1][10] Business Development - The company has made significant advancements in product accumulation and technological breakthroughs, achieving a transition from "high strength and low modulus" to "full spectrum coverage" in its carbon fiber product line [3] - New high-strength and high-modulus products have been developed, successfully meeting aerospace-grade material requirements [3] - The company has upgraded its hot-pressing process, achieving automated production of large composite material wallboards with a yield rate of 92% [3] Future Outlook - The company has signed important contracts, providing assurance for future performance despite the current challenges [9] - The revenue forecast for 2025 is set at 2.99 billion yuan, with a projected net profit of 913.12 million yuan, indicating a recovery trend [10]

Core Viewpoint - The company reported its 2024 annual results, showing resilience in a complex environment despite a decline in revenue and net profit, while achieving significant progress in product approvals and maintaining sustainable development capabilities [1] Financial Performance - The company achieved a total revenue of 2.45 billion yuan in 2024, a year-over-year (YOY) decrease of 2.7% [1] - The net profit attributable to shareholders was 740 million yuan, down 15.1% YOY, while the net profit excluding non-recurring items was 670 million yuan, a decrease of 6.2% YOY [1] - In Q4 2024, the company reported revenue of 550 million yuan, a significant decline of 29.0% YOY, and a net profit of 130 million yuan, down 49.9% YOY [1] Profitability Metrics - The company's gross margin decreased by 3.1 percentage points to 45.5%, and the net margin fell by 5.4 percentage points to 28.0%, primarily due to price declines [1] - The revenue from carbon fiber and fabrics was 1.45 billion yuan, down 12.9% YOY, accounting for 59% of total revenue, with a gross margin decline of 3.48 percentage points to 58.4% [2] - The wind power carbon beam segment saw revenue of 540 million yuan, an increase of 25.8% YOY, with a gross margin improvement of 8.24 percentage points to 26.4% [2] Product Development and Contracts - The company received significant approvals for its GW300 carbon fiber PCD and flame-retardant prepreg materials, marking its first direct supply to large aircraft projects [1] - A major contract worth 3.7 billion yuan was announced, with a fulfillment progress of 16% as of December 31, 2024 [3] Cash Flow and Inventory Management - The company reported a significant improvement in operating cash flow, reaching 860 million yuan, a 61.5% increase YOY, mainly due to increased cash collection from accounts receivable [3] - Inventory increased by 56.5% to 710 million yuan, attributed to the production ramp-up in Inner Mongolia [3] Future Outlook - The company is positioned as a leader in the domestic special carbon fiber market, with expectations of breaking production capacity constraints in 2025 following the approval of its thousand-ton production line [4] - Projected net profits for 2025 to 2027 are estimated at 905 million yuan, 1.1 billion yuan, and 1.333 billion yuan respectively, with corresponding price-to-earnings ratios of 29x, 24x, and 19x [4]

Group 1 - Guangwei Composites (300699.SZ) released its 2024 annual report on April 1, 2025, showing that as of March 31, 2025, 537 institutional investors disclosed holding A-shares, totaling 474 million shares, which accounts for 57.07% of the total share capital [1] - The top ten institutional investors include Weihe Guangwei Group, Industrial and Commercial Bank of China - E Fund ChiNext ETF, Hong Kong Central Clearing Limited, and others, with a combined holding ratio of 45.72%, a decrease of 2.84 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, nine public funds increased their holdings, including National Defense ETF and E Fund ChiNext ETF, with a slight increase in the holding ratio [2] - Conversely, 46 public funds reduced their holdings, with a decrease ratio of 3.79%, including funds like Fortune Long-term Growth Mixed A and Southern CSI 500 ETF [2] - A total of 477 new public funds were disclosed this period, including Guotai CSI Military Industry ETF and Huatai-PB Flexible Mixed A [2] Group 3 - One new social security fund disclosed holding Guangwei Composites, specifically the National Social Security Fund 118 Portfolio [3] Group 4 - One new foreign institution disclosed holdings this period, namely Hong Kong Central Clearing Limited [4]

Group 1 - The core viewpoint of the announcement is the proposed profit distribution plan for the fiscal year 2024, which includes a cash dividend of RMB 5 per 10 shares, totaling RMB 412,500,000, based on a total share count of 825,000,000 shares after buybacks [1][2][3] - The company reported a net profit attributable to shareholders of RMB 741,184,300.63 for 2024, and the total cash distribution, including share buybacks, amounts to RMB 574,155,465.88, representing 83.68% of the net profit [1][2] - The cash dividend for 2024 remains unchanged from the previous year, with a total cash dividend of RMB 412,500,000, while research and development expenses increased slightly to RMB 172,708,349.74 from RMB 168,253,962.98 in 2023 [2][3] Group 2 - The company has not triggered any risk warning conditions as it has a positive net profit for the most recent fiscal year and has maintained positive retained earnings [3][4] - The proposed profit distribution plan aligns with the company's articles of association and shareholder return strategy for 2024-2026, emphasizing the importance of returning value to shareholders [3][4] - The supervisory board has confirmed the legality, compliance, and reasonableness of the profit distribution plan, highlighting its commitment to shareholder returns [4]

Core Viewpoint - The independent director of Weihai Guangwei Composite Materials Co., Ltd. has provided a detailed report on their performance in 2024, emphasizing adherence to legal regulations and commitment to safeguarding shareholder interests [1]. Group 1: Independent Director's Basic Information - The independent director, Ms. Bian Wenfeng, has a PhD and extensive academic experience, with no conflicts of interest with the company or its major shareholders [1]. Group 2: Attendance and Participation - The independent director attended two board meetings in person and one via communication, actively participating in discussions and voting on all agenda items, confirming that all meetings were conducted legally and complied with regulations [2]. - The independent director served on various committees, including the remuneration and assessment committee, and contributed to discussions on strategic matters [2]. Group 3: Communication with Internal Auditors and Shareholders - The independent director engaged with internal audit teams and accounting firms to ensure proper oversight during the annual report preparation and audit processes [3]. - Communication with minority shareholders was prioritized, addressing their concerns regarding company operations and decision-making [3]. Group 4: Focus on Related Transactions and Reporting - The company approved related party transactions in board meetings, ensuring that these transactions did not harm the interests of the company or its shareholders, with non-related directors voting on these matters [4]. - The company complied with disclosure requirements, timely publishing semi-annual and quarterly reports that accurately reflected its financial status and operational activities [5]. Group 5: Overall Evaluation and Recommendations - The independent director emphasized the importance of maintaining communication with the board and management, advocating for the interests of minority shareholders and contributing to the company's governance and operational standards [5].

威海光威复合材料股份有限公司 内部控制审计报告 内部控制审计报告 信会师报字2025第 ZA90365 号 威海光威复合材料股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了威海光威复合材料股份有限公司（以下简称光威 复材公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、 《企业内部控制应用指引》、 《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是光威复材公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 四、财务报告内部控制审计意见 审计报告 第 1 页 （本页无正文） 立信会计师事务所 中国注册会计师： （ ...

威海光威复合材料股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 关于威海光威复合材料股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字2025第 ZA90366 号 威海光威复合材料股份有限公司全体股东： 我们审计了威海光威复合材料股份有限公司(以下简称"光威复 材")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 无保留意见审计报告。 光威复材管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》 （证监会公 告〔2022〕26 号）和《深圳证券交易所创业板上市公司自律监管指 南第 1 号——业务办理（2024 年修订）》 的相关规定编制了后附的 2024 年度非经营性资金占用及其他关联资金往来情况汇总表（以下简称 "汇总表" ）。 编制汇总表并确保其真实、准确、合法和完整是光威复材公司管 理层的责任。我们将汇总表所载信息与我们审计光威复材 2024 年度 财 ...