证券代码：300699 证券简称：光威复材 威海光威复合材料股份有限公司投资者关系活动记录表 编号：【2025】第 005 号 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 路演活动 | | | □现场参观 □其他 | | | 机构投资者：安信基金、蚌埠明道资产管理、北京汇涓私募基 | | | 金、北京文博启胜投资、北京禹田资本、炳耀资产、晨壹投资、 | | | 大朴资产、东吴证券、方正证券、耕霁（上海）投资管理、广 | | | 东钜洲投资、广东省大湾区集成电路与系统应用研究院、广东 | | | 谢诺辰阳私募证券、广东正圆私募基金、广发证券、广州瑞民 | | | 私募证券投资基金、国都证券、国海证券、国金证券、国联民 | | | 生证券、国联证券、国盛证券、国投证券、国信证券、杭州海 | | | 化鸿图投资、杭州萧山精富私募基金、弘毅远方基金、鸿运私 | | | 募基金、华泰柏瑞基金、华泰证券、华泰资产、华夏基金、华 | | | 夏久盈、華商基金、汇丰晋信基金、金鹰基金、昆仑健康保险、 | | 参与单位 ...

证券代码：300699 证券简称：光威复材 公告编号：2025-038 威海光威复合材料股份有限公司 关于选举第四届董事会职工代表董事的公告 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。 段长兵先生的任期将自公司 2025 年第一次临时股东大会审议通过《公司章 程》之日起至公司第四届董事会任期届满之日止。 特此公告。 威海光威复合材料股份有限公司董事会 2025 年 8 月 21 日 附件： 职工代表董事简历 段长兵先生：1972 年出生，工程硕士，高级工程师，中国国籍，无境外永 久居留权。历任威海市碳素鱼竿厂碳素开发部电气技术员、项目经理、科长、副 部长，威海光威复合材料有限公司预浸料部部长、监事；现任公司通用新材料板 块总经理、公司监事。 截至公告日，段长兵先生直接持有公司股份 382,787 股，占公司总股本的 0.05%，与持有公司 5%以上股份的股东、实际控制人、公司其他董事、监事和高 级管理人员不存在关联关系，未受过中国证监会及其他有关部门的处罚和证券交 易所纪律处分，未因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国证监 会立案稽查，未曾被中 ...

格隆汇8月21日丨光威复材(300699.SZ)于投资者互动平台表示，公司在商业航天领域有较为系统的材料 配套能力，并与产业链的相关方有着较全面的合作，后期也会继续努力开拓市场，服务好客户。 ...

格隆汇8月21日丨光威复材(300699.SZ)于投资者互动平台表示，公司目前没有石英纤维相关业务。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.201 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 269 million yuan, a decrease of 26.85% year-on-year [2] - The fluctuation in performance is primarily due to product structure adjustments, with high-margin carbon fiber and fabric segments experiencing a revenue decline of 6.85% to 636 million yuan, despite maintaining a gross margin of 60.32% [2] - The low-margin wind power carbon beam business benefited from a recovery in downstream wind power demand, achieving a revenue increase of 47.95% to 369 million yuan, becoming a key growth driver [2] - The overall gross margin decreased from 44.63% in the first half of 2024 to 42.47% in the first half of 2025, influenced by changes in product structure [2] - The company is optimizing resource allocation to promote the scaling of products like wind power carbon beams, although demand in high-value-added areas is under short-term pressure, leading to profit growth significantly lagging behind revenue growth [2] Financial Summary - The company forecasts total revenue of 2.694 billion yuan for 2025, with a year-on-year growth of 9.94% [1] - The net profit attributable to shareholders is projected to be 761 million yuan in 2025, reflecting a year-on-year increase of 2.68% [1] - The latest diluted EPS is expected to be 0.92 yuan per share for 2025, with a P/E ratio of 34.17 [1] - The comprehensive gross margin for the first half of 2025 was 42.47%, with the carbon fiber and fabric segment maintaining a gross margin of 60.32% [2] - The company reported a cash flow from operating activities of 307 million yuan, a decrease of 15.76% year-on-year, primarily due to changes in payment collection and increased inventory [2]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its industry-leading position and expansion opportunities in emerging fields [4][6]. Core Viewpoints - The company reported a revenue of 1.2 billion yuan for the first half of 2025, a year-over-year increase of 3.9%, but a decline in net profit by 26.9% [1]. - The carbon fiber segment faced challenges due to supply-demand imbalances and price declines, while the wind power carbon beam business experienced rapid growth with a revenue increase of 47.95% [2]. - The company is expected to break through production capacity constraints with the approval of new production lines and has significant contracts in place, ensuring stable future demand [4]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 640 million yuan, a decrease of 1.4% year-over-year but an increase of 12.4% quarter-over-quarter. The net profit for the same quarter was 110 million yuan, down 45.7% year-over-year and 26.0% quarter-over-quarter [1]. - The gross margin for the first half of 2025 decreased by 2.1 percentage points to 42.5%, while the net margin fell by 8.1 percentage points to 22.1% [1]. Segment Performance - The carbon fiber segment generated a revenue of 636 million yuan, down 6.85% year-over-year, primarily due to price declines and demand fluctuations [2]. - The wind power carbon beam business saw a revenue of 369 million yuan, reflecting a growth of 47.95% year-over-year [2]. - Other segments, such as general new materials and composite technology, also reported varying degrees of revenue changes, with some experiencing declines [2]. R&D and Cash Flow - The company increased its R&D expenditure, with the R&D expense ratio rising to 9.4% due to new project investments [3]. - Operating cash flow remained positive at 310 million yuan for the first half of 2025, although it was lower than the previous year's figure [3]. Future Outlook - The company is projected to achieve net profits of 699 million yuan, 852 million yuan, and 1.024 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 38x for 2025, 31x for 2026, and 26x for 2027, indicating a favorable valuation given the company's growth prospects [4].

碳纤维板块领跌，下跌1.07%，其中双一科技下跌5.17%，南京聚隆下跌3.81%，光威复材下跌3.5%，国 恩股份、金发科技、聚赛龙跌超2%。（第一财经AI快讯） ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 36.00 [1][4][6]. Core Views - The company reported a revenue of RMB 1.201 billion for H1 2025, a year-on-year increase of 3.87%, but a net profit of RMB 269 million, which is a year-on-year decrease of 26.85%. The decline in net profit is attributed to increased R&D expenses, depreciation from the Baotou project, and intensified competition in the civilian fiber industry [1][2]. - The company expects future growth driven by large contract orders and contributions from the Baotou project, maintaining a positive outlook despite current pressures [1][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 1.201 billion, with a net profit of RMB 269 million, reflecting a decrease in net profit compared to the previous year [1]. - Q2 2025 revenue was RMB 635 million, down 1.40% year-on-year but up 12.42% quarter-on-quarter. The net profit for Q2 was RMB 115 million, down 45.69% year-on-year and down 25.97% quarter-on-quarter [1][2]. Business Segments - The carbon fiber and fabric segment saw a revenue decline of 6.9% year-on-year to RMB 636 million, impacted by supply-demand imbalances and price declines [2]. - The carbon beam segment's revenue increased by 48% year-on-year to RMB 370 million, while the prepreg segment's revenue decreased by 5.2% year-on-year to RMB 110 million [2]. Contracts and Growth Potential - The company successfully signed a large contract worth RMB 3.664 billion in December 2024, with an execution rate of 16% for 2024. Additionally, a new procurement contract worth RMB 658 million was signed in June 2025 [3]. - The successful verification of new production lines for key carbon fiber products is expected to enhance the company's competitive strength and contribute to revenue growth [3]. Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted downwards due to increased R&D expenses and competition, but the forecasts for 2026 and 2027 remain unchanged. The projected net profits for 2025, 2026, and 2027 are RMB 750 million, RMB 1 billion, and RMB 1.121 billion, respectively [4][9]. - The target price is set at RMB 36.00, based on a 40x PE ratio for 2025, reflecting a slight increase from the previous target price of RMB 35.02 [4].

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a significant decline in net profit, primarily due to industry challenges and pricing pressures in the carbon fiber sector [2][3]. Financial Performance - The company achieved operating revenue of 1.2008 billion yuan, a year-on-year increase of 3.87% [3]. - The net profit attributable to shareholders was 269.45 million yuan, down 26.85% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 245.62 million yuan, a decrease of 24.23% year-on-year [3]. - The net cash flow from operating activities was 307.01 million yuan, down 15.76% from the previous year [3]. - Basic earnings per share were 0.3241 yuan, a decline of 27.27% [3]. - Total assets at the end of the reporting period were 8.0425 billion yuan, a slight decrease of 0.36% from the end of the previous year [3]. Segment Performance - The carbon fiber segment, including the expansion of fiber and Inner Mongolia Guangwei, generated sales of 636 million yuan, down 6.85% year-on-year due to supply-demand imbalance and price declines [2][3]. - The energy new materials segment, which includes wind power carbon beams, achieved sales of 369 million yuan, a significant increase of 47.95% year-on-year due to new customer growth and increased orders from traditional clients [3]. - The prepreg business in the general new materials segment saw sales of 111 million yuan, a decrease of 5.17% due to market competition and price declines [4]. - The composite materials technology segment reported sales of 35 million yuan, down 46.20% year-on-year [5]. - The precision machinery segment achieved sales of 37 million yuan, an increase of 7.88% [6]. - The Guangsheng technology segment generated sales of 7.54 million yuan, up 44.79% year-on-year, focusing on aerospace applications [6]. Strategic Developments - The company has established collaborations in the hydrogen energy sector, with over half of its civil fiber business revenue, approximately 120 million yuan, coming from hydrogen bottle applications [6]. - The company has been included in the procurement catalog for major aircraft projects, indicating a growing presence in the aerospace industry [6].

证券日报网讯 8月18日晚间，光威复材发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为1，200，796，145.67元，同比增长3.87%；实现归属于上市公司股东的净利润为269，447，033.15 元，同比下降26.85%。 （文章来源：证券日报） ...