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 | --- | --- | --- | |----------------- ...

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 03 日 光威复材 (300699) —— 2024Q2 业绩环比改善明显，产能释放叠加降本增 效助力长期增长 报告原因：有业绩公布需要点评 买入（维持）事件： ⚫ 公司公布 2024 年半年度业绩报告。根据公司公告，公司 2024 年 H1 实现营收 11.56 亿 元（yoy-5.53%），实现归母净利润 3.68 亿元（yoy-10.87%），2024Q2 实现营收 6.44 亿元（yoy-3.37%），实现归母净利润 2.11 亿元（yoy-12.74%）。2024Q2 业绩符合市 场预期。 点评： ⚫ 部分板块受下游扰动因素影响，营收总体保持稳健。公司营收维持稳定，环比改善明显， 根据公司公告，2024Q2 环比增长 25.98%。分产品看，2024H1 碳纤维板块实现营收 6.82 亿元（yoy-11.16%），其中装备用碳纤维业务整体保持稳定，工业用碳纤维业务受到市 场供需、产品价格等影响；能源新材料板块实现营收 2.49 亿元（yoy+8.24%），呈现恢 复性增长；通用新材料板块实现营收 1.17 亿元（yoy-19. ...

Investment Rating - The report maintains an "Add" rating for the company [2][25] Core Views - The company reported a revenue of 1.156 billion yuan for the first half of 2024, a year-on-year decrease of 5.53%, and a net profit attributable to shareholders of 368 million yuan, down 10.87% year-on-year [6][8] - The company's gross margin for the first half of 2024 was 44.64%, a decrease of 1.82 percentage points year-on-year, while the net margin was 30.18%, down 2.21 percentage points year-on-year [6][17] - The carbon fiber business remains stable, with revenue from carbon fiber and fabric products at 682 million yuan, a year-on-year decrease of 11.16% [6][13] - The wind power carbon beam business showed recovery growth, achieving revenue of 249 million yuan, up 8.24% year-on-year [6][13] - The company adjusted its profit forecast, expecting net profits of 927 million, 1.068 billion, and 1.230 billion yuan for 2024, 2025, and 2026 respectively [6][25] Financial Summary - As of the end of the first half of 2024, the company's total assets were 7.53178 billion yuan, with net assets of 5.66647 billion yuan [3] - The company reported a basic earnings per share (EPS) of 0.45 yuan for the first half of 2024, a decrease of 10.54% year-on-year [6][8] - The company's cash flow from operating activities increased slightly to 364 million yuan, a year-on-year growth of 2.62% [21] - Accounts receivable increased significantly to 913 million yuan, a growth of 37.46% compared to the beginning of the year [24]

24Q2 边际改善,下半年有望持续回暖 - 光威复材点评报告 2024 年 08 月 28 日 | --- | --- | |-------|---------------------| | | | | | 光威复材(300699.SZ) | | 推荐 | 维持评级 | | | | 分析师 李良 율: 010-80927657 网: liliang_yj@chinastock.com.cn 分析师登记编码：S0130515090001 胡浩森 富：010-80927657 网: huhaomiao_yj@chinastock.com.cn 分析师登记编码：S0130521100001 相对沪深 300 表现图 市场数据 2024-08-28 300699.SZ 股票代码 A 股收盘价(元) 26.80 总股本(亿股) 8.31 222.80 总市值(亿元) 实际流通 A 股(亿股) 8.21 流通 A 股市值(亿元) 220.15 2024-08-28 资料来源：iFinD，中国银河证券研究院 相关研究 ● 碳梁业务催升应收账款余额,包头项目投产助力收入上台阶:公司当期应 收账款 9.13亿元,较期初增长 4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.156 billion yuan in the first half of 2024, a year-on-year decrease of 5.53%. The net profit attributable to the parent company was 368 million yuan, down 10.87% year-on-year [2][3] - The carbon fiber business remains stable, but traditional product contracts have ended, leading to a decline in revenue due to supply-demand imbalance and falling market prices [2][3] - The company is leveraging the growth of carbon fiber composite materials in high-end equipment and industrial applications, enhancing its R&D and technological innovation capabilities [3] - Domestic and foreign demand is creating market advantages, with the company playing a key role in the localization of carbon fiber production, thus ensuring the development of national defense equipment [3] Financial Forecast and Valuation - The company's performance is in line with expectations, with slight adjustments to the net profit forecasts for 2024-2026 to 892 million, 1.072 billion, and 1.199 billion yuan respectively, corresponding to P/E ratios of 24, 20, and 18 times [3] - Revenue forecasts for 2024-2026 are set at 2.794 billion, 3.259 billion, and 3.439 billion yuan, with growth rates of 10.96%, 16.65%, and 5.53% respectively [2][3] - The company maintains a stable financial position with a total asset value of 7.716 billion yuan in 2024 and a debt ratio of 19.42% [6][9]

Financial Performance - The company achieved a revenue of CNY 1.156 billion in the first half of 2024, a decrease of 5.53% compared to the same period last year [3] - Net profit attributable to shareholders was CNY 368 million, down 10.87% year-on-year [3] - Net profit excluding non-recurring gains and losses was CNY 324 million, a decline of 15.23% compared to the previous year [3] Segment Performance - The carbon fiber segment, including expansion fibers and Inner Mongolia Guangwei, generated sales of CNY 682 million, a decrease of 11.16% year-on-year [4] - The wind power carbon beam business in the new energy materials segment saw sales of CNY 249 million, an increase of 8.24% year-on-year [4] - The general new materials segment, including prepreg materials, reported sales of CNY 117 million, down 19.16% year-on-year [4] - The composite technology segment achieved sales of CNY 65 million, an increase of 14.53% year-on-year [4] - The precision machinery segment reported sales of CNY 34 million, up 120.10% year-on-year [4] Market Outlook - The carbon fiber business is expected to face challenges in the second half of the year due to delayed applications in certain fields and a decrease in prices for civilian fiber [6] - The carbon beam business is projected to perform better in the second half, with multiple product series and clients established [6] - The company anticipates stable demand for its products, with a 9% increase in per capita output value and a 2% decrease in labor costs compared to the previous year [6] Inventory and Receivables - Inventory growth is attributed to the purchase of raw materials for the Baotou project, with no abnormal turnover observed [9] - Accounts receivable are expected to remain stable, with some repayments made in the first half of the year [7] Product Development and Contracts - The company is progressing with the equivalence verification of the T800H production line, with plans to complete it within the year [4] - New contracts are expected to have defined prices, reflecting the stability of T300 grade fiber prices [8] - The company is cautious about exporting carbon fiber, despite having received approval for related preparations [9]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the domestic special carbon fiber market and its strong synergy across various sectors [2][3]. Core Insights - The company reported a revenue of 1.156 billion yuan for the first half of 2024, a year-over-year decline of 5.5%, with a net profit attributable to shareholders of 368 million yuan, down 10.9% year-over-year. The performance was in line with market expectations [2]. - The second quarter of 2024 showed a quarter-over-quarter improvement, with a revenue of 644 million yuan, a year-over-year decline of 3.37% but a quarter-over-quarter increase of 25.98%. The net profit for the same period was 211 million yuan, down 12.74% year-over-year but up 34.14% quarter-over-quarter [2]. - The company’s gross margin for the first half of 2024 decreased by 1.8 percentage points to 44.6%, while the net margin fell by 2.2 percentage points to 30.2% [2]. Financial Performance Summary - For the first half of 2024, the revenue breakdown by product was as follows: carbon fiber and fabrics generated 682 million yuan (down 11.16% YOY), carbon beams generated 249 million yuan (up 8.24% YOY), and prepregs generated 117 million yuan (down 19.16% YOY) [2]. - The company’s operating expenses increased by 2.7 percentage points to 12.5%, with R&D expenses rising by 18.9% to 83 million yuan [2]. - The company’s cash flow from operations improved, with accounts receivable increasing by 16.1% to 948 million yuan and inventory rising by 13.8% to 566 million yuan by the end of the second quarter of 2024 [2]. Future Projections - 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, with corresponding PE ratios of 24x, 19x, and 16x [2][3]. - The projected revenue for the years 2024, 2025, and 2026 is estimated at 2.643 billion yuan, 3.236 billion yuan, and 3.868 billion yuan, reflecting growth rates of 5.0%, 22.4%, and 19.6% respectively [3][6].

威海光威复合材料股份有限公司 2024 年半年度报告全文 威海光威复合材料股份有限公司 2024 年半年度报告 2024-050 2024 年 8 月 27 日 1 威海光威复合材料股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人卢钊钧、主管会计工作负责人熊仕军及会计机构负责人(会计 主管人员)许俊柱声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司经营、管理中可能存在业绩波动的风险、新产品开发的风险、产品 销售价格下降的风险、豁免披露部分信息可能影响投资者对公司价值判断的 风险、安全生产管理风险等，详细内容见本报告"第三节之十、公司面临的 风险和应对措施"。敬请广大投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 威海光威复合材料股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |-------------- ...

证券代码：300699 证券简称：光威复材 公告编号：2024-054 威海光威复合材料股份有限公司 关于增加 2024 年度日常关联交易预计的公告 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。 一、 日常关联交易基本情况 单位：万元 | 关联交易 | | 关联交易 | 2024 | 2024 年 | 截至披露日 | 上年发生 | | --- | --- | --- | --- | --- | --- | --- | | 类别 | 关联人 | 内容 | 年原预 | 现预计 | 已发生金额 | 金额 | | | | | 计额度 | 额度 | | | | 向关联人 | 光威集团 | 碳纤维及复 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 销售产 | 及其下属 | 合材料相关 | 0 | 1,000 | 0 | 0 | | 品、商品 | 其他企业 | 产品 | | | | | （一）已预计日常关联交易情况概述 二、 关联人介绍和关联关系 威海光威复合材料股份有限公司（以下简称"公司"）于 2024 ...