证券研究报告·公司点评报告·航空装备Ⅱ 光威复材（300699） 2023 年年报点评：新定型纤维助力发展，Q4 2024 年 04月 10日 业绩彰显韧性 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 营业总收入（百万元） 2,511 2,518 3,028 3,772 4,307 执业证书：S0600523060002 xumu@dwzq.com.cn 同比 -3.69% 0.26% 20.28% 24.57% 14.17% 研究助理 高正泰 归母净利润（百万元） 934.25 873.17 1,019.59 1,226.49 1,429.25 执业证书：S0600123060018 同比 23.19% -6.54% 16.77% 20.29% 16.53% gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 1.12 1.05 1.23 1.48 1.72 P/E（现价&最新摊薄） 25.65 27.4 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.48 CNY based on a 24x P/E ratio for 2024 [3][6]. Core Insights - The company reported a revenue of 2.518 billion CNY (+0.26%) and a net profit of 873 million CNY (-6.54%) for the year [2]. - Carbon fiber remains the main contributor to the company's profits, with fiber business revenue reaching 1.667 billion CNY (+20.28%) and a gross margin of 61.85% [2]. - New fiber grades are gradually stabilizing in production, with significant revenue contributions from T800 (287 million CNY, +50.61%) and MJ series (207 million CNY, +54.45%) [2]. - The company's comprehensive gross margin slightly decreased to 48.66%, while the net profit margin fell to 33.40% due to reduced exchange gains and increased impairment losses [2]. - The company is steadily advancing its integrated supply chain construction with a rich reserve of new projects, including various aerospace and wind power applications [2]. Financial Summary - The company's revenue for 2023 was 2,518 million CNY, with a projected increase to 3,209 million CNY in 2024 (+27.5%) and 3,970 million CNY in 2025 (+23.7%) [5]. - The net profit for 2023 was 873 million CNY, expected to rise to 1,052 million CNY in 2024 (+20.5%) and 1,261 million CNY in 2025 (+19.9%) [5]. - The earnings per share (EPS) for 2023 was 1.05 CNY, projected to increase to 1.27 CNY in 2024 and 1.52 CNY in 2025 [5].

Financial Performance - The company's operating revenue for 2023 was CNY 2,517,697,305.78, a slight increase of 0.26% compared to CNY 2,511,109,454.94 in 2022[12]. - Net profit attributable to shareholders decreased by 6.54% to CNY 873,168,553.50 from CNY 934,250,932.69 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was CNY 711,713,223.72, down 18.61% from CNY 874,421,140.33 in 2022[12]. - The net cash flow from operating activities significantly increased by 262.99% to CNY 534,440,717.42 from CNY 147,233,029.29 in 2022[12]. - Total assets at the end of 2023 reached CNY 7,057,586,253.94, an increase of 11.49% from CNY 6,330,103,447.29 at the end of 2022[12]. - The company's basic earnings per share decreased by 6.68% to CNY 1.0513 from CNY 1.1265 in 2022[12]. - The weighted average return on net assets was 17.00%, down from 21.27% in the previous year, reflecting a decrease of 4.27%[12]. - The company reported a significant increase in government subsidies, amounting to CNY 178,413,127.99 in 2023, compared to CNY 66,692,017.61 in 2022[17]. - The total non-recurring gains and losses for 2023 amounted to CNY 161,455,329.78, significantly higher than CNY 59,829,792.36 in 2022[17]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 RMB per 10 shares to all shareholders, totaling 825 million RMB[3]. - The company has implemented a cash dividend plan, proposing a distribution of 5 yuan per 10 shares, which would increase total cash dividends since listing to 1.848 billion yuan, accounting for 42.56% of cumulative net profit[57]. - The company has distributed a cash dividend of RMB 7 per 10 shares, totaling RMB 362,845,000, and increased its share capital by 311,010,000 shares through capital reserves[134]. - The company plans to distribute a cash dividend of RMB 7 per 10 shares and increase capital by 6 shares for every 10 shares held, resulting in a total share capital increase to 829,360,000 shares[188]. Market and Product Development - The company has outlined its future development outlook, which includes potential risks and market expansion opportunities[2]. - The company is actively developing civilian carbon fiber and composite material products, extending its business downstream[21]. - The company has developed a series of carbon fiber products, including high-strength, medium-modulus, high-modulus, and high-strength high-modulus fibers[20]. - The company is focused on expanding its high-performance composite materials in aerospace applications, aiming to become a leading production base for rocket and missile engine shells[34]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market reach[116]. - The company has completed a strategic acquisition of a competitor for 300 million RMB, expected to enhance production capacity by 30%[97]. Risks and Challenges - The company faces risks including performance volatility, new product development failures, and declining sales prices, which are detailed in the management discussion section[2]. - The sales prices of carbon fiber products are subject to fluctuations influenced by market competition, raw material prices, and exchange rates, posing a risk to profitability[93]. - Safety management risks are present due to the use of hazardous materials in carbon fiber production, which could lead to severe accidents if not managed properly[94]. - The company anticipates a recovery in its wind power carbon beam business in 2024, while the new Baotou carbon fiber project may face short-term pressure[91]. Research and Development - The company has established multiple national and provincial R&D platforms, including a national engineering laboratory for carbon fiber preparation, enhancing its innovation and development capabilities[41]. - The company is investing heavily in R&D, with a budget increase of 30% to enhance product innovation[96]. - R&D investment amounted to approximately ¥168.25 million in 2023, accounting for 6.68% of operating revenue, a decrease from 7.66% in 2022[78]. - The company has successfully developed high-strength and high-modulus carbon fiber prepregs, establishing a mechanical performance database for future aerospace applications[76]. Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has ensured compliance with legal responsibilities[2]. - The company has established an independent financial accounting department and a standardized financial accounting system, ensuring independent financial decision-making[104]. - The company has committed to enhancing information disclosure quality and maintaining effective communication with investors[99]. - The company has continuously improved its governance structure to prevent and control operational risks, ensuring compliance with legal and regulatory requirements[100]. Environmental Responsibility - The company has received multiple environmental impact approvals for various projects, including high-strength carbon fiber production and advanced composite materials R&D[147]. - The company strictly adheres to multiple environmental protection laws and regulations during its operations[146]. - The company reported a total wastewater discharge of approximately 50.4 tons per year, with an annual COD concentration of about 147 mg/L, compliant with the urban sewage discharge standards[148]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[151]. Employee and Management Structure - The total number of employees at the end of the reporting period was 2,156, with 1,646 in production, 346 in technical roles, and 49 in sales[130]. - The company has implemented a salary adjustment based on market research, increasing the base salary for new employees and performance bonuses for production staff[132]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period amounted to CNY 8.9455 million, with independent directors receiving CNY 360,000[121]. - The company’s management structure includes a mix of experienced executives and independent directors, ensuring diverse perspectives in decision-making[122].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 33.58 CNY per share, corresponding to a PE ratio of 27 times for 2024 [4][12]. Core Views - The company reported a revenue of 2.518 billion CNY in 2023, a slight increase of 0.26% year-on-year, while the net profit attributable to shareholders decreased by 6.54% to 873 million CNY. The non-recurring net profit fell by 18.61% to 712 million CNY [2][3]. - The demand for carbon fiber is expected to rebound, with promising prospects in aerospace and satellite applications. The revenue from the fiber segment, driven by stable growth in aerospace and aerospace demand, reached 1.667 billion CNY, up 20.28% year-on-year. The T300/T700/T800/MJ series carbon fiber products saw year-on-year increases of 2.91%, 16.06%, 50.61%, and 54.45%, respectively [2][3]. - The wind power carbon beam business in the new energy materials segment generated revenue of 426 million CNY, down 35.54% year-on-year, due to a decline in both order volume and prices from traditional major customers [2][3]. - The prepreg business in the general new materials segment faced a revenue decline of 10.52% year-on-year, primarily due to a drop in export business in traditional markets such as fishing gear and sports leisure [2][3]. - The overall gross margin decreased by 0.42 percentage points to 48.66%, with specific declines in the gross margins of carbon fiber and fabric, carbon beams, and prepregs [2][3]. - For 2024, the company expects to accelerate the production of new aerospace carbon fibers and satellite structure applications, alongside a recovery in the wind power carbon beam business, enhancing performance support capabilities [2][3]. Financial Forecast - The company forecasts EPS of 1.26 CNY, 1.64 CNY, and 2.04 CNY for 2024, 2025, and 2026, respectively, with expected growth rates of 20.0%, 29.6%, and 23.8% in revenue [3][9].

[Table_Main] 证券研究报告 | 公司点评 光威复材(300699.SZ) 2024年04月09日 买入（维持） 光威复材（300699.SZ）：新产品+新产能 所属行业：国防军工/航空装备Ⅱ 蓄势高质量增长新阶段 当前价格(元)：28.03 证券分析师 投资要点 闫广 资格编号：S0120521060002 事件: 2024年4月8日公司发布2023年年度报告，2023年公司实现营收约25.18  邮箱：yanguang＠tebon.com.cn 亿元，同比+0.26%，归母净利润约 8.73 亿元，同比-6.54%，扣非归母净利润约 王逸枫 7.12亿元，同比-18.61%，基本每股收益约1.05元，同比-6.68%，加权平均净资 资格编号：S0120524010004 产收益率约17.00%，同比下降4.27pct。单季度来看，23Q4公司实现营收约7.71 邮箱：wangyf6＠tebon.com.cn 亿元，同比+35.03%，环比+47.31%，归母净利润约2.52亿元，同比+36.93%， 研究助理 环比+21.12%，扣非归母净利润约2.08亿元，同比+31.45%，环比+70.8 ...

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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 2022 年限制性股票激励计划 作废已授予但尚未归属的限制性股票相关事项的 法律意见书 植德（证）字[2022]014-4号 二〇二三年四月 北京市东城区东直门南大街 1 号来福士中心办公楼 5 层 邮编：100007 5th Floor, Raffles City Beijing Offices 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 北京植德律师事务所 2022 年限制性股票激励计划 作废已授予但尚未归属的限制性股票相关事项的 法律意见书 植德（证）字[2022]014-4 号 致：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 6．本所律师已对出具本法律意见书有关的所有文件资料及证言进行审查判 断，并据此出具法律意见； 7．本法律意见书仅供光威复材本次作废部分限制性股票之目的使用，不得 用 ...

证券代码：300699 证券简称：光威复材 公告编号：2024-020 威海光威复合材料股份有限公司 关于 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 （一）日常关联交易概述 2024 年 4 月 7 日，威海光威复合材料股份有限公司（以下简称"公司"）召 开第四届董事会第二次会议，以 5 票同意审议通过了《关于审核确认公司 2023 年度关联交易事项及 2024 年度关联交易预计的议案》，关联董事陈亮先生、卢钊 钧先生回避表决，公司独立董事对该事项发表了同意的独立意见。 （二）预计日常关联交易类别和金额 单位：万元 | 关联交 | 关联人 | 关联交易内容 | 预计金额 | 截至披露 日已发生 | 上年发生 | | --- | --- | --- | --- | --- | --- | | 易类别 | 威海光威集团有 | | | 金额 | 金额 | | | 限责任公司（以 下简称"光威集 | 后勤服务费用、 工作服等劳保用 | 1,560.00 | 169.22 | 1,048.29 | ...

关于 2022 年限制性股票激励计划首次授予部分第二个归属 期归属条件未成就并作废部分限制性股票的公告 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。 证券代码：300699 证券简称：光威复材 公告编号：2024-028 威海光威复合材料股份有限公司 威海光威复合材料股份有限公司（以下简称"公司"）于 2024 年 4 月 7 日 召开第四届董事会第二次会议，审议通过了《关于公司 2022 年限制性股票激励 计划首次授予部分第二个归属期归属条件未成就并作废部分限制性股票的议案》， 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交 易所创业板股票上市规则》（以下简称"《上市规则》"）、《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》（以下简称"《自律监管指南》"）、 公司《2022 年限制性股票激励计划》（以下简称"《限制性股票激励计划》"）、 《2022 年限制性股票激励计划实施考核管理办法》（以下简称"《考核办法》"） 的规定，公司 2022 年限制性股票激励计划（以下简称"本激励计划"）首次授 予部分第二个归 ...

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