证券代码：300699 证券简称：光威复材 公告编号：2024-062 威海光威复合材料股份有限公司 关于全资子公司设立分公司并向分公司划转资产的公告 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、 概述 1、为优化公司组织结构，提高公司整体经营管理效率，拟在包头新设威海 拓展纤维有限公司内蒙古分公司，在威海拓展纤维有限公司完成对内蒙古光威 碳纤有限公司（以下简称"内蒙古光威"）的收购后，将内蒙古光威全部资产、 债权债务、业务、人员、资质等划转或变更至新设分公司。 2、2024 年 12 月 2 日，公司召开第四届董事会第七次会议，审议通过了 《关于公司全资子公司设立分公司并向分公司划转资产的议案》，并授权公司管 理层办理设立分公司的工商登记事宜和处理本次资产划转相关的具体事项。 3、根据《深圳证券交易所创业板股票上市规则》等相关规定，本次划转事 项在公司董事会审批权限范围内，无需提交公司股东大会批准。 4、本次划转属于公司内部资产划转，不构成关联交易，也不构成《上市公 司重大资产重组管理办法》规定的重大资产重组。 二、 拟成立分公司的基本情况 1、企业 ...

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 证券代码：300699 证券简称：光威复材 公告编号：2024-059 威海光威复合材料股份有限公司 第四届董事会第七次会议决议公告 威海光威复合材料股份有限公司（以下简称"公司"）于 2024 年 11 月 29 日以电子邮件的形式发出了关于召开第四届董事会第七次会议的通知，会议于 2024 年 12 月 2 日上午在公司会议室以现场表决的方式召开。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，公司监事 和部分高级管理人员列席了本次董事会。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。 二、 董事会会议审议情况 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《关于收购控股子公司少数股权暨关联交易的议案》。 具体内容详见 2024 年 12 月 3 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的《关于收购控股子公司少数股权暨关联交 易的 ...

证券代码：300699 证券简称：光威复材 公告编号：2024-060 威海光威复合材料股份有限公司 第四届监事会第六次会议决议公告 本公司及监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。 1、审议通过了《关于收购控股子公司少数股权暨关联交易的议案》 本次收购内蒙古光威碳纤有限公司股权，有利于增强对内蒙古光威碳纤有 限公司的管控力度，提高经营与管理决策效率。本次关联交易已履行必要的审 批程序，股权转让价格定价合理、公允，不存在损害公司及股东特别是中小股 东利益情形。 具体内容详见 2024 年 12 月 3 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的《关于收购控股子公司少数股权暨关联交 易的公告》（2024-061）。 表决情况：同意 3 票，反对 0 票，弃权 0 票。 2、审议通过了《关于公司全资子公司设立分公司并向分公司划转资产的 议案》 具体内容详见 2024 年 12 月 3 日刊登在巨潮资讯网 （http://www.cninfo.com.cn）上的《关于全资子公司设立分公司并向分公司 一、 监事会会议召开情况 威海光威复 ...

威海光威复合材料股份有限公司 WEIHAI GUANGWEI COMPOSITES CO., LTD. 章程 2024 年 12 月 1 | 目录 | | --- | | 第一章 | 总 则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 4 | | | 第三章 | 股 份 | 4 | | | 第一节 股份发行 | 4 | | | 第二节 股份增减和回购 5 | | | | 第三节 股份转让 | 7 | | 第四章 | 股东和股东大会 8 | | | 第一节 | 股 东 | 8 | | 第二节 | 股东大会的一般规定 | 10 | | 第三节 | 股东大会的召集 | 14 | | 第四节 | 股东大会的提案与通知 16 | | | 第五节 | 股东大会的召开 | 17 | | 第六节 | 股东大会的表决和决议 20 | | | 第五章 | 董事会 | 26 | | 第一节 | 董 事 | 26 | | 第二节 | 董事会 | 29 | | 第六章 | 总经理及其他高级管理人员 | 33 | | 第七章 | 监事会 | 35 | | 第一节 | 监 事 | 35 | | 第二 ...

Investment Rating - The investment rating for the company is "Add" [1][15]. Core Insights - The company reported a revenue of 1.902 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 8.90%. However, the net profit attributable to shareholders decreased by 1.00% to 615 million yuan [4][5]. - The company achieved a significant increase in revenue and net profit in Q3 2024, with revenue reaching 746 million yuan, up 42.63% year-on-year and 15.79% quarter-on-quarter. The net profit attributable to shareholders for Q3 was 247 million yuan, an increase of 18.62% year-on-year and 16.90% quarter-on-quarter [5][8]. - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 927 million yuan, 1.068 billion yuan, and 1.230 billion yuan for 2024, 2025, and 2026 respectively [15]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 46.76%, an increase of 0.77 percentage points year-on-year. The net profit margin was 32.33%, a decrease of 3.23 percentage points year-on-year [9][10]. - The company’s operating cash flow for the first three quarters of 2024 was 103 million yuan, a decrease of 55.57% year-on-year [13]. - Accounts receivable increased significantly, reaching 1.024 billion yuan, up 54.19% from the beginning of the year, while inventory also grew by 57.00% to 716 million yuan [14]. Business Segment Performance - The carbon fiber segment achieved sales revenue of 1.147 billion yuan, a year-on-year increase of 3.76%, driven by stable demand for equipment carbon fiber [8]. - The energy new materials segment saw sales revenue of 410 million yuan, up 20.43% year-on-year, benefiting from the smooth progress of new customer mass production [8]. - The precision machinery segment reported a remarkable growth in sales revenue of 64 million yuan, an increase of 266.06% year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in carbon fiber demand, with a significant increase in non-net profit attributable to the parent company in Q3 2024 [3] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 27.09 billion, 33.49 billion, and 37.34 billion for 2024, 2025, and 2026 respectively [8] Financial Performance - In Q3 2024, the company achieved revenue of 746 million, a year-on-year increase of 223 million, and a quarter-on-quarter increase of 102 million [3] - The net profit attributable to the parent company for Q3 2024 was 247 million, up by 39 million year-on-year and 36 million quarter-on-quarter [3] - The non-net profit attributable to the parent company was 231 million, an increase of 109 million year-on-year and 32 million quarter-on-quarter [3] Segment Performance - The carbon fiber segment generated sales revenue of 1.147 billion in the first three quarters of 2024, a year-on-year increase of 3.76% [4] - The new energy materials segment saw a revenue increase of 20.43%, reaching 410 million [4] - The general new materials segment experienced a revenue decline of 10.15%, totaling 184 million, but the decline was mitigated by new project launches [4] - The precision machinery segment achieved a remarkable revenue growth of 266.06%, reaching 64 million [4] Production Capacity and Growth Potential - The company successfully ramped up production capacity at its Baotou Phase I project, with the first 2000-ton project launched in June 2024 and another in October 2024 [5][7] - The company has six major production segments, with strong growth potential anticipated in the future [7] Earnings Forecast - The company is expected to maintain a stable return on equity (ROE) of 16% in 2024 and 2025, with an increase to 18% in 2026 [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.10, 1.38, and 1.56 respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is showing signs of a revenue inflection point, with its carbon fiber business experiencing significant growth. The revenue for the first three quarters of 2024 reached 1.9 billion yuan, a year-on-year increase of 9%, while the net profit attributable to shareholders was 620 million yuan, down 1% year-on-year. However, the third quarter alone saw a revenue of 750 million yuan, a remarkable 43% increase year-on-year and a 16% increase quarter-on-quarter [2][6] - The carbon fiber business is expected to continue its upward trajectory, driven by new product launches and increased production capacity. The company anticipates significant contributions from new contracts and product validations in the near term, particularly in the aerospace sector [6][4] - The market for carbon fiber is vast, with stable profit growth expected. The company forecasts revenues of 3.105 billion, 3.889 billion, and 4.553 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 23.34%, 25.25%, and 17.07% [6][4] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 1.9 billion yuan, with a net profit of 620 million yuan. The third quarter alone contributed 750 million yuan in revenue and 250 million yuan in net profit [2][6] - The carbon fiber segment generated 1.147 billion yuan in revenue for the first three quarters, a 3.76% increase year-on-year, with the third quarter seeing a 38% year-on-year increase [6][4] Profitability Metrics - The overall gross margin improved to 46.76%, a year-on-year increase of 0.77 percentage points, while the net margin was 30.31%, down 3.73 percentage points year-on-year [6][4] - The third quarter gross margin reached 50.04%, reflecting a significant improvement driven by the growth in new carbon fiber products and carbon beam business [6][4] Future Outlook - The company is expected to benefit from new contracts and product validations, particularly in the aerospace sector, which is projected to contribute to revenue growth [6][4] - The domestic large aircraft market is entering a rapid growth phase, with a trend towards domestic carbon fiber substitution expected to drive long-term growth [6][4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a stable growth in net profit after deducting non-recurring items for the first three quarters of 2024, with a revenue of 1.902 billion yuan, representing a year-on-year increase of 8.90%. The net profit attributable to the parent company was 615 million yuan, a decrease of 1.00% year-on-year, while the net profit after deducting non-recurring items was 555 million yuan, an increase of 10.09% year-on-year [4]. - The company’s carbon fiber segment remained stable, while the precision machinery segment and Guangsheng Technology achieved rapid growth. The carbon fiber segment generated revenue of 1.147 billion yuan, a year-on-year increase of 3.76%, and the energy new materials segment generated revenue of 410 million yuan, a year-on-year increase of 20.43% [5]. - The Inner Mongolia project has been successfully put into production, with the first phase of the 4,000-ton carbon fiber production line launched in 2024. The company expects to pass the equivalence verification for the T800H grade thousand-ton line by the end of the year [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a single-quarter revenue of 746 million yuan in Q3, a year-on-year increase of 42.63% and a quarter-on-quarter increase of 15.79%. The net profit attributable to the parent company for Q3 was 247 million yuan, a year-on-year increase of 18.62% and a quarter-on-quarter increase of 16.90% [4]. - The company’s revenue forecast for 2024-2026 is 2.709 billion yuan, 2.901 billion yuan, and 3.111 billion yuan respectively, with corresponding net profits of 874 million yuan, 928 million yuan, and 984 million yuan [10]. Segment Analysis - The carbon fiber and fabric segment is projected to generate sales revenue of 1.756 billion yuan in 2024, with a gross margin of 60.00%. The precision machinery segment is expected to see significant growth, with a projected revenue of 640 million yuan in 2024, reflecting a growth rate of 266.06% [8]. - The company’s overall gross margin is expected to decline slightly from 48.7% in 2023 to 46.7% in 2026, indicating a gradual decrease in profitability [10]. Valuation and Investment Outlook - The company is expected to have an EPS of 1.05 yuan in 2024, with a reasonable valuation range of 36.75 to 42.00 yuan based on a PE ratio of 35-40 times [6][9]. - The average PE ratio of comparable companies in the industry is around 48 times for 2024, indicating that the company is positioned favorably within its sector [9].

Summary of the Conference Call Company Overview - The conference was held by Guangwei Futai, with key leaders including General Manager Mr. Wang Wenyi and Financial Director Mr. Xiong Shijun participating in the discussion [1][1]. Financial Performance - For the first three quarters, the company's operating revenue reached **19.02 billion yuan**, an increase of **8.9%** year-over-year [1][1]. - The shareholder net profit was **6.15 billion yuan**, which is **1%** lower than the same period last year [1][1]. - In Q3 alone, the business income was **7.46 billion yuan**, marking a **42.63%** increase compared to the same quarter last year [1][1]. - The shareholder net profit for Q3 was **2.47 billion yuan**, growing by **18.62%** year-over-year [2][2]. Industry Insights - The carbon fiber sector in Inner Mongolia is facing challenges due to demand imbalances and declining product prices, with sales revenue of **11.47 billion yuan**, a **3.76%** increase year-over-year [2][2]. - The energy and new materials segment is performing well, with sales revenue of **4.1 billion yuan**, up **20.43%** from the previous year [2][2]. - The overall sales revenue for the company was **1.84 billion yuan**, which is **10.15%** lower than the same period last year [3][3]. Contractual Developments - The company is in the process of negotiating a significant contract involving multiple products, which has been slower than expected due to its complexity [4][4]. - The expectation is that the contract will be finalized by the end of November [5][5]. Product Development and Market Trends - The Q800S blockchain project is progressing smoothly, with expectations for completion by the end of the year [5][5]. - The high-strength and high-modulus business is expected to remain stable, with no significant changes anticipated in Q4 [6][6]. - The company is focusing on mid- to high-end products in a competitive market, particularly in the 700S and 800S product lines [6][6]. Future Growth Prospects - The company anticipates growth in various sectors, including aerospace and wind power, with a focus on high-performance applications [9][9]. - The growth of the carbon fiber business is expected to be stable, with a projected annual growth rate of **21%** in revenue and **23%** in net profit over the past few years [15][15]. - The company is preparing for potential growth in low-altitude aircraft applications, although significant contributions are not expected in the short term [12][12]. Challenges and Risks - The company has faced losses from non-authorized subsidiaries, particularly in Inner Mongolia and Guangwei, which have negatively impacted overall performance [8][8]. - The carbon fiber market is experiencing price declines, which may affect profitability [17][17]. Conclusion - Guangwei Futai is navigating a complex market landscape with a focus on high-end products and strategic growth in various sectors. The company is optimistic about future performance but remains cautious about market fluctuations and competitive pressures.

Investment Rating - The investment rating for the company is "Buy" with a target price of 45.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][25]. Core Insights - The company, Guangwei Composite Materials, reported a revenue of 1.902 billion CNY for the first three quarters of 2024, reflecting an increase of 8.90% year-on-year. The net profit attributable to shareholders was 615 million CNY, a slight decrease of 1.00% [1]. - In Q3 2024, the company achieved a revenue of 746 million CNY, representing a year-on-year growth of 42.63% and a quarter-on-quarter increase of 15.79%. The net profit for the same period was 247 million CNY, up 18.62% year-on-year and 16.90% quarter-on-quarter [1]. - The company has diversified its product offerings and business segments, which is expected to support stable growth. The successful launch of the Inner Mongolia project is anticipated to contribute significantly to profits in the future [1][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 46.76%, an increase of 0.77 percentage points, while the net margin was 30.31%, down 3.73 percentage points [1]. - The company’s revenue from the carbon fiber and fabric segment was 1.147 billion CNY, a slight increase of 3.76%. The energy new materials segment saw revenue of 410 million CNY, up 20.43% [5][6]. - The precision machinery segment experienced rapid growth with revenue of 64 million CNY, up 266.06%, driven by the expansion of sales channels for composite material forming equipment [6]. Business Segments - The composite technology segment generated revenue of 81 million CNY, reflecting a growth of 19.65%, benefiting from the rapid development of composite materials in high-end equipment and industrial applications [6]. - The general new materials segment reported a revenue of 184 million CNY, down 10.15%, impacted by declining demand in certain applications and market competition [5]. - The Guangsheng Technology segment, which focuses on aerospace applications, achieved revenue of 11 million CNY, a significant increase of 79.92% [6]. Future Outlook - The company is expected to continue benefiting from the increasing demand for multifunctional materials in the defense sector, particularly carbon fiber composites [10]. - Revenue projections for 2024-2026 are estimated at 2.704 billion CNY, 3.244 billion CNY, and 3.862 billion CNY, with net profits of 899 million CNY, 1.031 billion CNY, and 1.167 billion CNY respectively [10].