Zheng Quan Zhi Xing·2025-06-05 13:31Core Viewpoint - The report by Tianfeng Securities highlights the accelerating demand for autonomous aviation equipment and the importance of self-sufficiency in core materials, leading to a target price adjustment for Guangwei Composites to 48.6 yuan with a "buy" rating [1] Company Overview - Guangwei Composites is a leading domestic carbon fiber manufacturer, established in 1992, with a complete industrial chain from precursor to composite materials, serving both military and civilian sectors [2] - The company has developed core technologies such as wet spray and dry spray wet spinning, with applications in aerospace and wind energy [2] Financial Performance - From 2019 to 2024, the company's revenue is projected to grow from 1.715 billion yuan to 2.450 billion yuan, with a CAGR of 7.38%, while net profit is expected to rise from 522 million yuan to 741 million yuan, with a CAGR of 7.25% [3] - Despite industry challenges, Guangwei Composites maintains leading profitability through technological advancements and a diversified customer base [3] Market Dynamics - The increasing geopolitical uncertainties are driving the urgent need for self-sufficiency in carbon fiber, a critical material for large aircraft [4] - The domestic application of composite materials in large aircraft is rising, leading to a strategic expansion in the demand for high-performance domestic carbon fiber [4] Growth Drivers - The proportion of carbon fiber in military aircraft structures is increasing, with its weight share rising from single digits to 30%-50% [5] - The demand for unmanned aerial vehicles (UAVs) is rapidly growing, with carbon fiber composites making up over 50% of certain UAV structures, indicating significant growth potential for carbon fiber in this sector [5] Profit Forecast - The company is expected to benefit from upgrades in manned/unmanned military systems and increased penetration in civilian sectors, with projected net profits for 2025, 2026, and 2027 at 898 million yuan, 1.073 billion yuan, and 1.275 billion yuan respectively [5] - The current stock price corresponds to PE ratios of 28.61, 23.97, and 20.16 for the years 2025, 2026, and 2027, with target prices ranging from 32.4 to 48.6 yuan [5]