GW COMPOS(300699) 民生证券·2024-08-27 05:43Investment 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].