GW COMPOS(300699) Soochow Securities·2024-08-28 16:30Investment 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]