GW COMPOS(300699) INDUSTRIAL SECURITIES·2024-08-31 06:10Investment Rating - The report maintains an "Add" rating for the company [2][25] Core Views - The company reported a revenue of 1.156 billion yuan for the first half of 2024, a year-on-year decrease of 5.53%, and a net profit attributable to shareholders of 368 million yuan, down 10.87% year-on-year [6][8] - The company's gross margin for the first half of 2024 was 44.64%, a decrease of 1.82 percentage points year-on-year, while the net margin was 30.18%, down 2.21 percentage points year-on-year [6][17] - The carbon fiber business remains stable, with revenue from carbon fiber and fabric products at 682 million yuan, a year-on-year decrease of 11.16% [6][13] - The wind power carbon beam business showed recovery growth, achieving revenue of 249 million yuan, up 8.24% year-on-year [6][13] - The company adjusted its profit forecast, expecting net profits of 927 million, 1.068 billion, and 1.230 billion yuan for 2024, 2025, and 2026 respectively [6][25] Financial Summary - As of the end of the first half of 2024, the company's total assets were 7.53178 billion yuan, with net assets of 5.66647 billion yuan [3] - The company reported a basic earnings per share (EPS) of 0.45 yuan for the first half of 2024, a decrease of 10.54% year-on-year [6][8] - The company's cash flow from operating activities increased slightly to 364 million yuan, a year-on-year growth of 2.62% [21] - Accounts receivable increased significantly to 913 million yuan, a growth of 37.46% compared to the beginning of the year [24]