GW COMPOS(300699) Minsheng Securities·2024-10-28 06:02Investment Rating - The investment rating for the company is "Recommended" [2][4]. Core Views - The company reported a revenue of 1.902 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 8.9%. The net profit attributable to shareholders was 615 million yuan, down 1.0% year-over-year, while the net profit excluding non-recurring items was 555 million yuan, up 10.1% year-over-year. The performance met market expectations [2]. - In Q3 2024, the company achieved a revenue of 746 million yuan, a year-over-year increase of 42.6% and a quarter-over-quarter increase of 15.8%. The net profit attributable to shareholders for the quarter was 247 million yuan, up 18.6% year-over-year and 16.9% quarter-over-quarter [2]. - The company is a leader in the domestic special carbon fiber market, expanding from upstream material supply to downstream applications in aerospace, wind power, and low-altitude fields, creating a strong synergistic industrial layout [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 46.8%, an increase of 0.8 percentage points year-over-year, while the net margin decreased by 3.7 percentage points to 30.3% due to increased impairment losses from carbon fiber [2]. - The revenue breakdown for the first three quarters of 2024 includes: - Carbon Fiber: 1.147 billion yuan, up 3.76% year-over-year - Energy New Materials: 410 million yuan, up 20.43% year-over-year - General New Materials: 184 million yuan, down 10.15% year-over-year - Composite Technology: 81 million yuan, up 19.65% year-over-year - Precision Machinery: 64 million yuan, up 266.06% year-over-year - Guangsheng Technology: 11 million yuan, up 79.92% year-over-year [2]. Investment Outlook - 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. The current stock price corresponds to a price-to-earnings ratio (PE) of 32x, 26x, and 22x for the years 2024 to 2026 [2][5].