GW COMPOS(300699) 国盛证券·2024-10-31 02:23Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][60]. Core Viewpoints - The company is positioned as a leading domestic carbon fiber enterprise, with a comprehensive product range covering carbon fibers, prepregs, and composite components, targeting high-end equipment sectors such as aerospace, aviation, marine equipment, and low-altitude economy [2][60]. - The demand for carbon fiber materials is expected to grow significantly due to their advantages in lightweight, high strength, and corrosion resistance, making them essential in various advanced equipment [2][22][27]. - The company is expanding its production capacity and product offerings, particularly in high-performance carbon fibers (T700, T800, T1000) and prepregs, to meet the increasing demand from the aerospace and defense sectors [2][32][60]. Summary by Sections 1. Company Overview - The company has developed a full carbon fiber industry chain since its inception, with significant advancements in T300, T700, T800, and T1000 grade carbon fibers [2][17]. - The revenue from carbon fibers and fabrics accounted for 66.23% of total revenue in 2023, indicating a strong market position [2][17]. 2. Carbon Fiber and Fabric - Carbon fiber is increasingly used in military aircraft, with usage rates reaching 20%-50% in advanced fighter jets and up to 80% in drones and helicopters [2][22]. - In civil aviation, the usage of carbon fiber composites is expected to rise to 50%, with notable examples being the Boeing 787 and the domestic C919 aircraft [2][25]. 3. Product Segments - Carbon Beams: The company is seeing a recovery in its carbon beam business, with revenue expected to grow significantly in the coming years as new clients are onboarded [2][45][61]. - Prepregs: The company is focusing on high-value applications in aerospace and other high-end sectors, which are anticipated to drive revenue growth and improve profit margins [2][50][61]. - Other Businesses: The composite materials, precision machinery, and Guangsheng Technology segments are still small but are seen as important for long-term growth and diversification [2][54][62]. 4. Financial Projections - The company expects its net profit to reach 9.32 billion, 11.42 billion, and 13.40 billion yuan from 2024 to 2026, with corresponding P/E ratios of 32X, 26X, and 22X [2][60][63].