GW COMPOS(300699) 海通证券·2024-11-07 06:15Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a stable growth in net profit after deducting non-recurring items for the first three quarters of 2024, with a revenue of 1.902 billion yuan, representing a year-on-year increase of 8.90%. The net profit attributable to the parent company was 615 million yuan, a decrease of 1.00% year-on-year, while the net profit after deducting non-recurring items was 555 million yuan, an increase of 10.09% year-on-year [4]. - The company’s carbon fiber segment remained stable, while the precision machinery segment and Guangsheng Technology achieved rapid growth. The carbon fiber segment generated revenue of 1.147 billion yuan, a year-on-year increase of 3.76%, and the energy new materials segment generated revenue of 410 million yuan, a year-on-year increase of 20.43% [5]. - The Inner Mongolia project has been successfully put into production, with the first phase of the 4,000-ton carbon fiber production line launched in 2024. The company expects to pass the equivalence verification for the T800H grade thousand-ton line by the end of the year [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a single-quarter revenue of 746 million yuan in Q3, a year-on-year increase of 42.63% and a quarter-on-quarter increase of 15.79%. The net profit attributable to the parent company for Q3 was 247 million yuan, a year-on-year increase of 18.62% and a quarter-on-quarter increase of 16.90% [4]. - The company’s revenue forecast for 2024-2026 is 2.709 billion yuan, 2.901 billion yuan, and 3.111 billion yuan respectively, with corresponding net profits of 874 million yuan, 928 million yuan, and 984 million yuan [10]. Segment Analysis - The carbon fiber and fabric segment is projected to generate sales revenue of 1.756 billion yuan in 2024, with a gross margin of 60.00%. The precision machinery segment is expected to see significant growth, with a projected revenue of 640 million yuan in 2024, reflecting a growth rate of 266.06% [8]. - The company’s overall gross margin is expected to decline slightly from 48.7% in 2023 to 46.7% in 2026, indicating a gradual decrease in profitability [10]. Valuation and Investment Outlook - The company is expected to have an EPS of 1.05 yuan in 2024, with a reasonable valuation range of 36.75 to 42.00 yuan based on a PE ratio of 35-40 times [6][9]. - The average PE ratio of comparable companies in the industry is around 48 times for 2024, indicating that the company is positioned favorably within its sector [9].