GW COMPOS(300699) 国联证券·2024-11-07 08:28Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is showing signs of a revenue inflection point, with its carbon fiber business experiencing significant growth. The revenue for the first three quarters of 2024 reached 1.9 billion yuan, a year-on-year increase of 9%, while the net profit attributable to shareholders was 620 million yuan, down 1% year-on-year. However, the third quarter alone saw a revenue of 750 million yuan, a remarkable 43% increase year-on-year and a 16% increase quarter-on-quarter [2][6] - The carbon fiber business is expected to continue its upward trajectory, driven by new product launches and increased production capacity. The company anticipates significant contributions from new contracts and product validations in the near term, particularly in the aerospace sector [6][4] - The market for carbon fiber is vast, with stable profit growth expected. The company forecasts revenues of 3.105 billion, 3.889 billion, and 4.553 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 23.34%, 25.25%, and 17.07% [6][4] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 1.9 billion yuan, with a net profit of 620 million yuan. The third quarter alone contributed 750 million yuan in revenue and 250 million yuan in net profit [2][6] - The carbon fiber segment generated 1.147 billion yuan in revenue for the first three quarters, a 3.76% increase year-on-year, with the third quarter seeing a 38% year-on-year increase [6][4] Profitability Metrics - The overall gross margin improved to 46.76%, a year-on-year increase of 0.77 percentage points, while the net margin was 30.31%, down 3.73 percentage points year-on-year [6][4] - The third quarter gross margin reached 50.04%, reflecting a significant improvement driven by the growth in new carbon fiber products and carbon beam business [6][4] Future Outlook - The company is expected to benefit from new contracts and product validations, particularly in the aerospace sector, which is projected to contribute to revenue growth [6][4] - The domestic large aircraft market is entering a rapid growth phase, with a trend towards domestic carbon fiber substitution expected to drive long-term growth [6][4]