GW COMPOS(300699) 国海证券·2024-11-10 09:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in carbon fiber demand, with a significant increase in non-net profit attributable to the parent company in Q3 2024 [3] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 27.09 billion, 33.49 billion, and 37.34 billion for 2024, 2025, and 2026 respectively [8] Financial Performance - In Q3 2024, the company achieved revenue of 746 million, a year-on-year increase of 223 million, and a quarter-on-quarter increase of 102 million [3] - The net profit attributable to the parent company for Q3 2024 was 247 million, up by 39 million year-on-year and 36 million quarter-on-quarter [3] - The non-net profit attributable to the parent company was 231 million, an increase of 109 million year-on-year and 32 million quarter-on-quarter [3] Segment Performance - The carbon fiber segment generated sales revenue of 1.147 billion in the first three quarters of 2024, a year-on-year increase of 3.76% [4] - The new energy materials segment saw a revenue increase of 20.43%, reaching 410 million [4] - The general new materials segment experienced a revenue decline of 10.15%, totaling 184 million, but the decline was mitigated by new project launches [4] - The precision machinery segment achieved a remarkable revenue growth of 266.06%, reaching 64 million [4] Production Capacity and Growth Potential - The company successfully ramped up production capacity at its Baotou Phase I project, with the first 2000-ton project launched in June 2024 and another in October 2024 [5][7] - The company has six major production segments, with strong growth potential anticipated in the future [7] Earnings Forecast - The company is expected to maintain a stable return on equity (ROE) of 16% in 2024 and 2025, with an increase to 18% in 2026 [8] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.10, 1.38, and 1.56 respectively [8]