GW COMPOS(300699) 兴业证券·2024-11-13 08:53Investment Rating - The investment rating for the company is "Add" [1][15]. Core Insights - The company reported a revenue of 1.902 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 8.90%. However, the net profit attributable to shareholders decreased by 1.00% to 615 million yuan [4][5]. - The company achieved a significant increase in revenue and net profit in Q3 2024, with revenue reaching 746 million yuan, up 42.63% year-on-year and 15.79% quarter-on-quarter. The net profit attributable to shareholders for Q3 was 247 million yuan, an increase of 18.62% year-on-year and 16.90% quarter-on-quarter [5][8]. - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 927 million yuan, 1.068 billion yuan, and 1.230 billion yuan for 2024, 2025, and 2026 respectively [15]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 46.76%, an increase of 0.77 percentage points year-on-year. The net profit margin was 32.33%, a decrease of 3.23 percentage points year-on-year [9][10]. - The company’s operating cash flow for the first three quarters of 2024 was 103 million yuan, a decrease of 55.57% year-on-year [13]. - Accounts receivable increased significantly, reaching 1.024 billion yuan, up 54.19% from the beginning of the year, while inventory also grew by 57.00% to 716 million yuan [14]. Business Segment Performance - The carbon fiber segment achieved sales revenue of 1.147 billion yuan, a year-on-year increase of 3.76%, driven by stable demand for equipment carbon fiber [8]. - The energy new materials segment saw sales revenue of 410 million yuan, up 20.43% year-on-year, benefiting from the smooth progress of new customer mass production [8]. - The precision machinery segment reported a remarkable growth in sales revenue of 64 million yuan, an increase of 266.06% year-on-year [8].