Zhongfu Shenying Carbon Fiber (SH:688295) Huachuang Securities·2025-05-23 07:20Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][18]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 1.557 billion yuan, down 31.07% year-on-year, and a net profit attributable to shareholders of -124 million yuan, marking a shift to a loss [2][4]. - In Q1 2025, the company continued to experience revenue decline, achieving 402 million yuan, a decrease of 10.40% year-on-year, with a net loss of 45 million yuan [2][4]. - The carbon fiber industry is facing a temporary supply-demand imbalance, leading to price pressures and reduced profitability for the company [4][8]. Financial Summary - The company's total revenue is projected to recover to 1.944 billion yuan in 2025, with a growth rate of 24.8%, and further increase to 3.398 billion yuan by 2027, reflecting a growth rate of 37.9% [4][9]. - The net profit is expected to turn positive in 2025, reaching 65 million yuan, and continue to grow to 251 million yuan by 2027 [4][9]. - The company's gross margin is projected to decline to 14.25% in 2024, down 16.36 percentage points year-on-year, with a net margin of -7.99% [4][8]. Market Position and Strategy - The company is advancing its product structure upgrade and diversifying applications, particularly in high-performance carbon fiber for aerospace, hydrogen storage, and unmanned aerial vehicles [4][8]. - The construction of a new facility in Lianyungang, with a planned capacity of 31,000 tons, aims to leverage advanced carbon fiber technology and enhance production capabilities [4][8]. - The company is focusing on strengthening its product adaptability and deepening customer relationships in various sectors, including wind energy, photovoltaic thermal fields, and automotive lightweighting [4][8].