Sinofibers(SZ:300777) EBSCN·2025-06-06 07:20Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [6]. Core Views - The company plans to invest 1.402 billion yuan to build a high-performance carbon fiber production project with an annual capacity of 2,000 tons, expected to generate annual sales revenue of 1.588 billion yuan and a net profit of 773.74 million yuan upon reaching full capacity [1]. - The demand for carbon fiber is on the rise, particularly in the aerospace sector, with a projected global demand of 156,100 tons in 2024, representing a year-on-year growth of 35.7% [3]. - The company has achieved advanced performance levels in its aerospace-grade carbon fiber products, enabling domestic substitution and meeting national strategic needs [2]. Summary by Sections Investment Project - The company is set to invest 1.402 billion yuan in a project to produce high-performance carbon fiber, with a construction period of three years and a full production rate expected by the seventh year [1]. Market Demand - The aerospace and military sectors are expected to see a 20% increase in carbon fiber demand in 2024, with the total demand in China reaching 84,000 tons, a 21.7% increase year-on-year [3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 483 million yuan, 609 million yuan, and 705 million yuan respectively, reflecting significant growth [3][5]. - The report forecasts a recovery in downstream demand, leading to an upward revision of profit estimates for 2025-2026 [3]. Competitive Position - The company is positioned as a core supplier of high-end carbon fiber for aerospace applications, with a strong focus on expanding production capacity to meet growing market needs [2][3].