GW COMPOS(SZ:300699) Soochow Securities·2025-08-20 01:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.201 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 269 million yuan, a decrease of 26.85% year-on-year [2] - The fluctuation in performance is primarily due to product structure adjustments, with high-margin carbon fiber and fabric segments experiencing a revenue decline of 6.85% to 636 million yuan, despite maintaining a gross margin of 60.32% [2] - The low-margin wind power carbon beam business benefited from a recovery in downstream wind power demand, achieving a revenue increase of 47.95% to 369 million yuan, becoming a key growth driver [2] - The overall gross margin decreased from 44.63% in the first half of 2024 to 42.47% in the first half of 2025, influenced by changes in product structure [2] - The company is optimizing resource allocation to promote the scaling of products like wind power carbon beams, although demand in high-value-added areas is under short-term pressure, leading to profit growth significantly lagging behind revenue growth [2] Financial Summary - The company forecasts total revenue of 2.694 billion yuan for 2025, with a year-on-year growth of 9.94% [1] - The net profit attributable to shareholders is projected to be 761 million yuan in 2025, reflecting a year-on-year increase of 2.68% [1] - The latest diluted EPS is expected to be 0.92 yuan per share for 2025, with a P/E ratio of 34.17 [1] - The comprehensive gross margin for the first half of 2025 was 42.47%, with the carbon fiber and fabric segment maintaining a gross margin of 60.32% [2] - The company reported a cash flow from operating activities of 307 million yuan, a decrease of 15.76% year-on-year, primarily due to changes in payment collection and increased inventory [2]