中复神鹰（688295）：收入延续高增，盈利拐点夯实

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 1.54 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 37%. The net profit attributable to shareholders was 63 million yuan, a significant increase of 855% year-on-year. The non-recurring net profit was 49 million yuan, up 166% year-on-year [2][6]. - In the third quarter, the company reported a revenue of 620 million yuan, which is a 59% increase year-on-year and an 18% increase quarter-on-quarter. The net profit attributable to shareholders was 51 million yuan, reflecting a year-on-year growth of 253%, although it decreased by 11% compared to the previous quarter [2][6]. - The company has maintained positive profitability, solidifying the turnaround achieved since the second quarter [11]. Financial Performance Summary - The company’s gross margin in the third quarter was approximately 21.5%, which is a 10 percentage point increase year-on-year, despite a 3 percentage point decrease quarter-on-quarter. This change is attributed to the higher proportion of wind power products, which have lower margins [11]. - The operating expenses as a percentage of revenue decreased to 13.0%, down 12.6 percentage points year-on-year, indicating the company's commitment to cost reduction and efficiency improvement [11]. - The net profit margin for the third quarter was approximately 8.3%, which is an increase of 16.8 percentage points year-on-year, maintaining positive profitability levels [11]. Industry Insights - The carbon fiber industry is experiencing a recovery in demand, particularly driven by the wind power sector, which has led to an increase in market share for the company [11]. - The industry’s capacity utilization rate has improved significantly, rising from approximately 48% to 62% since March, indicating a recovery in production levels [11]. - The company has developed several innovative products, including the SYM55X-12K ultra-high strength carbon fiber, positioning itself as a leader in niche markets [11]. Future Projections - The company is projected to achieve net profits of 140 million yuan, 380 million yuan, and 660 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 164, 62, and 35 times earnings [11].