GW COMPOS(SZ:300699) Minsheng Securities·2024-02-04 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [2][3]. Core Insights - The company is expected to achieve a revenue of 2.52 billion yuan in 2023, reflecting a year-over-year growth of 0.3%. However, the net profit attributable to shareholders is projected to decline by 7.0% to 870 million yuan [2]. - In Q4 2023, the company anticipates a significant profit increase of 35%, with a revenue forecast of 770 million yuan, representing a year-over-year growth of 35% [2]. - The company has initiated a share buyback program, with a total fund of 150 to 300 million yuan allocated for repurchasing shares to enhance shareholder value [2]. - The company has shown strong growth in its fiber business, with revenue from non-typical fibers increasing by 46.42% year-over-year, contributing to overall business stability [2]. - The company has a consistent dividend policy, having distributed a total of 1.436 billion yuan in cash dividends since its listing, which accounts for 41% of its cumulative net profit [2]. Financial Forecasts - The projected financial performance for the company from 2023 to 2025 includes: - Net profit attributable to shareholders: 869 million yuan in 2023, 1.089 billion yuan in 2024, and 1.347 billion yuan in 2025 [3][7]. - Revenue growth rates are expected to be 0.3% in 2023, 22.7% in 2024, and 24.6% in 2025 [3][7]. - The price-to-earnings (PE) ratio is forecasted to be 24x for 2023, 19x for 2024, and 15x for 2025 [3][7]. Business Segments Performance - The company’s revenue breakdown for 2023 shows: - Fiber business revenue of 1.667 billion yuan, with a year-over-year growth of 20.28% [2]. - Revenue from energy new materials decreased by 35.54% to 426 million yuan due to reduced orders from traditional clients [2]. - General new materials revenue declined by 10.52% to 268 million yuan, impacted by decreased demand in fishing gear and sports leisure [2]. - Composite materials revenue increased by 14.37% to 93 million yuan, driven by growth in aerospace composite products [2].