GW COMPOS(SZ:300699) Minsheng Securities·2024-04-07 16:00Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the domestic special carbon fiber market and its strong growth potential [2][3]. Core Insights - The company achieved a revenue of 2.52 billion yuan in 2023, a year-on-year increase of 0.3%, with a net profit attributable to shareholders of 873 million yuan, down 6.5% year-on-year. The performance met expectations, with stable growth in fiber business and the Baotou project expected to commence production in the first half of 2024 [2]. - In Q4 2023, the company reported a revenue of 770 million yuan, a year-on-year increase of 35%, marking a historical high for quarterly revenue. The net profit for the quarter was 250 million yuan, up 36.9% year-on-year, with a net profit margin of 31.9% [2]. - The aerospace and defense sectors showed steady growth, with new types of carbon fiber experiencing rapid growth. The fiber segment generated 1.67 billion yuan in revenue, up 20.28% year-on-year, driven by stable demand in aerospace and defense [2]. - The company is expanding its business from upstream material supply to downstream applications in aerospace, wind power, and low-altitude sectors, creating a strong synergistic industrial layout [2]. Financial Summary - The company forecasts revenues of 3.09 billion yuan, 3.85 billion yuan, and 4.80 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 22.8%, 24.6%, and 24.5% [3][7]. - The net profit attributable to shareholders is projected to be 1.08 billion yuan, 1.34 billion yuan, and 1.68 billion yuan for the same years, with growth rates of 23.6%, 24.4%, and 25.3% [3][7]. - The company's PE ratios for 2024, 2025, and 2026 are estimated at 22x, 17x, and 14x, respectively, reflecting its strong market position and growth potential [3][7].