碳纤维需求预期回归，航空及卫星应用前景可期

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 33.58 CNY per share, corresponding to a PE ratio of 27 times for 2024 [4][12]. Core Views - The company reported a revenue of 2.518 billion CNY in 2023, a slight increase of 0.26% year-on-year, while the net profit attributable to shareholders decreased by 6.54% to 873 million CNY. The non-recurring net profit fell by 18.61% to 712 million CNY [2][3]. - The demand for carbon fiber is expected to rebound, with promising prospects in aerospace and satellite applications. The revenue from the fiber segment, driven by stable growth in aerospace and aerospace demand, reached 1.667 billion CNY, up 20.28% year-on-year. The T300/T700/T800/MJ series carbon fiber products saw year-on-year increases of 2.91%, 16.06%, 50.61%, and 54.45%, respectively [2][3]. - The wind power carbon beam business in the new energy materials segment generated revenue of 426 million CNY, down 35.54% year-on-year, due to a decline in both order volume and prices from traditional major customers [2][3]. - The prepreg business in the general new materials segment faced a revenue decline of 10.52% year-on-year, primarily due to a drop in export business in traditional markets such as fishing gear and sports leisure [2][3]. - The overall gross margin decreased by 0.42 percentage points to 48.66%, with specific declines in the gross margins of carbon fiber and fabric, carbon beams, and prepregs [2][3]. - For 2024, the company expects to accelerate the production of new aerospace carbon fibers and satellite structure applications, alongside a recovery in the wind power carbon beam business, enhancing performance support capabilities [2][3]. Financial Forecast - The company forecasts EPS of 1.26 CNY, 1.64 CNY, and 2.04 CNY for 2024, 2025, and 2026, respectively, with expected growth rates of 20.0%, 29.6%, and 23.8% in revenue [3][9].