GW COMPOS(SZ:300699)2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 2.518 billion yuan 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 yuan [6][7]. - In Q4 2023, the company achieved a revenue of 771 million yuan, representing a year-on-year growth of 35.03%, and a net profit of 250 million yuan, up 36.93% year-on-year [6][7]. - The report highlights that the company's performance was impacted by changes in customer demand across multiple sectors, but anticipates a recovery in performance due to industry conditions improving and customer demand rebounding [7]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 2.518 billion yuan, with a year-on-year growth of 0.26%. The revenue breakdown includes: - Fiber segment: 1.667 billion yuan (yoy +20.28%) - Energy new materials segment: 426 million yuan (yoy -35.54%) - General new materials segment: 268 million yuan (yoy -10.52%) - Composite materials segment: 93 million yuan (yoy +14.37%) [6][7]. - The gross profit margin for 2023 was 48.66%, a decrease of 0.42 percentage points from the previous year, while the net profit margin was 33.40%, down 2.69 percentage points [7]. Future Outlook - The report projects a decrease in net profit estimates for 2024 and 2025 to 960 million yuan and 1.125 billion yuan, respectively, due to pricing pressures and demand adjustments. The 2026 estimate is set at 1.35 billion yuan [7][8]. - The company is expected to benefit from stable growth in aerospace applications and the gradual contribution from satellite and rocket applications, alongside the ongoing development of its supply chain [7][8]. Valuation Metrics - The current price-to-earnings (PE) ratios are projected at 25 for 2024, 21 for 2025, and 18 for 2026, indicating a favorable valuation relative to expected earnings growth [8][9].