Core Viewpoint - The report emphasizes the importance of new materials, particularly carbon fiber, in emerging industries and suggests a patient investment approach in this sector [2][3]. Group 1: New Materials Investment - New materials are defined as those with superior performance and special functions, or significantly improved traditional materials [2]. - The Ministry of Industry and Information Technology highlights that the new materials industry is strategic and foundational for future high-tech industries, representing a key growth engine [2]. - Investment in new materials should focus on two directions: performance upgrades that surpass traditional materials and the rising demands from emerging technologies [2]. Group 2: Carbon Fiber Applications - Carbon fiber and its composites are increasingly applied in various emerging industries, including aerospace, automotive, renewable energy, and recreational products [3]. - The development of new industries such as satellite technology, flying cars, robotics, nuclear fusion, and deep-sea technology is expected to drive further applications of carbon fiber [3]. Group 3: Investment Recommendations - The carbon fiber industry is anticipated to have a promising development outlook due to its broad applications in downstream sectors [4]. - Companies to watch in the military industry include Guangwei Composites, Zhongjian Technology, and AVIC High-Tech [4].

中复神鹰: 中复神鹰碳纤维股份有限公司2024年年 度利润分配预案公告 证券代码：688295 证券简称：中复神鹰 公告编号：2025-012 中复神鹰碳纤维股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ?公司 2024 年度利润分配预案为不进行利润分配，不派发现金红利，不送 红股，不以资本公积转增股本，未分配利润结转至下一年度。 ?本次利润分配方案已经公司第二届董事会第九次会议及第二届监事会第 六次会议审议通过，尚需提交公司股东大会审议。 一、利润分配方案内容 （一）董事会会议的召开、审议和表决情况 年度利润分配预案的议案》，在充分考虑公司经营情况、现金流状况、未来发展 及资金需求等因素后，同意本次利润分配方案并同意将该方案提交公司股东大会 审议。 （二）监事会意见 年度利润分配预案的议案》。监事会认为：公司 2024 年度利润分配预案，充分 考虑了公司经营业绩情况、现金流状况、发展特点及资金需求等各项因素，该预 案的决策程序符合有关法律法规、《公司章程》的规定，不存在损害股东利益的 情形，同 ...

证券研究报告|公司深度研究报告 ➢ 下游需求量不及预期、释放节奏不及预期；产能释放进度不及预期；民用市场拓展不及预期的风险等。 中简科技：国内中高端碳纤维龙头，军民两翼齐飞 华西军工&中小盘团队 陆 洲SACNO:S1120520110001 戚舒扬SACNO:S1120523110001 2025年2月27日 请仔细阅读在本报告尾部的重要法律声明 核心逻辑: 2 ◆ 国内航空航天高端碳纤维龙头，有望在新一轮订单周期中率先受益 ➢ 公司现有产品包括高强型ZT7系列（高于T700级）、ZT8系列（T800级）、ZT9系列（T1000/T1100级）和高模型M系列（包括ZM40J、 ZM40X等）石墨纤维。高附加值ZT9系列开始放量，需求超出预期。我们认为，从上一轮订单周期看，上游材料厂商普遍比主机厂早放量 1～2年，公司有望在本轮周期最先受益。据业绩预告，公司预计2024年归母净利3.17~3.7亿元，我们测算24Q4净利约0.86～1.39亿元，同 比增长约95%～215%。我们预计一季报业绩表现亮眼。 ◆ 产能瓶颈突破，增长迎来新拐点 ➢ 自2023年三期产线建成后，公司产能逐步释放，三期满产后合计产能将有 ...

Core Viewpoint - The article discusses the recent A-round financing of Zhongxin New Carbon (Xiamen) Material Technology Co., Ltd., which aims to enhance production capacity, technology research and development, and market promotion for high-performance carbon materials, particularly focusing on pitch-based carbon fibers and their applications in both military and civilian sectors [3]. Group 1: Company Overview - Zhongxin New Carbon was established in 2022 and specializes in the research and production of high-performance carbon materials, including intermediate pitch, pitch-based carbon fibers, and carbon-carbon composites [3]. - The company has achieved stable production of high-modulus, high-conductivity intermediate pitch at a scale of 50 tons per year and small-scale production of pitch-based carbon fibers and carbon-carbon composites [3][10]. Group 2: Market Context - The domestic carbon fiber market has seen significant growth, with production capacity increasing nearly fivefold from 2019 to 2023. However, the growth rate is expected to slow down in 2024 due to a decrease in demand for PAN-based carbon fibers [11]. - The main challenge for pitch-based carbon fibers is the stability of raw material supply, as many domestic companies have faced difficulties in achieving stable production despite having production lines [8][11]. Group 3: Technical Challenges - The key challenge in producing pitch-based carbon fibers lies in the preparation of high-spinnable intermediate pitch, which has complex requirements for raw material stability and synthesis processes [8]. - Zhongxin New Carbon has made breakthroughs in molecular design to address the challenges of synthesizing intermediate pitch, achieving a product that meets both spinning and foam carbon production needs [8][12]. Group 4: Strategic Focus - The company adopts a dual strategy targeting both civilian and military applications, with a focus on sectors such as 5G communications and aerospace, aiming for significant sales growth in the next three years [12]. - Zhongxin New Carbon is also working to enter national or provincial military-civilian integration projects to secure production orders in aerospace applications within a 2-3 year timeframe [12][13].

Financial Data and Key Indicators Changes - July data remains flat, with real estate sales declining slightly month-on-month, and physical volume data in real estate staying stable [2][4] - The performance of leading companies in the consumer building materials sector is expected to maintain resilience despite high base effects in Q2 [4][5] Business Line Data and Key Indicators Changes - Cement: Regional hotspots show some performance, but demand continues to drag down the sector [3][10] - Architectural glass: Float glass profitability has seen a temporary recovery, but the medium to long-term outlook remains in a bottom-seeking phase [3][15] - Glass fiber: Inventory accumulation has increased, with major manufacturers maintaining stable prices [3][24] - Carbon fiber: Limited demand recovery, with a clear differentiation between low-end and high-end capacities [3][28] Market Data and Key Indicators Changes - The cement market has seen a slight price increase of 0.13% nationwide, with price adjustments varying by region [33] - In the glass industry, the average price of float glass is 1454 RMB/ton, with inventory levels decreasing slightly [15] Company Strategy and Development Direction and Industry Competition - Leading companies in the consumer building materials sector are focusing on long-term positioning despite short-term risks, with a strong emphasis on market share and valuation alignment [2][5] - Companies like Oriental Yuhong and Beixin Building Materials are expected to maintain robust profit growth and competitive advantages in their respective segments [6][7] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the critical impact of real estate sales on the building materials supply chain, indicating that inventory clearance in real estate will significantly enhance the operational environment for the entire sector [4][5] - The outlook for 2024 suggests a profit growth of 15% for Oriental Yuhong, with a recovery in valuation expected as the balance sheet improves [6] Other Important Information - The consumer building materials sector is experiencing a significant divergence in performance between leading and second-tier companies, with the former showing more resilience [5][6] - The glass industry is facing challenges with profitability, as many companies are currently operating at a loss due to high inventory levels and price pressures [15][20] Q&A Session All Questions and Answers Question: What is the outlook for the cement market? - The cement market is expected to see price increases driven by industry self-discipline and seasonal demand fluctuations, although challenges remain due to high inventory levels and weak demand [33][34] Question: How are leading companies in the building materials sector performing? - Leading companies are expected to outperform their peers, with strong management strategies and market positioning allowing them to navigate current challenges effectively [5][6]