Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 15.68 RMB [6]. Core Views - The company's Q1 2025 results show significant improvement in revenue and net profit, with year-on-year increases of 31.4% and 61.8%, respectively, driven by the recovery in glass fiber prices and the maturation of new production lines [1]. - The gross margin for Q1 2025 improved to 22.6%, up 1.0 percentage points year-on-year and 1.5 percentage points quarter-on-quarter, attributed to higher glass fiber prices and reduced production costs as new capacity comes online [2]. - The operating expense ratio decreased to 10.5%, down 2.4 percentage points year-on-year, with significant reductions in financial expenses due to favorable exchange rate changes [3]. - The company maintains its profit forecast for 2025-2027, projecting net profits of 4.0 billion, 6.0 billion, and 7.6 billion RMB, respectively, with a corresponding PE ratio of 16x for 2025 [4]. Summary by Sections Financial Performance - Q1 2025 revenue reached 760 million RMB, with a net profit of 80 million RMB, reflecting strong growth compared to the previous year [1]. - The gross margin for Q1 2025 was reported at 22.6%, showing improvements due to rising glass fiber prices [2]. Cost Management - The operating expense ratio improved significantly, with a notable decrease in financial expenses due to exchange rate gains [3]. Profit Forecast and Valuation - The company forecasts net profits of 4.0 billion RMB for 2025, with a target price set at 15.68 RMB, reflecting a PE ratio of 16x [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 23.984 billion RMB for 2024, a decrease of 7.36% year-on-year, and a net profit attributable to shareholders of 0.892 billion RMB, down 59.90% year-on-year [1] - The report indicates that the company's performance exceeded the midpoint of previous forecasts [1] - The company expects a recovery in profitability driven by high demand in the wind power sector and improved supply-demand dynamics [3] Revenue and Profit Analysis - The company achieved a total revenue of 239.84 billion RMB in 2024, with a significant decline in net profit [1] - The breakdown of net profit contributions includes 0.37 billion RMB from fiberglass, 0.186 billion RMB from wind blades, and 0.022 billion RMB from lithium membranes, while other businesses contributed a loss of 0.314 billion RMB [2] - The company faced substantial asset impairments of 84.23 million RMB and credit impairments of 47.50 million RMB, impacting overall performance [2] Segment Performance - Fiberglass sales remained stable at 136,000 tons, generating revenue of 77.4 billion RMB, with a net profit of 0.37 billion RMB [2] - Wind blade sales reached 24 GW, resulting in revenue of 85.7 billion RMB, with a net profit of 0.318 billion RMB [3] - Lithium membrane sales increased by 9% to 1.9 billion square meters, generating revenue of 1.47 billion RMB, with a net profit of 0.044 billion RMB [3] Forecast and Valuation - The company forecasts net profits of 1.562 billion RMB, 2.016 billion RMB, and 2.319 billion RMB for 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 16x, 12x, and 11x [4] - The report anticipates a recovery in net profit growth rates, projecting increases of 75.12% in 2025 and 29.08% in 2026 [6]

Summary of Conference Call for Changhai Co., Ltd. Industry Overview - The wind power market is expected to decline starting November 2024, but specific market changes are anticipated in the second half of 2025, indicating a potential recovery in demand for wind power products [2][3] - The overall industry inventory level is approximately two months, while the company's inventory is around 30 to 40 days, reflecting an improvement in production and operational conditions [2][7] Company Performance and Strategy - The company has increased its wind power yarn production target from 40,000 tons to 60,000 tons, indicating a strategic shift towards the wind power sector [2][12] - The production and sales ratio has recovered to about 90%, significantly higher than the previous year's 75%, suggesting a gradual recovery in market demand [2][8] - The company plans to gradually increase product sales and adjust its product mix, aiming for yarn and products to account for 60% of total sales in 2025, potentially rising to 64% later [2][14] - The company aims to establish a stable supply-demand relationship in the wind power sector by 2025, with wind power yarn revenue expected to reach 20% of total revenue once new production lines are fully operational [2][16] Export and Market Dynamics - Export orders performed well in the first quarter, maintaining an export ratio of around 25%, but the second half of the year may face uncertainties due to tariff policies and international market fluctuations [2][18][19] - The company has a pricing strategy in place, with annual contract negotiations resulting in price increases, which are expected to help improve profitability [2][25][26] Chemical Sector Insights - The chemical segment has seen a year-on-year decline in profitability, with stable sales but reduced profit margins due to a sluggish composite materials market [2][21][22] - The company is focused on maintaining market share rather than immediate profitability, indicating a long-term strategy to recover lost customers and improve market positioning [2][22] Future Outlook - The company is optimistic about the wind power industry, which is currently concentrated among five major companies, and anticipates a balanced supply-demand situation of around 1.5 million tons [2][29] - The company is preparing for a stock incentive and employee shareholding plan to attract talent and adjust management structures following the addition of new production capacity [2][23] Additional Considerations - The company is monitoring the impact of anti-dumping investigations in Europe, with results expected in June, which could affect pricing strategies [2][6][10] - The transition from small wind turbine projects to larger, more efficient models is ongoing, with significant updates and replacements expected in the coming years [2][30]

重庆国际复合材料股份有限公司 招股说明书（注册稿） 重庆国际复合材料股份有限公司 （重庆市大渡口区建桥工业园 B 区） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书作为投资决定的依据。 保荐机构（主承销商） （西安市高新区锦业路 1 号都市之门 B 座 5 层） 联席主承销商 创业板投资风险提示 本次股票发行后拟在创业板上市，创业板公司具有创新投入大、新旧产业融合 存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投 资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披 露的风险因素，审慎作出投资决定。 二〇二三年六月 1-1-1 重庆国际复合材料股份有限公司 招股说明书（注册稿） 声 明 中国证监会、深交所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 ...