【DT新材料】 获悉，4月25日， 光威复材 发布公告，2025年第一季度，公司实现营业收入为5.65亿元，同比上升10.50%；归母净利润为1.55亿元，同比下降 1.58%；扣非归母净利润为1.41亿元，同比上升11.93%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | (%) | | 营业收入(元) | 565. 306. 244. 36 | 511.597.010.38 | 10. 50% | | 归属于上市公司股东的净利润(元) | 154.828.043.98 | 157.318.737.27 | -1.58% | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 140. 979. 515. 34 | 125, 950, 365. 69 | 11.93% | | 经营活动产生的现金流量净额(元) | 131.600.905.71 | -267.931.449.74 | 149.12% | | 基本每股收益(元/股) | 0. 1862 | 0. 1899 | -1.95% | | 稀释每股收益(元 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but the outlook for its new energy business is improving, with successful development of new fiber products and expansion into new markets expected to drive high-quality growth [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.45 billion yuan, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 741 million yuan, down 15.12% year-on-year [2]. - The fourth quarter saw a significant decline, with revenue of 548 million yuan, a drop of 28.96% year-on-year, and a net profit of 126 million yuan, down 49.93% year-on-year [2]. - Revenue contributions from various sectors include: - Aerospace: 1.172 billion yuan, down 6.48% year-on-year - Space: 264 million yuan, down 24.06% year-on-year - New energy: 699 million yuan, up 16.66% year-on-year [2]. Product Development and Market Expansion - The company has successfully developed T1100 grade and TZ40S fibers, which are being applied in new markets such as civil aviation, low-altitude economy, and consumer electronics [1][3]. - The T1100 grade carbon fiber has passed project assessments and meets high-end equipment requirements, while TZ40S has achieved mass production and is being used in drones and electric aircraft [3]. - The company has also developed ultra-thin prepreg materials for the 3C consumer electronics industry and high-transparency prepreg materials for the photovoltaic industry, both of which are now in stable supply [3]. Investment Outlook - The target price has been adjusted to 37.4 yuan, maintaining a "buy" rating, with expectations of continued growth in carbon fiber demand driven by aerospace equipment [2]. - EPS estimates for 2025-2026 have been revised down to 1.11 and 1.34 yuan respectively, with a new estimate for 2027 at 1.61 yuan [2].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the market due to overcapacity and increased competition in the carbon fiber industry [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.45 billion yuan, a year-on-year decrease of 2.69%, and a net profit attributable to shareholders of 741 million yuan, down 15.12% [1]. - For Q4 2024, revenue was 548 million yuan, a significant decline of 28.96%, with net profit dropping 49.93% to 126 million yuan [1]. Segment Performance - The carbon fiber and fabric segment generated revenue of 1.45 billion yuan, down 12.91% year-on-year, accounting for 59.27% of total revenue [2]. - The T800 grade carbon fiber saw a revenue increase of 64.64% to 472 million yuan, while the T700 grade remained stable due to increased demand for T700 in equipment [2]. - Wind power carbon beam business experienced a recovery with revenue of 537 million yuan, up 25.81% year-on-year [2]. - The prepreg business generated 234 million yuan, down 12.86%, primarily due to intensified competition and price declines [2]. - The composite technology segment achieved revenue of 107 million yuan, up 15.6%, driven by growth in drone-related businesses [2]. - The precision machinery segment saw a significant increase in revenue of 89 million yuan, up 161.20% [2]. New Product Development - The company is actively developing new products and expanding into new fields such as civil aviation, low-altitude economy, and electromagnetic energy storage [4]. - New T1100 and T1100 grade carbon fibers have been developed to meet high-end equipment needs, with successful applications in drones and electric aircraft [4]. - The GW300 carbon fiber and flame-retardant prepreg have been approved for use in large aircraft, marking a significant milestone for the company [4]. - New high-performance prepregs for various applications, including 3C consumer electronics and photovoltaic industries, have been successfully developed and are in stable supply [4]. Production Capacity Expansion - The company successfully passed the equivalence verification for a certain model of carbon fiber production line, ensuring product performance consistency [5]. - The first phase of the 4000-ton high-performance carbon fiber production line in Inner Mongolia was completed and began production in mid-2024 [5].

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 ...

36氪未来产业 . 聚焦产业创新与投资前沿，挖掘产业与城市发展新叙事。36氪旗下官方账号。 中间相沥青基碳纤维最大的挑战性在于其关键原料—— 高可纺性中间相沥青的制备。 文 ｜ 张冰冰 编辑 ｜ 阿至 封面来源 ｜ 企业供图 36氪获悉，中欣新碳（厦门）材料科技有限公司（以下简称"中欣新碳"）宣布完成A轮融资，本轮投资方为厦门高新科创天使创 业投资有限公司，此轮融资将主要用于扩大产能、技术研发、市场推广及连续长丝产线建设等方面，并进一步拓展其产品在军 用、民品两大领域的应用。 " 中欣新碳" 成立于 2022 年，是一家专注于高性能碳材料研发与生产的创新型企业。主要产品包括中间相沥青、中间相沥青基碳 纤维、碳碳复合材料等。实现了高模量、高导热、高可纺性的中间相沥青50吨/年规模化稳定制备，以及中间相沥青基碳纤维和碳 碳复合材料的小规模制备。 以下文章来源于36氪未来产业 ，作者张冰冰，阿至 拉伸强度、弹性模量、导热率是衡量碳纤维材料的重要指标，中间相沥青基碳纤维的优异性能使其在航空航天、尖端装备、轨道 交通等高端技术领域与主流PAN基碳纤维产品形成互补。 中间相沥青被誉为高性能碳材料之母，应用前景广泛，但同时 ...