| 9月10日PM | 14:00-20:00会议签到 | | 高分子产业发展闭门会议暨项目路演 | | --- | --- | --- | --- | | 9月11日AM | | 高分子产业年会(全体大会) & 2025"新塑奖"评选颁奖盛典 | | | 9月11日PM | 第十届中国国际工程塑料产业 | 具身机器人创新材料 | AI赋能高分子材料 | | | 创新大会 | 及应用论坛 | 开发专场 | | 9月12日全天 | 第三届高分子电磁复合材料及 | 第七届新能源汽车创 | 航空航天与低空经济创新材 | | | 应用论坛 | 新材料及应用论坛 | 料及应用论坛 | | 会议全程 | 科研成果展示及终端对接专区 | 产品及设备展区 | "新塑奖"获奖企业专区 | (一)全体大会:开幕式及产业宏观论坛 【DT新材料】 获悉，8月26日， 上海市经济和信息化委员会 消息，上海市经信委等七部门联合公告设立 上海国际化工新材料创新中心等11家新材料 中试基地，其中8家涉及化工新材料。 具体包括： 上海市新材料中试基地名单(第一批) | 序号 | 中试基地名称 | 功能类别 | 承担单位 | 优势/特色 | | ...

⚫ 下游需求低于预期；产品价格下降风险 ⚫ 考虑到研发费用阶段性较高，调整 25、26 年归母净利润预期为 13.01、15.16 亿元 （原为 13.06、15.16 亿元），新增 27 年预期为 17.59 亿元，参考可比公司 25 年 43 倍 PE，给予目标价 39.99 元，维持买入评级。 风险提示 积极开拓民用航空及低空产业，打造公司 下一增长点 核心观点 盈利预测与投资建议 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,780 | 5,072 | 5,884 | 6,816 | 7,888 | | 同比增长 (%) | 7.5% | 6.1% | 16.0% | 15.8% | 15.7% | | 营业利润(百万元) | 1,212 | 1,357 | 1,533 | 1,789 | 2,077 | | 同比增长 (%) | 36.0% | 11.9% | 13.0% | 16.7% | 16.1% | | 归属母公司净利润(百万 ...

投资要点 [事Ta件bl：e_公Su司mm发ar布y] 2025 年中报。公司2025 年上半年实现营业收入27.47 亿元，同比去年 +7.87%；归母净利润6.05 亿元，同比去年+0.24%。 主要因高毛利的航空新材料收入占比提升。2025 年上半年期间费用率合计6.27%，同比下降1.18 个百分 点，其中销售费用率降至0.37%，研发费用率升至3.50%。2025 年上半年经营性现金流净额89.44 亿元， 同比大增160.85%，主因中航复材票据到期回款增加。截至2025 年上半年合同负债7.86 亿元，较年初减 少8.87 亿元，反映订单预收款阶段性下降；存货127.86 亿元，与年初基本持平，其中原材料与在产品略 有增加，库存商品小幅下降，整体库存管理稳健。 2025 年上半年，公司核心竞争力持续巩固：中航复材新增授权专利8项，累计有效专利达330 项，巩固 航空复合材料领域技术领先地位；优材百慕完成波音747-400/400F 及国产ARJ21-700 碳刹车盘副适航取 证，并启动新型号取证工作。资本运作方面，母公司以1.20 亿元增资长盛科技，持股比例升至20%，布 局碳纤维产业链上游；同 ...

航空先进制造产业化业务正在调整和转型，营收0.29 亿元(YoY+60.5%)，归母净利润-0.07 亿元，实现同 比减亏。 事件：公司发布2025 年半年报，2025H1 公司实现营业收入27.47 亿元，同比上升7.87%；实现归母净利 润6.05 亿元，同比上升0.24%。 25H1 业绩符合预期, 全年任务有望顺利完成：2025H1 公司实现营业收入27.47 亿元，同比上升7.87%； 实现归母净利润6.05 亿元，同比上升0.24%，经营保持稳健发展态势。 Q2 业绩环比有一定季节性波动： 25Q2 营收13.46 亿元（YoY+9.47%，QoQ-3.95%），归母净利2.47 亿 元（YoY-2.12%，QoQ-30.91%），环比净利润下降明显，主要系Q2 毛利率环比下降，或为季节性波 动。公司2025 年经营目标为营收58 亿元，利润总额13.63 亿元，25H1 已分别完成全年经营工作目标的 47.37%和53.27%，业绩基本符合预期。 费用控制良好，强化研发能力建设：公司25H1 毛利率37.8%，同比提高0.5pct，其中Q2 毛利率34.2%， 同比上涨1.2pct。公司期间费用 ...

其他军工Ⅲ 中航高科（600862.SH） 增持-A(维持) 2025 年 8 月 25 日 公司研究/公司快报 | 市场数据：2025 年 8 月 | 22 日 | | | --- | --- | --- | | 收盘价（元）： | | 25.95 | | 年内最高/最低（元）： | | 29.27/17.17 | | 流通 A 股/总股本（亿股）： | | 13.93/13.93 | | 流通 A 股市值（亿元）： | | 361.50 | | 总市值（亿元）： | | 361.50 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.43 | | 摊薄每股收益(元)： | | | 0.43 | | 每股净资产(元)： | | | 5.58 | | 净资产收益率(%)： | | | 7.86 | 分析师： 骆志伟 电话：010-83496308 邮箱：litong@sxzq.com 航空新材料业务稳健增长，持续受益复材市场蓬勃发展 事件描述 中航高科公司发布了 2025 年中报。2025 年上半年公 ...

2025 年 8 月 24 日 公司研究 碳梁业务表现亮眼，新领域应用不断拓展 ——光威复材（300699.SZ）2025 年中报点评 要点 事件：公司发布 2025 年中报。2025H1，公司实现营业收入 12.01 亿元，同比 +3.87%；实现归母净利润 2.69 亿元，同比-26.85%；实现扣非归母净利润 2.46 亿元，同比-24.23%。25Q2 实现营业收入 6.35 亿元，同比-1.40%；实现归母净 利润 1.15 亿元，同比-45.69%。 碳纤维、预浸料业务收入小幅下滑，风电碳梁业务表现亮眼。分业务板块来看， 25H1，碳纤维及织物、碳梁、通用新材料预浸料、复材科技、精密机械、光晟 科技分别实现收入 6.36 亿元、3.69 亿元、1.11 亿元、0.35 亿元、0.37 亿元、 753.65 万元，同比-6.85%、+47.95%、-5.17%、-46.20%、+7.88%、+44.79%。 其中，碳纤维板块收入小幅下降，主要是由于行业供需失衡、工业用高性能碳纤 维产品价格下降以及装备用碳纤维受传统型号产品需求节奏影响等；风电碳梁收 入高增，主要是由于新客户业务规模扩大、传统客户订单 ...

Core Viewpoint - 中航高科's 2025 half-year report shows steady growth in revenue and profit, aligning with market expectations, and the company is positioned to capitalize on new opportunities in the aerospace materials sector [2][3]. Financial Performance - In 1H25, 中航高科 achieved revenue of 2.75 billion yuan, a year-over-year increase of 7.9%, and a net profit attributable to shareholders of 610 million yuan, up 0.2% year-over-year [2]. - The company completed 47.37% of its annual revenue target and 53.27% of its profit target in the first half of the year [2]. - In Q2 2025, revenue reached 1.35 billion yuan, reflecting a 9.5% year-over-year growth, while net profit was 250 million yuan, down 2.1% year-over-year [2]. Business Segments - The aerospace new materials segment generated revenue of 2.72 billion yuan, up 7.89% year-over-year, primarily due to increased deliveries of prepreg products [3]. - The advanced manufacturing technology segment reported revenue of 28.85 million yuan, significantly up from 15.73 million yuan in the previous year, driven by growth in aerospace components and specialized equipment [3]. Strategic Initiatives - 中航高科 is accelerating its layout in the civil aviation industry and seizing opportunities in the low-altitude economy, focusing on projects that enhance capabilities in aviation composite materials and advanced resin production [3][4]. - The company is implementing an innovation-driven development strategy, with R&D expenses increasing to 100 million yuan, representing 3.5% of revenue [4]. Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 890 million yuan in 1H25, a year-over-year increase of 160.9%, mainly due to the collection of receivables from major clients [4]. - As of the end of Q2 2025, accounts receivable and inventory increased to 4.24 billion yuan and 1.28 billion yuan, respectively, compared to the beginning of the year [4]. Investment Outlook - 中航高科 is recognized as a leading player in China's aerospace carbon fiber composite materials sector, benefiting from the accelerated commercialization of domestic aircraft like the C919 and the growing demand for composite materials in new applications [4]. - Profit forecasts for 2025, 2026, and 2027 are 1.3 billion yuan, 1.529 billion yuan, and 1.78 billion yuan, respectively, with corresponding price-to-earnings ratios of 28x, 24x, and 20x [4].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 36.00 [1][4][6]. Core Views - The company reported a revenue of RMB 1.201 billion for H1 2025, a year-on-year increase of 3.87%, but a net profit of RMB 269 million, which is a year-on-year decrease of 26.85%. The decline in net profit is attributed to increased R&D expenses, depreciation from the Baotou project, and intensified competition in the civilian fiber industry [1][2]. - The company expects future growth driven by large contract orders and contributions from the Baotou project, maintaining a positive outlook despite current pressures [1][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 1.201 billion, with a net profit of RMB 269 million, reflecting a decrease in net profit compared to the previous year [1]. - Q2 2025 revenue was RMB 635 million, down 1.40% year-on-year but up 12.42% quarter-on-quarter. The net profit for Q2 was RMB 115 million, down 45.69% year-on-year and down 25.97% quarter-on-quarter [1][2]. Business Segments - The carbon fiber and fabric segment saw a revenue decline of 6.9% year-on-year to RMB 636 million, impacted by supply-demand imbalances and price declines [2]. - The carbon beam segment's revenue increased by 48% year-on-year to RMB 370 million, while the prepreg segment's revenue decreased by 5.2% year-on-year to RMB 110 million [2]. Contracts and Growth Potential - The company successfully signed a large contract worth RMB 3.664 billion in December 2024, with an execution rate of 16% for 2024. Additionally, a new procurement contract worth RMB 658 million was signed in June 2025 [3]. - The successful verification of new production lines for key carbon fiber products is expected to enhance the company's competitive strength and contribute to revenue growth [3]. Profit Forecast and Valuation - The net profit forecast for 2025 has been adjusted downwards due to increased R&D expenses and competition, but the forecasts for 2026 and 2027 remain unchanged. The projected net profits for 2025, 2026, and 2027 are RMB 750 million, RMB 1 billion, and RMB 1.121 billion, respectively [4][9]. - The target price is set at RMB 36.00, based on a 40x PE ratio for 2025, reflecting a slight increase from the previous target price of RMB 35.02 [4].

Core Insights - The prepreg industry in China is experiencing growth driven by lightweight demands, particularly in aerospace, automotive, and construction sectors, with a projected market size of 150 billion yuan in 2024, reflecting an 8.1% year-on-year increase [1][10][12] - Technological advancements, including smart production and eco-friendly thermoplastic prepregs, are enhancing performance and production efficiency [1][10] - The demand for prepregs is expected to rise from 27.2 million square meters in 2019 to 33.8 million square meters in 2024, while production is projected to reach 27.1 million square meters, resulting in a supply-demand gap of 6.7 million square meters [12] Industry Overview - Prepregs are composite materials made by impregnating continuous fibers or fabrics with resin under controlled conditions, widely used in aerospace, automotive, wind energy, and construction [3][6] - The industry is categorized based on physical state, resin matrix, reinforcement materials, fiber length, and curing temperature [4][6] Industry Chain - The upstream materials for the prepreg industry include reinforcement materials (glass fiber, carbon fiber, aramid fiber) and matrix materials (phenolic and epoxy resins) [6] - The midstream involves the manufacturing of prepregs, while the downstream includes the production of composite materials used in various applications [6] Competitive Landscape - The prepreg market is characterized by international firms dominating the high-end market, while Chinese companies focus on the mid to low-end segments [14] - Key international players include Toray and Hexcel, while domestic companies like Zhongfu Shenying and Guangwei Composite are emerging through cost control and technological advancements [14] Market Trends - The demand for high-end prepregs is expected to grow, with ongoing R&D investments aimed at meeting domestic market needs [20] - Continuous innovation in technology, such as nano-modification and rapid curing processes, is anticipated to enhance the mechanical properties and durability of prepregs [21] - The application of prepregs is expanding from high-end sectors like aerospace to consumer markets, including new energy vehicles and sports equipment [23] - The industry is increasingly focusing on sustainable development, exploring bio-based and biodegradable resins to reduce environmental impact [24]

Core Viewpoint - The article highlights the significant investment and expansion of Zhejiang Wanli Carbon Fiber Intelligent Equipment Co., Ltd. in the carbon fiber industry, particularly through a new project in Altay, Xinjiang, with a total investment of 5 billion yuan [1][2]. Group 1: Project Overview - The new carbon fiber project in Altay, Xinjiang, will cover an area of 1,500 acres and include a factory space of 360,000 square meters, aiming for an annual production capacity of 60,000 tons of precursor and 30,000 tons of carbon fiber [2]. - The project is expected to be fully operational within three years, with some production lines set to start outputting carbon fiber by the end of this year [2]. Group 2: Previous Projects - Zhejiang Wanli Carbon Fiber has previously established projects in Zhejiang, Liaoning, and Inner Mongolia, including: - A joint venture in Tongxiang, Zhejiang, with an investment of 1.08 billion yuan, targeting an annual output of 10 million square meters of carbon fiber woven fabric and 6,000 tons of pultruded profiles [3]. - A project in Fuxin, Liaoning, with an investment of 2.78 billion yuan, focusing on carbon fiber fabrics and composite materials [3]. - An ongoing project in Wuhai, Inner Mongolia, with a total investment of 4 billion yuan, aiming for an annual production of 28,000 tons of carbon fiber [3]. Group 3: Market Dynamics - The carbon fiber market has shifted from a supply-demand imbalance to a focus on sales capabilities, indicating a need for new project operators to manage investment and production pacing effectively [4]. - There is a notable supply-demand gap in large tow and T300 products, while high-performance carbon fibers like T700 remain in short supply [4].