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 ...

证券代码：300699 证券简称：光威复材 威海光威复合材料股份有限公司投资者关系活动记录表 编号：【2025】第 005 号 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 路演活动 | | | □现场参观 □其他 | | | 机构投资者：安信基金、蚌埠明道资产管理、北京汇涓私募基 | | | 金、北京文博启胜投资、北京禹田资本、炳耀资产、晨壹投资、 | | | 大朴资产、东吴证券、方正证券、耕霁（上海）投资管理、广 | | | 东钜洲投资、广东省大湾区集成电路与系统应用研究院、广东 | | | 谢诺辰阳私募证券、广东正圆私募基金、广发证券、广州瑞民 | | | 私募证券投资基金、国都证券、国海证券、国金证券、国联民 | | | 生证券、国联证券、国盛证券、国投证券、国信证券、杭州海 | | | 化鸿图投资、杭州萧山精富私募基金、弘毅远方基金、鸿运私 | | | 募基金、华泰柏瑞基金、华泰证券、华泰资产、华夏基金、华 | | | 夏久盈、華商基金、汇丰晋信基金、金鹰基金、昆仑健康保险、 | | 参与单位 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.201 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 269 million yuan, a decrease of 26.85% year-on-year [2] - The fluctuation in performance is primarily due to product structure adjustments, with high-margin carbon fiber and fabric segments experiencing a revenue decline of 6.85% to 636 million yuan, despite maintaining a gross margin of 60.32% [2] - The low-margin wind power carbon beam business benefited from a recovery in downstream wind power demand, achieving a revenue increase of 47.95% to 369 million yuan, becoming a key growth driver [2] - The overall gross margin decreased from 44.63% in the first half of 2024 to 42.47% in the first half of 2025, influenced by changes in product structure [2] - The company is optimizing resource allocation to promote the scaling of products like wind power carbon beams, although demand in high-value-added areas is under short-term pressure, leading to profit growth significantly lagging behind revenue growth [2] Financial Summary - The company forecasts total revenue of 2.694 billion yuan for 2025, with a year-on-year growth of 9.94% [1] - The net profit attributable to shareholders is projected to be 761 million yuan in 2025, reflecting a year-on-year increase of 2.68% [1] - The latest diluted EPS is expected to be 0.92 yuan per share for 2025, with a P/E ratio of 34.17 [1] - The comprehensive gross margin for the first half of 2025 was 42.47%, with the carbon fiber and fabric segment maintaining a gross margin of 60.32% [2] - The company reported a cash flow from operating activities of 307 million yuan, a decrease of 15.76% year-on-year, primarily due to changes in payment collection and increased inventory [2]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its industry-leading position and expansion opportunities in emerging fields [4][6]. Core Viewpoints - The company reported a revenue of 1.2 billion yuan for the first half of 2025, a year-over-year increase of 3.9%, but a decline in net profit by 26.9% [1]. - The carbon fiber segment faced challenges due to supply-demand imbalances and price declines, while the wind power carbon beam business experienced rapid growth with a revenue increase of 47.95% [2]. - The company is expected to break through production capacity constraints with the approval of new production lines and has significant contracts in place, ensuring stable future demand [4]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 640 million yuan, a decrease of 1.4% year-over-year but an increase of 12.4% quarter-over-quarter. The net profit for the same quarter was 110 million yuan, down 45.7% year-over-year and 26.0% quarter-over-quarter [1]. - The gross margin for the first half of 2025 decreased by 2.1 percentage points to 42.5%, while the net margin fell by 8.1 percentage points to 22.1% [1]. Segment Performance - The carbon fiber segment generated a revenue of 636 million yuan, down 6.85% year-over-year, primarily due to price declines and demand fluctuations [2]. - The wind power carbon beam business saw a revenue of 369 million yuan, reflecting a growth of 47.95% year-over-year [2]. - Other segments, such as general new materials and composite technology, also reported varying degrees of revenue changes, with some experiencing declines [2]. R&D and Cash Flow - The company increased its R&D expenditure, with the R&D expense ratio rising to 9.4% due to new project investments [3]. - Operating cash flow remained positive at 310 million yuan for the first half of 2025, although it was lower than the previous year's figure [3]. Future Outlook - The company is projected to achieve net profits of 699 million yuan, 852 million yuan, and 1.024 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 38x for 2025, 31x for 2026, and 26x for 2027, indicating a favorable valuation given the company's growth prospects [4].

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a significant decline in net profit, primarily due to industry challenges and pricing pressures in the carbon fiber sector [2][3]. Financial Performance - The company achieved operating revenue of 1.2008 billion yuan, a year-on-year increase of 3.87% [3]. - The net profit attributable to shareholders was 269.45 million yuan, down 26.85% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 245.62 million yuan, a decrease of 24.23% year-on-year [3]. - The net cash flow from operating activities was 307.01 million yuan, down 15.76% from the previous year [3]. - Basic earnings per share were 0.3241 yuan, a decline of 27.27% [3]. - Total assets at the end of the reporting period were 8.0425 billion yuan, a slight decrease of 0.36% from the end of the previous year [3]. Segment Performance - The carbon fiber segment, including the expansion of fiber and Inner Mongolia Guangwei, generated sales of 636 million yuan, down 6.85% year-on-year due to supply-demand imbalance and price declines [2][3]. - The energy new materials segment, which includes wind power carbon beams, achieved sales of 369 million yuan, a significant increase of 47.95% year-on-year due to new customer growth and increased orders from traditional clients [3]. - The prepreg business in the general new materials segment saw sales of 111 million yuan, a decrease of 5.17% due to market competition and price declines [4]. - The composite materials technology segment reported sales of 35 million yuan, down 46.20% year-on-year [5]. - The precision machinery segment achieved sales of 37 million yuan, an increase of 7.88% [6]. - The Guangsheng technology segment generated sales of 7.54 million yuan, up 44.79% year-on-year, focusing on aerospace applications [6]. Strategic Developments - The company has established collaborations in the hydrogen energy sector, with over half of its civil fiber business revenue, approximately 120 million yuan, coming from hydrogen bottle applications [6]. - The company has been included in the procurement catalog for major aircraft projects, indicating a growing presence in the aerospace industry [6].

Investment Rating - The report gives a "Buy" rating for the company, marking it as the first coverage [5]. Core Views - The company is positioned as a leading player in high-performance carbon fiber, benefiting from dual growth drivers in military and civilian sectors, with a comprehensive industry chain established since its founding in 1992 [1][13]. - Revenue is projected to grow from 1.715 billion yuan in 2019 to 2.450 billion yuan in 2024, with a CAGR of 7.38%, while net profit is expected to rise from 522 million yuan to 741 million yuan in the same period, reflecting a CAGR of 7.25% [2][28]. - The company is expected to benefit from the increasing demand for domestic carbon fiber in the aviation sector, driven by geopolitical uncertainties and the need for self-sufficiency in key materials [3][46]. Summary by Sections Company Overview - The company has established a full industry chain from precursor to composite materials, covering both military and civilian applications, and has developed core technologies such as wet and dry spinning [1][18]. - It has a diversified customer base and a strong technological barrier in high-end equipment, which positions it well to expand market share during industry consolidation [2][28]. Market Dynamics - The demand for high-performance domestic carbon fiber is entering a strategic expansion phase, particularly in the aviation sector, as the application ratio of composite materials in domestic aircraft is expected to increase significantly [3][46]. - The company has seen a substantial increase in its T800 grade products, with a 495% year-on-year revenue growth in 2024, indicating strong market traction [3][52]. Financial Projections - The company forecasts net profits of 898 million yuan, 1.073 billion yuan, and 1.275 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.08 yuan, 1.29 yuan, and 1.53 yuan [4][60]. - The current stock price corresponds to a PE ratio of 28.61, 23.97, and 20.16 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [4][60]. Business Segments - The company operates across six major business segments, including carbon fiber, general new materials, energy new materials, composite technology, precision machinery, and optical technology, which collectively support its growth strategy [18][19]. - The carbon fiber segment is expected to contribute significantly to revenue, with a projected increase in demand from both military and civilian applications, particularly in the context of new energy and low-altitude economy developments [28][59].