Core Viewpoint - The company reported significant revenue growth in the first half of 2025, with a notable increase in Q2, but faced a decline in net profit year-on-year due to various factors [1][2][3]. Financial Performance - The company achieved approximately 920 million yuan in revenue for the first half of 2025, representing a year-on-year increase of 26%. In Q2 alone, revenue reached about 520 million yuan, showing an impressive growth of 83% year-on-year [1]. - The net profit attributable to shareholders for the first half of 2025 was approximately 12 million yuan, reflecting a year-on-year decline of 52%. However, in Q2, the net profit was around 57 million yuan, marking a substantial increase of 440% year-on-year [1]. Sales and Market Dynamics - The company experienced a significant increase in sales volume across various product categories, with 3K silk and other small silk bundle products seeing a 77% year-on-year increase, and high-strength and high-modulus series products growing by 53% [2]. - In the renewable energy sector, product sales increased by 63%, with wind energy products showing a remarkable growth of over 200% year-on-year [2]. Cost and Profitability - The gross margin for the carbon fiber business was approximately 15.3% in the first half of 2025, down 8 percentage points year-on-year. However, Q2 saw a significant improvement with a gross margin of 24.5%, up 21 percentage points from Q1 [3]. - The company achieved a net profit margin of approximately 11.0% in Q2, reflecting a 22.3 percentage point increase from the previous quarter, indicating a turnaround to profitability [3]. Industry Trends - The carbon fiber industry is witnessing a recovery in supply and demand dynamics, with major players experiencing improved profitability. The industry's capacity utilization rate has increased from 48% to 60% since March [4]. - The demand for carbon fiber is expected to grow in the medium term, driven by sectors such as automotive, low-altitude economy, robotics, and export substitution [4]. Technological Advancements - The company is set to increase its carbon fiber production capacity to 28,500 tons in 2023, with future expansions expected to reach a total capacity of 58,500 tons [5]. - The company has made significant technological advancements, including the development of new high-strength carbon fibers and low-cost solutions for various applications, which positions it as a leader in niche markets [5]. Future Projections - The company is projected to achieve net profits of 170 million yuan, 400 million yuan, and 690 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 127, 54, and 32 times [6].

丨证券研究报告丨 公司研究丨点评报告丨中复神鹰（688295.SH） [Table_Title] 销量高增，扭亏为盈 报告要点 [Table_Summary] 中复神鹰发布中报：2025H 收入约 9.2 亿元，同比增长 26%，归属净利润约 0.12 亿元，同比 下降 52%。2025Q2 收入约 5.2 亿元，同比增长 83%，归属净利润约 0.57 亿元，同比增长 440%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中复神鹰（688295.SH） cjzqdt11111 [Table_Title2] 销量高增，扭亏为盈 [Table_Summary2] 事件描述 公司发布中报：2025H 收入约 9.2 亿元，同比增长 26%，归属净利润约 0.12 亿元，同比下降 52%。2025Q2 收入约 5.2 亿元，同比增长 83%，归属净利润约 0.57 ...

Core Viewpoint - The carbon fiber industry is showing signs of recovery in the first half of the year, with most companies reporting positive revenue growth after a challenging two years due to supply-demand mismatches and weak downstream demand [1]. Industry Overview - The recovery is attributed to technological breakthroughs and the advancement of large and small tow fibers, leading to a more complete industrial chain [1]. - Rapid release of downstream demand, particularly in the high-value aerospace market and the emerging low-altitude economy represented by eVTOL, is driving growth [1]. - Significant demand for carbon fiber in the wind power sector and the electric vehicle industry is also noted, with carbon fiber structural components and carbon-ceramic brake discs gaining traction [1]. Company Performance - **Zhongjian Technology**: Achieved revenue of 464 million yuan, a year-on-year increase of 59.46%, and net profit of 208 million yuan, up 99.15% [2]. - **Zhongfu Shenying**: Reported revenue of 922 million yuan, a 25.86% increase, with net profit of 11.93 million yuan. Notable sales growth in small tow products and significant increases in the wind power sector [3]. - **Jilin Chemical Fiber**: Revenue of approximately 2.635 billion yuan, a 48.39% increase, with carbon fiber product revenue soaring by 368.31% [3]. - **Guangwei Composites**: Revenue of 1.201 billion yuan, a 3.87% increase, with a notable 47.95% growth in the new energy sector [4]. - **AVIC High-tech**: Revenue of 2.747 billion yuan, a 7.87% increase, focusing on aerospace new materials and advanced manufacturing technologies [4]. - **Shanghai Petrochemical**: Revenue of 39.5 billion yuan, a 9.17% decrease, but plans to enhance carbon fiber production and expand applications in various sectors [4]. - **Jinggong Technology**: Revenue of 1.061 billion yuan, a 10.31% increase, with a significant portion from carbon fiber equipment [4]. - **Jinbo Co., Ltd.**: Revenue of 411 million yuan, a 19.69% increase, with positive prospects in carbon/ceramic brake discs due to the rapid development of the new energy vehicle sector [4]. - **Boyun New Materials**: Revenue of 396 million yuan, a 30.98% increase, with a significant contribution from aerospace applications [5]. - **Chuangjiang New Materials**: Revenue of 28.803 billion yuan, a 16.05% increase, with net profit of 251 million yuan, driven by effective capacity release and product upgrades [6]. Market Trends - The carbon fiber industry's recovery is supported by the release of application-side demand, with companies like Zhongfu Shenying and Shanghai Petrochemical planning expansions [6]. - The industry is experiencing a phase of technological advancement and application expansion, indicating a clear trend towards recovery and growth [6].

证券研究报告 中复神鹰 (688295 CH) 降本增效成果显，经营拐点始出现 2025 年 8 月 28 日│中国内地 其他建材 中复神鹰发布半年报，2025 年 H1 实现营收 9.22 亿元（yoy+25.86%）， 归 母 净 利 1192.98 万元（ yoy-52.23% ） ， 扣 非 净 利 182.34 万 元 （ yoy+109.88% ） 。 其 中 Q2 实 现 营 收 5.20 亿元（ yoy+83.15% ， qoq+29.36%），归母净利 5715.86 万元（yoy+439.98%，qoq+226.38%）， 二季度盈利超出我们此前预期（-0.05 亿元），主因公司挖掘新兴赛道，销 量同比增长较好，产能爬坡叠加精细管控，单位生产成本下降，公司经营拐 点出现，维持"增持"。 2Q 毛利率同比改善，销量升生产成本降共同作用 25H1 综合毛利率 15.31%，同比-8.01pct；但 Q2 单季度毛利率 24.54%， 同/环比+4.27/+21.16pct，我们认为主要系公司挖掘新兴赛道，销量同比提 升带动产能爬坡后制造费用有效摊薄，3K 丝等小丝束产品销量同比增长 77%；高 ...