化学纤维 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 执业证书编号：S0740521120003 Email：nielei@zts.com.cn 分析师：黄雪茹 执业证书编号：S0740526020001 中复神鹰（688295.SH） 证券研究报告/公司点评报告 2026 年 03 月 30 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2024A | 2025A | 2026E | 2027E | 2028E | | 分析师：孙颖 | | 营业收入（百万元） | | 1,557 | 2,194 | 2,825 | 3,366 | 3,857 | | | | 增长率 yoy% | | -31% | 41% | 29% | 19% | 15% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | | -124 | 96 | 230 | 403 | 608 ...

Core Viewpoint - The carbon fiber industry is experiencing significant growth, with Zhongfu Shenying leading the way through increased sales, technological advancements, and strong market demand, particularly in wind energy and emerging sectors [1][2][3]. Financial Performance - Zhongfu Shenying announced a projected revenue of 2.194 billion yuan for 2025, representing a 40.87% increase year-on-year, nearing the historical peak of 2.259 billion yuan in 2023 [2][6]. - The net profit attributable to shareholders is expected to reach 96.18 million yuan, marking a turnaround from losses in the previous year [2][6]. - The company plans to distribute a cash dividend of 0.33 yuan per share, totaling 29.7 million yuan [2]. Sales and Production - The company reported a carbon fiber production of 22,488.86 tons and sales of 25,054.28 tons, reflecting a year-on-year increase of 54.52% [3][6]. - The annual production and sales rate exceeded 110%, driven by demand in the wind power sector and emerging markets such as low-altitude economy and hydrogen storage [3][7]. Market Position - Zhongfu Shenying has established three major production bases and leads the domestic market in high-performance carbon fiber production, with a projected market share of over 75% in pressure vessels and over 45% in the sports and leisure sector by 2025 [4][5]. - The company is rapidly increasing its market share in the wind power sector, approaching 20% [4]. Technological Advancements - The company has developed T1200 grade ultra-high-strength carbon fiber with a laboratory-level tensile strength of 8056 MPa and achieved engineering preparation with a strength of 7718 MPa [8]. - Innovations include the development of various high-modulus carbon fibers and low-cost solutions for high-end sports and leisure applications [8][9]. Strategic Partnerships - Zhongfu Shenying has secured partnerships with leading clients such as Goldwind Technology and Longi Green Energy, enhancing its supply chain and market reach [7]. - The company is focusing on building a collaborative ecosystem with key industry partners to meet customized and large-scale market demands [7]. Stock Market Performance - The stock price of Zhongfu Shenying has doubled in March, reaching a market capitalization of 57.3 billion yuan by March 25, 2026 [5].