Investment Rating - The report maintains a "Buy" rating for the company [1][15]. Core Views - The company is expected to benefit from long-term demand in the aerospace sector, with new carbon fiber products and production lines achieving verification and acceptance [15]. - Revenue projections for 2025-2027 are estimated at 29.43 billion, 34.30 billion, and 40.60 billion respectively, with corresponding net profits of 8.97 billion, 10.58 billion, and 12.53 billion [15]. Financial Performance - In Q1 2025, the company achieved revenue of 5.65 billion, a year-on-year increase of 10.50% and a quarter-on-quarter increase of 3.24% [10]. - The net profit for Q1 2025 was 1.55 billion, a year-on-year decrease of 1.58% but a quarter-on-quarter increase of 22.75% [10]. - The company's sales gross margin for Q1 2025 was 47.50%, showing a year-on-year increase of 0.53 percentage points and a quarter-on-quarter increase of 6.17 percentage points [10]. Business Segments - In Q1 2025, the revenue from the fiber expansion segment was 3.61 billion, a year-on-year increase of 14.15% [11]. - The energy new materials segment generated 1.10 billion in revenue, a year-on-year increase of 13.07% [11]. - The precision machinery segment saw a significant increase in revenue, achieving 0.19 billion, a year-on-year increase of 193.70% [11]. Market Structure - In 2024, the aerospace, aviation, and new energy sectors were the largest contributors to the company's revenue, totaling 21.34 billion, accounting for 87.12% of total sales [8]. - The aviation business contributed 11.72 billion, a year-on-year decrease of 6.48% [8]. - The new energy-related business saw a revenue increase of 16.66%, contributing 6.99 billion [8]. Product Development - The company has made significant advancements in research and development, including the successful development of T1100-grade carbon fiber and new high-model fibers that have improved wear resistance and reduced production costs [12]. - The GW300 carbon fiber has been approved for use in civil aviation and low-altitude equipment, with revenue from this segment increasing by 495% [12]. Major Contracts - The company has signed significant contracts, including a 20.98 billion contract for carbon fiber and related materials, with 2.95 billion fulfilled in 2024 [13]. - Another contract worth 36.64 billion is in progress, with 6.03 billion fulfilled in 2024 [14].

第四届监事会第八次会议决议公告 公司编制和审核《2025 年第一季度报告》的程序符合法律、法规、中国证 监会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2025 年第一季度经营的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 监事会会议召开情况 威海光威复合材料股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日 以电子邮件的形式发出了关于召开第四届监事会第八次会议的通知，会议于 2025 年 4 月 24 日上午在公司会议室以现场表决的方式召开。本次会议应参加 表决监事 3 人，实际参加表决监事 3 人。会议由监事会主席丛宗杰主持，公司 高级管理人员列席了本次监事会。本次会议的召集、召开、表决程序符合《中 华人民共和国公司法》（以下简称" 《公司法》"）等法律法规、规范性文件和 《公司章程》等有关规定。 证券代码：300699 证券简称：光威复材 公告编号：2025-025 二、 监事会会议审议情况 本次会议经与会监事审议并书面表决，形成如下决议： 威海光威复合材料股 ...

证券代码：300699 证券简称：光威复材 公告编号：2025-024 威海光威复合材料股份有限公司 第四届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 威海光威复合材料股份有限公司（以下简称"公司"）于 2025 年 4 月 14 日 以电子邮件的形式发出了关于召开第四届董事会第十次会议的通知，会议于 2025 年 4 月 24 日上午在公司会议室以现场表决的方式召开。本次会议应参加 表决董事 7 人，实际参加表决董事 7 人。会议由董事长卢钊钧主持，公司监事 和高级管理人员列席了本次董事会。本次会议的召集、召开、表决程序符合 《中华人民共和国公司法》等法律法规、规范性文件和《公司章程》等有关规 定。 二、 董事会会议审议情况 本次会议经与会董事审议并书面表决，形成如下决议： 1、 审议通过了《关于公司<2025 年第一季度报告>的议案》。 该议案在提交董事会审议前已经公司第四届董事会审计委员会审议通过。 具体内容详见 2025 年 4 月 25 日刊 登 在 巨 潮 资 讯 网（http://www.c ...

Financial Performance - The company's revenue for Q1 2025 was ¥565,306,244.36, representing a 10.50% increase compared to ¥511,597,010.38 in the same period last year[5] - Net profit attributable to shareholders decreased by 1.58% to ¥154,828,043.98 from ¥157,318,737.27 year-on-year[5] - The company achieved operating revenue of RMB 565 million, a year-on-year increase of 10.50%[13] - Net profit attributable to shareholders decreased by 1.58% year-on-year to RMB 155 million[13] - The net profit excluding non-recurring gains and losses increased by 11.93% year-on-year to RMB 141 million[13] - Net profit for the current period was ¥154,607,370.55, representing a 3.8% increase from ¥149,042,706.36 in the previous period[18] - The total comprehensive income for the current period was ¥154,410,626.71, slightly up from ¥149,275,943.06[18] Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥131,600,905.71, a 149.12% increase from a negative cash flow of ¥267,931,449.74 in the previous year[5] - Cash inflow from operating activities totaled ¥579,865,806.10, an increase of 24.2% from ¥466,823,747.20 in the previous period[19] - Cash outflow for purchasing goods and services decreased significantly to ¥269,682,917.01 from ¥533,164,115.98, a reduction of approximately 49.5%[19] - Cash inflow from investment activities was ¥416,738,231.74, up from ¥251,360,816.75, marking a growth of 65.7%[20] - Net cash flow from investment activities was negative at -¥361,866,797.71, worsening from -¥172,360,999.84 in the previous period[20] - Cash inflow from financing activities decreased to ¥38,445,506.12 from ¥289,580,625.26, a decline of approximately 86.7%[20] - The net cash flow from financing activities was -¥26,237,243.69, compared to a positive cash flow of ¥94,171,845.88 in the previous period[20] - The ending balance of cash and cash equivalents was ¥1,063,517,564.36, an increase from ¥673,724,671.91 in the previous period[20] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥8,049,589,777.54, a slight decrease of 0.27% from ¥8,071,754,638.19 at the end of the previous year[5] - Total liabilities decreased to ¥2,399,989,404.20 from ¥2,578,990,773.19, a reduction of 6.9%[17] - The equity attributable to shareholders increased by 2.85% to ¥5,671,708,733.40 from ¥5,514,651,551.63 at the end of the previous year[5] - The equity attributable to shareholders of the parent company increased to ¥5,671,708,733.40 from ¥5,514,651,551.63, a rise of 2.9%[17] Segment Performance - The fiber segment generated sales revenue of RMB 360.82 million, up 14.15% year-on-year[13] - The new energy materials segment reported sales revenue of RMB 109.77 million, an increase of 13.07% year-on-year[13] - The general new materials segment's sales revenue decreased by 8.55% year-on-year to RMB 53.34 million[13] - The composite technology segment's sales revenue fell by 38.23% year-on-year to RMB 18.97 million[13] - The precision machinery segment saw a significant increase in sales revenue by 193.70% year-on-year to RMB 18.75 million[13] - The optical technology segment achieved sales revenue of RMB 2.42 million, a year-on-year increase of 20.99%[13] Other Financial Metrics - Research and development expenses were ¥55,284,743.82, down from ¥59,689,469.05, indicating a decrease of 7.5%[18] - The company reported a credit impairment loss of ¥-4,662,169.14, an improvement compared to ¥-17,991,681.30 in the previous period[18] - Other comprehensive income after tax was ¥-196,743.84, compared to ¥233,236.70 in the previous period[18] - Basic and diluted earnings per share for the current period are both 0.1862, compared to 0.1899 in the previous period, showing a decrease of approximately 1.9%[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 72,325, with the largest shareholder holding 37.25% of the shares[10] Government Support - The company received government subsidies amounting to ¥16,552,080.86, which positively impacted its financial performance[7] Audit Status - The company’s first quarter report was not audited, indicating potential implications for financial transparency[21]

证券代码：300699 证券简称：光威复材 公告编号：2025-023 威海光威复合材料股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、 会议召开方式：本次会议以现场投票与网络投票相结合的方式召开。 2、 现场会议召开时间：2025 年 4 月 21 日（星期一）下午 14：00 3、 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2025 年 4 月 21 日上午 9:15—9:25，9:30-11:30，下午 13:00—15:00；通过互 联网投票的时间为：2025 年 4 月 21 日上午 9:15 至 2025 年 4 月 21 日下午 15:00 期间的任意时间。 4、 现场会议召开地点：公司会议室 5、 会议召集人：公司董事会 6、 会议主持人：董事长卢钊钧 7、 股东出席情况 （1）股东出席的总体情况 通过现场和网络投票的股东 536 人，代表股份 ...

关于威海光威复合材料股份有限公司 2024 年年度股东大会的 北京植德律师事务所 法律意见书 植德京(会)字[2025]0030 号 二〇二五年四月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 致：威海光威复合材料股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 北京植德律师事务所 关于威海光威复合材料股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0030 号 一、本次会议的召集、召开程序 （一）本次会议的召集 本所律师通过出席现场会议方式参加本次会议进行见证，并根据《中华人 ...

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].

Group 1: Financial Performance and Projections - The company is preparing its Q1 2025 financial report, expected to be disclosed on April 25, 2025 [1] - The company has experienced a continuous decline in performance over the past two years, but there is optimism for growth in 2025 due to stable demand in aerospace and potential recovery in high-performance industrial carbon fiber [3][4] - The wind power carbon beam business is expected to continue its recovery growth in 2025 based on current orders and communication intentions [4] Group 2: Business Strategy and Market Position - The company aims to enhance its R&D investment to meet the technical and economic requirements of various application scenarios, thereby increasing the proportion of special products and improving profit margins [2] - The company plans to expand its strategic customer base and target high-value-added sectors, focusing on aerospace and new energy markets [4] - The company has a comprehensive product system and an integrated industrial layout, with future growth driven by specific business areas and high-end manufacturing applications [3] Group 3: Industry Outlook and Competitive Landscape - The carbon fiber industry is currently facing supply-demand imbalances and intense market competition, which may exert pressure on overall industry performance [4] - Despite current challenges, the company remains confident in the future of the carbon fiber industry, citing advancements in application technology and decreasing material costs as positive indicators [4] - The company acknowledges that the overall industry environment is under pressure but believes that the difficulties are temporary and part of the industry's maturation process [4]

证券代码：300699 证券简称：光威复材 公告编号：2025-022 威海光威复合材料股份有限公司 关于召开 2024 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 4、 会议召开的日期、时间： 现场会议召开时间：2025 年 4 月 21 日下午 14:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 21 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过互联网投票 系统进行网络投票的时间为 2025 年 4 月 21 日上午 9:15 至 2025 年 4 月 21 日下 午 15:00 期间的任意时间。 5、 会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。 威海光威复合材料股份有限公司（以下简称"公司"）经 2025 年 3 月 28 日召开的第四届董事会第九次会议审议通过，决定于 2025 年 4 月 21 日召开 2024 年年度股东大会，本次会议将采取现场投票与网络投票相结合的方式，为切实保 护广大投资者的合法权益，方 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company's performance is under pressure in 2024; however, the T700 and T800 grade products are expected to ramp up production, and the wind power carbon beam business is showing signs of recovery [2][6] - The report maintains a "Buy" rating based on the anticipated growth from new product launches [2][7] Financial Performance Summary - In 2024, the company is projected to achieve revenue of 2,450 million RMB, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 741 million RMB, down 15.12% year-on-year [6][11] - The fourth quarter of 2024 is expected to see revenue of 548 million RMB, a decline of 28.96% year-on-year, and a net profit of 126 million RMB, down 49.93% year-on-year [12] - The company plans to distribute a cash dividend of 5 RMB for every 10 shares to all shareholders in 2024 [6] Business Segment Performance - The carbon fiber and fabric, wind power carbon beam, and prepreg businesses are the three main segments contributing to the company's revenue, accounting for 90.70% of total revenue [10] - The T700 and T800 grade carbon fiber products are performing well, with T800 grade products seeing a revenue increase of 64.64% year-on-year [10] - The wind power carbon beam business has shown recovery after two years of decline, achieving a revenue of 5.37 million RMB, up 25.81% year-on-year [10] Valuation Metrics - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.02 RMB, 1.17 RMB, and 1.30 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 28.5, 24.9, and 22.3 [7][9] - The company’s gross margin for 2024 is expected to be 45.55%, down 3.11 percentage points year-on-year, while the net profit margin is projected at 28.01%, down 5.39 percentage points year-on-year [10]