Investment Rating - The investment rating for the company is "Buy" with a target price of 45.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][25]. Core Insights - The company, Guangwei Composite Materials, reported a revenue of 1.902 billion CNY for the first three quarters of 2024, reflecting an increase of 8.90% year-on-year. The net profit attributable to shareholders was 615 million CNY, a slight decrease of 1.00% [1]. - In Q3 2024, the company achieved a revenue of 746 million CNY, representing a year-on-year growth of 42.63% and a quarter-on-quarter increase of 15.79%. The net profit for the same period was 247 million CNY, up 18.62% year-on-year and 16.90% quarter-on-quarter [1]. - The company has diversified its product offerings and business segments, which is expected to support stable growth. The successful launch of the Inner Mongolia project is anticipated to contribute significantly to profits in the future [1][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 46.76%, an increase of 0.77 percentage points, while the net margin was 30.31%, down 3.73 percentage points [1]. - The company’s revenue from the carbon fiber and fabric segment was 1.147 billion CNY, a slight increase of 3.76%. The energy new materials segment saw revenue of 410 million CNY, up 20.43% [5][6]. - The precision machinery segment experienced rapid growth with revenue of 64 million CNY, up 266.06%, driven by the expansion of sales channels for composite material forming equipment [6]. Business Segments - The composite technology segment generated revenue of 81 million CNY, reflecting a growth of 19.65%, benefiting from the rapid development of composite materials in high-end equipment and industrial applications [6]. - The general new materials segment reported a revenue of 184 million CNY, down 10.15%, impacted by declining demand in certain applications and market competition [5]. - The Guangsheng Technology segment, which focuses on aerospace applications, achieved revenue of 11 million CNY, a significant increase of 79.92% [6]. Future Outlook - The company is expected to continue benefiting from the increasing demand for multifunctional materials in the defense sector, particularly carbon fiber composites [10]. - Revenue projections for 2024-2026 are estimated at 2.704 billion CNY, 3.244 billion CNY, and 3.862 billion CNY, with net profits of 899 million CNY, 1.031 billion CNY, and 1.167 billion CNY respectively [10].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][60]. Core Viewpoints - The company is positioned as a leading domestic carbon fiber enterprise, with a comprehensive product range covering carbon fibers, prepregs, and composite components, targeting high-end equipment sectors such as aerospace, aviation, marine equipment, and low-altitude economy [2][60]. - The demand for carbon fiber materials is expected to grow significantly due to their advantages in lightweight, high strength, and corrosion resistance, making them essential in various advanced equipment [2][22][27]. - The company is expanding its production capacity and product offerings, particularly in high-performance carbon fibers (T700, T800, T1000) and prepregs, to meet the increasing demand from the aerospace and defense sectors [2][32][60]. Summary by Sections 1. Company Overview - The company has developed a full carbon fiber industry chain since its inception, with significant advancements in T300, T700, T800, and T1000 grade carbon fibers [2][17]. - The revenue from carbon fibers and fabrics accounted for 66.23% of total revenue in 2023, indicating a strong market position [2][17]. 2. Carbon Fiber and Fabric - Carbon fiber is increasingly used in military aircraft, with usage rates reaching 20%-50% in advanced fighter jets and up to 80% in drones and helicopters [2][22]. - In civil aviation, the usage of carbon fiber composites is expected to rise to 50%, with notable examples being the Boeing 787 and the domestic C919 aircraft [2][25]. 3. Product Segments - **Carbon Beams**: The company is seeing a recovery in its carbon beam business, with revenue expected to grow significantly in the coming years as new clients are onboarded [2][45][61]. - **Prepregs**: The company is focusing on high-value applications in aerospace and other high-end sectors, which are anticipated to drive revenue growth and improve profit margins [2][50][61]. - **Other Businesses**: The composite materials, precision machinery, and Guangsheng Technology segments are still small but are seen as important for long-term growth and diversification [2][54][62]. 4. Financial Projections - The company expects its net profit to reach 9.32 billion, 11.42 billion, and 13.40 billion yuan from 2024 to 2026, with corresponding P/E ratios of 32X, 26X, and 22X [2][60][63].

上 市 公 司 国防军工 2024 年 10 月 29 日 光威复材 (300699) —— 2024Q3 业绩符合预期，产能释放叠加多品类扩张 助力稳健增长 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 36.39 | | 一年内最高/最低（元） | 39.49/21.88 | | 市净率 | 5.5 | | 息率（分红/股价） | 1.37 | | 流通 A 股市值（百万元） | 29,892 | | 上证指数 / 深证成指 | 3,322.20/10,685.89 | | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 6.62 | | 资产负债率 % | 28.45 | | 总股本/流通 A 股（百万） ...

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：【2024】第 008 号 | --- | --- | --- | |------------------|--------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | □ ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——光威复材 2024 三季报点评 | --- | |---------------------------------| | | | [table_Authors] 彭磊 ( 分析师 ) | | | | 010-83939806 | | penglei018712@gtjas.com | | 登记编号 S0880518100003 | | --- | |----------------------------| | | | | | | | 周明頔 ( 研究助理 ) | | 010-83939792 | | zhoumingdi028698@gtjas.com | | S0880123070156 | 本报告导读： 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.28 下游需求回暖，业绩稳中向好 光威复材(300699) [Table_Industry] 建材/原材料 | --- | --- | --- | |-- ...

证券研究报告·公司点评报告·航空装备Ⅱ 光威复材（300699） 2024 年三季报点评：内蒙古项目逐步投产与 市场需求逐渐复苏，业绩明显回暖 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2511 | 2518 | 2794 | 3259 | 3439 | | 同比 | (3.69) | 0.26 | 10.96 | 16.65 | 5.53 | | 归母净利润（百万元） | 934.25 | 873.17 | 892.31 | 1,072.44 | 1,198.77 | | 同比 | 23.19 | (6.54) | 2.19 | 20.19 | 11.78 | | EPS- 最新摊薄（元 / 股） | 1.12 ...

光威复材（300699.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 3Q24 营收增长 43%；能源新客户量产顺利 2024 年 10 月 28 日 ➢ 事件：10 月 27 日，公司发布 2024 年三季报，2024 年前三季度实现营收 19.02 亿元，YOY +8.9%；归母净利润 6.15 亿元，YOY -1.0%；扣非净利润 5.55 亿元，YOY +10.1%。业绩表现符合市场预期。公司装备用碳纤维业务需求稳定 增长，能源新材料新客户量产进程顺利推进，我们综合点评如下： ➢ 3Q24 营收同比增长 43%；碳纤维计提跌价损失影响净利率。1）单季度角 度：公司 3Q24 实现营收 7.46 亿元，同比增长 42.6%，环比增长 15.8%；归母 净利润 2.47 亿元，同比增长 18.6%，环比增长 16.9%。2Q24~3Q24，公司营 收及净利润连续两个季度环比增长。2）利润率方面：公司 1~3Q24 毛利率同比 提升 0.8ppt 至 46.8%；净利率同比下滑 3.7ppt 至 30.3%，主要系碳纤维计提 跌价损失增加致资产减值损失增加所致。 ➢ 装备 ...

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing costs [3]. - Gross profit reached $500 million, a 20% increase year-over-year [4]. Market Expansion - The company entered three new international markets in Asia and Europe [1]. - Market share in the domestic market grew by 5% [2]. - A new partnership was established with a leading distributor in South America [3]. - Sales in emerging markets contributed 25% to total revenue [4]. Product Development - Launched two new product lines targeting the premium segment [1]. - R&D investment increased by 10% to support innovation [2]. - Customer feedback led to improvements in existing product features [3]. - A new patent was filed for a groundbreaking technology [4]. Operational Efficiency - Production efficiency improved by 12% through automation [1]. - Supply chain disruptions were minimized, reducing delays by 15% [2]. - Inventory turnover ratio increased to 8x from 7x last year [3]. - Energy consumption was reduced by 5% through sustainable practices [4]. Strategic Initiatives - The company announced a new sustainability initiative to reduce carbon footprint [1]. - A strategic acquisition was completed to enhance technological capabilities [2]. - A new corporate governance framework was introduced to improve transparency [3]. - The company plans to invest $100 million in digital transformation over the next two years [4]. Customer Engagement - Customer satisfaction scores improved to 90%, up from 85% [1]. - A new loyalty program was launched, resulting in a 10% increase in repeat customers [2]. - Social media engagement grew by 30% due to targeted campaigns [3]. - Customer support response time was reduced by 20% [4].

威海光威复合材料股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范威海光威复合材料股份有限公司（以下简称"公司"）选 聘（含续聘、改聘，下同）会计师事务所行为，推动提升审计质量，切实维护 股东利益，根据《中华人民共和国公司法》《中华人民共和国证券法》《国有 企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《威海光威复合材料股份有限公司章程》（以下简称"《公司章 程》"）等相关法律法规，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。 第三条 公司选聘会计师事务所应当经董事会审计委员会审议同意后，提交 董事会审议，并由股东大会决定。公司不得在董事会、股东大会审议前聘请会 计师事务所开展审计业务。 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当符合下列条件： （一）具有独立的主体资格，具有国家行业主管部门和中国证监会规定的 开展证券期货相关业务所需的职业资格； （二）具有固定的 ...

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 2024 年 10 月 15 日以电子邮件的形式发出了关于召开第四届监事会第五次会议的通知，会议于 2024 年 10 月 25 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》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：2024-057 威海光威复合材料股份有限公司 第四届监事会第五次会议决议公告 公司编制和审核《2024 年第三季度报告》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 2024 年前三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。 具 体 内 容 详 见 2024 年 10 月 28 日 刊 登 在 巨 潮 资 讯 网 （ ...