GW COMPOS(300699) 新浪财经·2025-04-01 02:46Core Viewpoint - The company reported its 2024 annual results, showing resilience in a complex environment despite a decline in revenue and net profit, while achieving significant progress in product approvals and maintaining sustainable development capabilities [1] Financial Performance - The company achieved a total revenue of 2.45 billion yuan in 2024, a year-over-year (YOY) decrease of 2.7% [1] - The net profit attributable to shareholders was 740 million yuan, down 15.1% YOY, while the net profit excluding non-recurring items was 670 million yuan, a decrease of 6.2% YOY [1] - In Q4 2024, the company reported revenue of 550 million yuan, a significant decline of 29.0% YOY, and a net profit of 130 million yuan, down 49.9% YOY [1] Profitability Metrics - The company's gross margin decreased by 3.1 percentage points to 45.5%, and the net margin fell by 5.4 percentage points to 28.0%, primarily due to price declines [1] - The revenue from carbon fiber and fabrics was 1.45 billion yuan, down 12.9% YOY, accounting for 59% of total revenue, with a gross margin decline of 3.48 percentage points to 58.4% [2] - The wind power carbon beam segment saw revenue of 540 million yuan, an increase of 25.8% YOY, with a gross margin improvement of 8.24 percentage points to 26.4% [2] Product Development and Contracts - The company received significant approvals for its GW300 carbon fiber PCD and flame-retardant prepreg materials, marking its first direct supply to large aircraft projects [1] - A major contract worth 3.7 billion yuan was announced, with a fulfillment progress of 16% as of December 31, 2024 [3] Cash Flow and Inventory Management - The company reported a significant improvement in operating cash flow, reaching 860 million yuan, a 61.5% increase YOY, mainly due to increased cash collection from accounts receivable [3] - Inventory increased by 56.5% to 710 million yuan, attributed to the production ramp-up in Inner Mongolia [3] Future Outlook - The company is positioned as a leader in the domestic special carbon fiber market, with expectations of breaking production capacity constraints in 2025 following the approval of its thousand-ton production line [4] - Projected net profits for 2025 to 2027 are estimated at 905 million yuan, 1.1 billion yuan, and 1.333 billion yuan respectively, with corresponding price-to-earnings ratios of 29x, 24x, and 19x [4]