GW COMPOS(300699) 新浪财经·2025-04-16 08:41Core 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].