中复神鹰：外部市场疲软，坚持夯实内在

Investment Rating - The report maintains a "Buy" rating for Zhongfu Shenying (688295.SH) [3] Core Views - Zhongfu Shenying reported a revenue of 1.119 billion yuan for the first three quarters of 2024, a year-on-year decline of 30.46%, with a net loss of 8.34 million yuan compared to a profit of 293 million yuan in the same period last year [1] - The third quarter revenue was 386 million yuan, down 30.09% year-on-year, with a net loss of 33.31 million yuan, compared to a profit of 72.16 million yuan in the previous year [1] - The carbon fiber industry is facing downward pressure due to weak supply and demand fundamentals, leading the company to focus on internal improvements and high-quality development [1] Financial Summary - Revenue (million yuan): 2022A: 1,995, 2023A: 2,259, 2024E: 1,440, 2025E: 1,614, 2026E: 1,883 [2] - Net profit (million yuan): 2022A: 605, 2023A: 318, 2024E: -38, 2025E: -2, 2026E: 88 [2] - EPS (yuan/share): 2022A: 0.67, 2023A: 0.35, 2024E: -0.04, 2025E: 0.00, 2026E: 0.10 [2] - The company’s gross margin for Q3 was 11.57%, a decrease of 20.55 percentage points year-on-year [1] Industry Context - The carbon fiber industry is currently experiencing oversupply and slower-than-expected demand growth, impacting overall performance [1] - The company is focusing on cost reduction through refined management, developing high-end product lines, and expanding market applications, particularly in wind power and aerospace [1]