Zhongfu Shenying Carbon Fiber (688295) 国海证券·2024-11-10 13:33Investment Rating - The report maintains a "Buy" rating for the company [2][7][10] Core Views - The carbon fiber industry is expected to see a bottom reversal, with emerging low-altitude economy sectors opening up growth opportunities for the company [2][4] - The company has established three major bases in Lianyungang, Xining, and Shanghai, each focusing on different aspects of production, which strengthens its industrial structure [3][5] - The company is the only domestic enterprise that has mastered the industrialization technology of dry-jet wet-spun carbon fiber, positioning it as a leader in the carbon fiber industry [7][10] Summary by Sections Company Overview - The company specializes in the research, production, and sales of carbon fiber and its composite materials, focusing on high-performance carbon fiber innovation [5][7] - The company has achieved significant breakthroughs in the industrialization of high-performance dry-jet wet-spun carbon fiber technology [5] Financial Performance - In Q3 2024, the company reported revenue of 386 million yuan, a year-on-year decrease of 1.66 million yuan, and a net profit of -33 million yuan, a year-on-year decrease of 105 million yuan [4][8] - The average market price of carbon fiber in China was 87.11 yuan/kg in Q3 2024, down 21.30% year-on-year [4][8] Future Outlook - Revenue projections for 2024-2026 are 1.708 billion, 1.989 billion, and 2.807 billion yuan, respectively, with net profits expected to be 2 million, 114 million, and 172 million yuan [7][8] - The company is expected to benefit from new demand in emerging fields, which may drive a reversal in profitability [4][7]