Zhongfu Shenying Carbon Fiber (688295) 国盛证券·2025-03-27 10:23Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.557 billion yuan in 2024, a year-on-year decline of 31.07%, and a loss of 124 million yuan, compared to a profit of 318 million yuan in the same period last year [1] - The carbon fiber product sales volume decreased by 10.1% year-on-year to 16,200 tons, primarily due to weaker-than-expected market demand [2] - The company has significantly improved its operating cash flow, achieving a net cash flow from operations of 540 million yuan in 2024, a year-on-year increase of 121.67% [3] - Despite the current downturn in the carbon fiber industry, the company is actively seeking to strengthen its competitive advantages by enhancing cost management and expanding its product offerings [3] Financial Summary - In 2024, the company's revenue was 1.557 billion yuan, down from 2.259 billion yuan in 2023, with a projected recovery to 1.814 billion yuan in 2025 [5] - The net profit forecast for 2025-2027 is 20 million yuan, 57 million yuan, and 123 million yuan, respectively, indicating a gradual recovery [4] - The company's gross margin for 2024 was 13.59%, down 16.6 percentage points year-on-year, reflecting the impact of declining sales prices [2][5]