GW COMPOS(300699) 东吴证券·2025-04-01 11:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.45 billion yuan for 2024, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 741.18 million yuan, down 15.12% from 2023 [2][10] - The decline in performance is attributed to three main factors: reduced demand in the wind power carbon beam business, delays in high-margin military orders due to extended acceptance cycles, and an 18% year-on-year increase in the price of raw material acrylonitrile, which led to a 3.2 percentage point drop in the gross margin of the carbon fiber segment [2][3] - Despite the revenue decline, the company's operating cash flow increased by 61.46% year-on-year to 863 million yuan, indicating improved cash collection capabilities [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.45 billion yuan, with a year-on-year decline of 2.69% - The net profit attributable to shareholders was 741.18 million yuan, reflecting a decrease of 15.12% compared to the previous year [2][10] - The company’s earnings per share (EPS) for 2024 is projected at 0.89 yuan, with a price-to-earnings (P/E) ratio of 34.94 [1][10] Business Development - The company has made significant advancements in product accumulation and technological breakthroughs, achieving a transition from "high strength and low modulus" to "full spectrum coverage" in its carbon fiber product line [3] - New high-strength and high-modulus products have been developed, successfully meeting aerospace-grade material requirements [3] - The company has upgraded its hot-pressing process, achieving automated production of large composite material wallboards with a yield rate of 92% [3] Future Outlook - The company has signed important contracts, providing assurance for future performance despite the current challenges [9] - The revenue forecast for 2025 is set at 2.99 billion yuan, with a projected net profit of 913.12 million yuan, indicating a recovery trend [10]