GW COMPOS(300699) 申万宏源证券·2025-04-07 03:41Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company's revenue for 2024 is reported at 2.45 billion yuan, a decrease of 2.69% year-on-year, with a net profit attributable to shareholders of 741 million yuan, down 15.12% year-on-year [1][3]. - The report highlights that the company's performance is impacted by product structure adjustments and price fluctuations, but large orders and capacity release are expected to support stable growth in the future [7]. - The aerospace and energy new materials sectors are showing upward trends, with the aerospace segment experiencing stable growth in carbon fiber sales [7]. Financial Data and Profit Forecast - Total revenue is projected to increase from 2.45 billion yuan in 2024 to 4.51 billion yuan by 2027, with a compound annual growth rate (CAGR) of 26.1% [3][9]. - The net profit attributable to shareholders is expected to recover from 741 million yuan in 2024 to 1.22 billion yuan in 2027, reflecting a growth rate of 20.4% [3][9]. - The gross margin is forecasted to decline from 45.5% in 2024 to 42.3% by 2027, while the return on equity (ROE) is expected to improve from 13.4% in 2024 to 16.8% in 2027 [3][9]. Market Data - As of April 3, 2025, the closing price of the stock is 30.90 yuan, with a market capitalization of 25.38 billion yuan [4]. - The stock has a price-to-earnings (PE) ratio of 35 for 2024, which is lower than the average valuation of comparable companies in the new materials sector [4][7].