GW COMPOS(300699) 中银国际·2025-04-14 06:09Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company's performance is under pressure in 2024; however, the T700 and T800 grade products are expected to ramp up production, and the wind power carbon beam business is showing signs of recovery [2][6] - The report maintains a "Buy" rating based on the anticipated growth from new product launches [2][7] Financial Performance Summary - In 2024, the company is projected to achieve revenue of 2,450 million RMB, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 741 million RMB, down 15.12% year-on-year [6][11] - The fourth quarter of 2024 is expected to see revenue of 548 million RMB, a decline of 28.96% year-on-year, and a net profit of 126 million RMB, down 49.93% year-on-year [12] - The company plans to distribute a cash dividend of 5 RMB for every 10 shares to all shareholders in 2024 [6] Business Segment Performance - The carbon fiber and fabric, wind power carbon beam, and prepreg businesses are the three main segments contributing to the company's revenue, accounting for 90.70% of total revenue [10] - The T700 and T800 grade carbon fiber products are performing well, with T800 grade products seeing a revenue increase of 64.64% year-on-year [10] - The wind power carbon beam business has shown recovery after two years of decline, achieving a revenue of 5.37 million RMB, up 25.81% year-on-year [10] Valuation Metrics - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be 1.02 RMB, 1.17 RMB, and 1.30 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 28.5, 24.9, and 22.3 [7][9] - The company’s gross margin for 2024 is expected to be 45.55%, down 3.11 percentage points year-on-year, while the net profit margin is projected at 28.01%, down 5.39 percentage points year-on-year [10]