中复神鹰：盈利持续探底静候供需变局

华泰证券10-25

中复神鹰发布三季报：Q3 实现营收3.86 亿元（yoy-30.09%，qoq+36.16%），归母净利-3331.22 万元（yoy-146.16%，qoq-98.14%）。2024 年Q1-Q3 实现营收11.19 亿元（yoy-30.46%），归母净利-833.88 万元（yoy-102.84%），扣非净利-7508.51 万元（yoy-128.57%）。公司三季度归母净利低于我们预期（-...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2478806620?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-10-25 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2478806620","market":"sh","top_or_hot":-1,"title":"中复神鹰：盈利持续探底 静候供需变局","media":"华泰证券","content":"<div>\n<p>中复神鹰发布三季报：Q3 实现营收3.86 亿元（yoy-30.09%，qoq+36.16%），归母净利-3331.22 万元（yoy-146.16%，qoq-98.14%）。2024 年Q1-Q3 实现营收11.19 亿元（yoy-30.46%），归母净利-833.88 万元（yoy-102.84%），扣非净利-7508.51 万元（yoy-128.57%）。公司三季度归母净利低于我们预期（-...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410251421319f58b2df&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中复神鹰：盈利持续探底 静候供需变局</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中复神鹰：盈利持续探底 静候供需变局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-25 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410251421319f58b2df&s=b><strong>华泰证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>中复神鹰发布三季报：Q3 实现营收3.86 亿元（yoy-30.09%，qoq+36.16%），归母净利-3331.22 万元（yoy-146.16%，qoq-98.14%）。2024 年Q1-Q3 实现营收11.19 亿元（yoy-30.46%），归母净利-833.88 万元（yoy-102.84%），扣非净利-7508.51 万元（yoy-128.57%）。公司三季度归母净利低于我们预期（-...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410251421319f58b2df&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"688295","symbol_name":"中复神鹰","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410251421319f58b2df&s=b","article_id":"2478806620","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202410251421319f58b2df&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2478806620","pubTimestamp":1729785600,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"中复神鹰发布三季报：Q3 实现营收3.86 亿元，归母净利-3331.22 万元。1-9M24 价格成本双向挤压，公司盈利能力持续下滑24 年前三季度毛利率19.26%，同比-17.2pct；24Q3 毛利率11.6%，同/环比-20.5/-8.7pct；从成本端看，据Wind，24 年前三季度丙烯腈现货均价9276元/吨，同比+2.4%，单三季度均价为8684 元/吨，同/环比+2.1%/-12.6%，原材料成本有所波动； 从价格端看， 据百川盈孚， 24Q3 国产T700-12K/T300-12K/T300-24K/T300-48K 市场均价为113/87/77/72 元/KG，同比-30%/-15%/-18%/-15%，环比降幅在3%~12%，延续Q2 下降趋势。成本价格双向挤压，公司毛利率整体承压。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"688295":"中复神鹰","BK0208":"化学纤维"},"translate_title":"Zhongfu Shenying: Profits continue to bottom out, waiting for changes in supply and demand","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688295":1},"content_text":"中复神鹰发布三季报：Q3 实现营收3.86 亿元（yoy-30.09%，qoq+36.16%），归母净利-3331.22 万元（yoy-146.16%，qoq-98.14%）。2024 年Q1-Q3 实现营收11.19 亿元（yoy-30.46%），归母净利-833.88 万元（yoy-102.84%），扣非净利-7508.51 万元（yoy-128.57%）。公司三季度归母净利低于我们预期（-0.27 亿元），主因碳纤价格持续下滑，而成本侧边际承压，考虑到短期行业供需拐点尚不明朗，下调至“增持”评级。1-9M24 价格成本双向挤压，公司盈利能力持续下滑24 年前三季度毛利率19.26%，同比-17.2pct；24Q3 毛利率11.6%，同/环比-20.5/-8.7pct；从成本端看，据Wind，24 年前三季度丙烯腈现货均价9276元/吨，同比+2.4%，单三季度均价为8684 元/吨，同/环比+2.1%/-12.6%，原材料成本有所波动； 从价格端看， 据百川盈孚， 24Q3 国产T700-12K/T300-12K/T300-24K/T300-48K 市场均价为113/87/77/72 元/KG，同比-30%/-15%/-18%/-15%，环比降幅在3%~12%，延续Q2 下降趋势。成本价格双向挤压，公司毛利率整体承压。1-9M24 期间费用绝对值同比下降，收入摊薄能力削弱费率抬升24 年前三季度期间费用率24.92%/同比+6.5pct，其中销售/管理/研发/财务费用率为1.80%/12.94%/8.28%/1.90% ， 同比+0.86pct/+4.36pct/-0.87pct/+2.18pct；Q3 单季度期间费用率25.69%，同比+6.92pct，但单Q3 及前三季度累计的期间费用绝对值均同比下降，费率提升较多主因收入规模缩小，费用摊薄能力削弱。24 年前三季度归母净利率-0.75%，同比-18.97pct；24Q3 为-8.6%，同/环比-21.7/-2.7pct。1-9M24 经营性现金流向好，偿付或有延迟截至三季度末，公司资产负债率/有息负债率分别为48.5%/25.0%，同比+4.0/+1.0pct。前三季度经营性净现金流2.30 亿元，同比+4.94 亿元；24Q3经营性净现金流2.05 亿元，同/环比+3.4 亿元/+1.5 亿元，其中，3Q24 收现比/付现比分别为98.3%/23.8%，同比+55.8/-47.2pct。盈利预测与估值考虑到碳纤价格持续承压， 我们下调公司24-26 年归母净利润为-0.35/1.02/3.39 亿元（ 前值0.53/1.66/3.47 亿元）， 对应BPS 为5.24/5.25/5.52 元。可比公司25 年Wind 一致预期PB 均值为3.21，考虑到公司产能世界前三，逆势下龙头地位稳固，且 “低空经济”需求引领下，后市需求或有提振，给予公司25 年5 倍 PB 估值，对应目标价为26.19 元。风险提示：产品售价大幅回落，下游需求不及预期，原材料价格大幅波动。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478806620"}

中复神鹰：盈利持续探底 静候供需变局

精彩评论

中复神鹰：盈利持续探底静候供需变局