According to Securities Star News, on December 20, 2024, Zhongfu Shenying (688295) announced that the company would accept institutional research on December 18, 2024, with the participation of Beijing Yuanfeng, Galaxy Fund, Yinhua Fund, Zhongtai Securities, Bank of China Fund, Zhuque Fund, Guohai Fulan, Guotai Fund, Huaan Fund, China Universal Fund, Harvest Fund, Shanghai Liuhe Investment, Xingyin Fund, and IB Wealth Management.

The details are as follows:

Q: What are the application areas with high price pressure at present?

Answer: It is mainly concentrated in downstream applications that are more sensitive to cost, such as wind turbine blades and carbon carbon composites. At present, the company's cost at the Xining base has been industry-leading, so in the face of these downstream applications that are easily affected by the price of carbon fiber, it can also be more under pressure in terms of supply and selling price.

2. Peer companies are expanding production one after another, will there be overcapacity in the carbon fiber industry next year?

Based on the fact that the carbon fiber industry as a whole has been expanding production in recent years, and there is a stage of surplus in individual areas of the downstream market, and the demand and supply are still in an unbalanced stage, the production capacity of the entire carbon fiber industry is still relatively rich. However, the optimistic thing is that with the decline in the cost of carbon fiber, other emerging application fields have been added downstream, and the overall demand for carbon fiber is still growing, of which the wind power field is expected to increase relatively considerably in 2025.

Q: What is the proportion of the company's sales volume in different fields in the first three quarters?

A: As of the end of the first three quarters, the company's sales in the field of new energy (hydrogen energy, wind power, thermal field) accounted for 50%, the sales in the field of sports and leisure accounted for about 30%, and the sales in the field of transportation construction accounted for more than 10%.

Q: What will the company put into production of 30,000 tons next year?

Answer: At present, the construction progress of the 30,000-ton carbon fiber project in Lianyungang is progressing in an orderly manner, and by the end of next year, it will ensure that some production lines have the production capacity, but the specific production arrangements will be based on the development of the downstream demand side.

Q: What is the product structure of Xining company?

Answer: At present, the product models produced by the Xining base are mainly SYT45S and SYT49S levels, and the specifications involve 3K-48K. The target application markets of Xining base's products mainly include new energy fields such as hydrogen energy, photovoltaic and wind power, as well as high-end sports prepregs and fabrics.

Q: How does the company view the current carbon fiber price?

A: In recent years, the competition in the domestic carbon fiber market has continued to intensify, and the price of carbon fiber has fallen below expectations and supply shocks. From the current point of view, the price of carbon fiber is still at the bottom of the shock, I believe that with the gradual development of the industry to a healthy and sustainable development, the price of carbon fiber will also enter a stage of benign development. At the same time, the development of the industry is inseparable from the progress of technology, the reduction of costs and the further improvement of quality.

Q: Will the company make pultrusion plates in the future?

Answer: To provide users with better solutions and more cost-effective products is the market development purpose of Zhongfu Shenying. At present, the company has business contacts with major wind power OEMs at home and abroad and carbon fiber pultrusion plate manufacturers, and how to further integrate the company's competitive products with delivery capabilities into the downstream wind power field in the future is the company's key topic for pultrusion board application scenarios.

During the reception, the company conducted full exchanges and communication with investors, and strictly followed the company's "Information Disclosure Management System" and other regulations to ensure that the information disclosure was true, accurate, complete, timely and fair, and there was no undisclosed material information disclosure.

Zhongfu Shenying (688295) main business: specializing in carbon fiber research and development, production and sales.

According to the third quarter report of Zhongfu Shenying in 2024, the company's main revenue was 1.119 billion yuan, a year-on-year decrease of 30.46%; net profit attributable to the parent company -8.3388 million yuan, a year-on-year decrease of 102.84%; deducted non-net profit -75.0851 million yuan, a year-on-year decrease of 128.57%; In the third quarter of 2024, the company's single-quarter main revenue was 386 million yuan, a year-on-year decrease of 30.09%; The net profit attributable to the parent company in a single quarter was -33.3122 million yuan, a year-on-year decrease of 146.16%; The non-net profit deducted in a single quarter was -56.6366 million yuan, a year-on-year decrease of 187.08%; The debt ratio was 48.49%, the investment income was 5.1834 million yuan, the financial expenses were 21.2374 million yuan, and the gross profit margin was 19.26%.

A total of 7 institutions have rated the stock in the last 90 days, 5 have given a buy rating and 2 have an overweight rating. The average institutional price target over the last 90 days is 25.56.

Here's the detailed earnings forecast information:

Margin data shows that the stock has a net financing outflow of 6,724,200 in the past three months, with a decrease in the financing balance, and a net inflow of 261,800 with an increase in the balance of securities borrowing and lending.

The above content is compiled by Securities Star based on public information, generated by intelligent algorithms, and does not constitute investment advice.