Weihai Guangwei Composites (300699) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥1.16 billion, down 5.53% year-over-year; net profit attributable to shareholders was ¥368 million, down 10.87% year-over-year.

• Cash flow from operating activities increased 2.62% year-over-year to ¥364 million.

• The company maintained its position as a leading domestic carbon fiber and composite materials provider, with a full industry chain layout and strong R&D capabilities.

Financial highlights

• Operating income: ¥1,156,083,036.79, down 5.53% year-over-year.

• Net profit attributable to shareholders: ¥368,350,393.94, down 10.87% year-over-year.

• EPS: ¥0.4456, down 10.54% year-over-year.

• Gross margin for carbon fiber and fabrics: 58.61%; for carbon beams: 22.25%; for prepreg: 33.51%.

• Total assets at period end: ¥7,531,782,464.88, up 6.72% from year-end 2023.

Outlook and guidance

• The company will not distribute interim dividends, issue bonus shares, or increase share capital from reserves for H1 2024.

• Focus remains on expanding high-end carbon fiber applications and maintaining stable growth in defense and industrial markets.