The First Half Of This Year's Net Profit Exceeds 300 Million, And Its Carbon Beam Production Line To 50 Is Not Enough.

Weihai Guang Wei composite material Limited by Share Ltd (hereinafter referred to as "Guang Wei complex") disclosed its annual performance report in 2019. During the reporting period, the company achieved sales revenue of 836 million yuan, an increase of 28.51% over the same period last year, operating profit of 360 million yuan, an increase of 46.93% over the same period last year, and the total profit of 357 million yuan, an increase of 44.80% over the same period last year. The net profit attributable to shareholders of listed companies was 310 million yuan, up 44.73% over the same period of the previous year. The total profit of the Limited by Share Ltd is 46.93%.


During the reporting period, the military business with carbon fiber and fabric as the main product increased by 31.38%, and the sales of wind power carbon beam business reached 299 million yuan, up 38.65% from the same period last year. During the reporting period, the company received 47 million 466 thousand and 700 yuan of value-added tax rebates based on related businesses, which has also become a favorable factor for the company's performance growth.


Note: carbon fiber business and carbon beam business continued to maintain stable growth, including carbon fiber sales revenue of 423 million yuan, an increase of 31% over the same period last year, accounting for 51% of the company's revenue, and a 48% year implementation rate for the major contracts. At the same time, the company achieved stable and stable production while maintaining the stable performance of the contract. The carbon beam business realized sales revenue of 299 million yuan, an increase of 38% over the previous year. The prepreg business was severely influenced by the traditional sports and leisure market competition, and the impact of the orders of the customized products and the manufacture of external equipment decreased. The prepreg achieved a sales income of 72 million 890 thousand yuan, down 2% from the same period last year, and sales of composite materials and other businesses achieved 10 million 940 thousand yuan, down by 22% compared to the same period last year. The main business of our company is carbon fiber.


The industry believes that carbon fiber is a new material with great potential for development. Due to superior material properties, it has good prospects for development in many fields such as aerospace, wind power, automobile and rail transit equipment. In the future, with the deepening and expansion of application fields, carbon fiber and composite materials will be required to achieve multi-point growth.


而报告期内，光威复材也继续在战略高度强化碳纤维业务的产品规划和市场开发，T800H一条龙项目、M55J项目、CCF700G等有关科研项目或验证均在有序推进；目前批量供应的碳纤维产品保持及时稳定交付；建设中的高强高模碳纤维（M40J级）生产线在承担国家有关项目的同时，启动了在民用领域的应用市场开发；同时，公司在民用碳纤维领域持续强化研发投入和资源，根据目前市场民用碳纤维的行业状况，开发生产具有一定市场竞争力的民用碳纤维（T700S级）已经开始投入市场并得到市场有效检验，在丰富公司产品线的同时，为募投项目产品市场开发和产能消化提供了有效保障，并希望能够为逐步成为公司的重要收入和利润来源；除此以外，公司还将在包头投资建设低成本的大丝束碳纤维产品，以满足公司碳梁业务以及未来碳纤维在民用领域应用开发对低成本碳纤维的 Demand.


Pacific analyst Ma Jie said that since 2016, Guang Wei complex has supplied VESTAS carbon beams in batches, and realized 261 million yuan in 2017, and realized 521 million yuan in 2018, accounting for 38.20% of the total revenue of the company. In 2018, the gross profit margin of carbon beam business reached 21.88%. It is expected that the demand for carbon beam business will continue to be strong, and wind power business in the next two years will still maintain a relatively fast growth rate.


(1) the continuous expansion of carbon beam production capacity of light weight composite material: in 2018, the company had 30 carbon beam production lines, and now it has increased to 50 (10 of which have not yet been put into production).


(2) in 2019, the amount of carbon fiber used in carbon beam raw materials increased rapidly. According to the investor relations activities of the company, the amount of large tow carbon fiber in 2018 was about 4000 tons. In 2019, the purchase of tow carbon fiber was estimated at about 5000 tons, with a significant increase.


(3) VESTAS demand is strong, and the company has deepened cooperation. VESTAS the growth trend of the installed capacity of the order will not be reduced, and the total demand for carbon fiber will maintain a rapid growth. In 2018, the cooperation memorandum of understanding between Guang Wei complex and VESTAS reached initial intention to coordinate the global industrial layout of carbon beam business and further deepen cooperation between the two sides. At present, carbon beam supply accounts for about 20% of the total VESTAS demand, and there is still room for growth.


(4) Baotou's large wire bundles carbon fiber project brings long-term demand growth. Baotou will provide wind farms or orders for VESTAS, thereby expanding its domestic market and adopting the large tow produced by the company, thus bringing about new market demands.


(5) T type carbon beam new product enters the performance test stage. In 2018, the company developed the T type carbon beam by pultrusion technology. It has become the world's first and has entered the performance test stage, and it may become a new increment in the future.


Ma Jie believes that as a leading enterprise in the domestic carbon fiber industry, Guang Wei composite material has the layout of the whole industrial chain, and covers two major sections, namely, military industry and civilian sector. In the future, it will fully enjoy the dividends of demand growth in the downstream civil and military fields. Based on the company's T800 products in the future will be verified through the military and mass production, Baotou large beam production capacity expansion will expand the application of civilian industry judgement, expected that the company in 3 years after the performance will be another big step, it is estimated that light Wei complex 2019 to 2021 net profit of about 483 million yuan, 614 million yuan, 767 million yuan.


According to public information, Guang Wei complex is the first private enterprise to implement the localization of carbon fiber in China. The company is a high-tech enterprise specializing in R & D, production and sales of carbon fiber and its composite materials. The company takes the core of carbon fiber and the upstream and downstream application fields of carbon fiber and its composite material chain as the main line. Supported by many years of technological development and accumulation of strong technical strength and manufacturing capability, the company has formed a profit model of carbon fiber, fabric, resin, high-performance prepreg material, composite material components and finished products from the polyacrylonitrile precursor, and has been integrated into R & D, production and sales of composite components and finished products.