Stable Growth Of Carbon Fiber Products And Bright Prospects For Revenue Recovery

    Weihai Guang Wei composite material Limited by Share Ltd (hereinafter referred to as "Guang Wei complex") has released 2019 annual report. During the reporting period, the company achieved operating income of 1 billion 715 million yuan, an increase of 25.77% over the same period last year. Net profit attributable to shareholders of listed companies was 522 million yuan, an increase of 38.56% over the same period last year. Net profit after deducting non recurring gains and losses was 459 million yuan, an increase of 62.84% over the same period last year.

    During the reporting period, the carbon fiber and fabric business, the wind power and carbon beam business maintained stable growth. The sales revenue of carbon fiber and fabric business was 798 million yuan, an increase of 32.33% over the same period last year. The sales of wind power carbon beam business reached 673 million yuan, an increase of 29.24% over the same period last year. The income of dipped products increased, and the total sales revenue reached 177 million yuan, a decrease of 3.38% compared with the same period last year. Sales of composite materials business achieved 40 million 39 thousand and 200 yuan, an increase of 16.98% over the same period last year, and sales of equipment manufacturing business reached 10 million 551 thousand yuan, down 38.46% from the same period last year.

Guang Wei composite said that the domestic carbon fiber and composite materials industry is in an important period of strategic opportunity. The favorable conditions for industrial development are becoming thick and strong, and the potential of industrial empowerment is huge, and the foundation for development is constantly consolidating. With the continuous improvement of carbon fiber composite material coverage and permeability, and the requirements of independent capacity building and import substitution, the demand for military applications is growing steadily. In terms of civilian products, wind power applications have become the main force of carbon fiber applications, and still have great potential for development. Move. With the maturity of carbon fiber preparation technology and the continuous optimization and progress of composite material technology, carbon fiber and composite materials will show a long-term stable development trend. The demand for large scale products in the whole industry chain will become more and more realistic.

In 2020, Guang Wei complex will build up the national military standard system, improve the quality management and lean management level, and realize the high quality development with efficiency as the center. With regard to the overall strategy and layout of the company, the business segments will conscientiously implement, aggressively and seize opportunities to ensure that the main businesses of the existing businesses are developing healthfully and steadily, and the production and operation are stable, and the quality and quantity of products are delivered in time.

According to the insiders, our company focuses on the R & D, production and sales of carbon fiber and its composite materials. The products are characterized by high strength, high modulus and low specific gravity. They are excellent materials for enhancing weight reduction. They are important materials in defense equipment, aerospace, wind power and other fields.

Wang Yichuan, an analyst with Minsheng securities, said that the military business of Guang Wei complex is mainly aviation carbon fiber, and its main models include T300, T700, T800 and M40J. During the reporting period, the military carbon fiber and weaving business achieved a revenue of 798 million yuan, an increase of 32.33% over the same period, a gross margin of 79.29% and a gross margin level maintained at a high level. In March 19, 2019, Weihai, a wholly owned subsidiary of Guang Wei complex, has signed two contract orders for weaponry and accessory products, with a total sum of 927 million yuan, and two contracts have already fulfilled 86.24%.

At present, the main business of Guang Wei composite material business is relying on the T300 project. The dry wet T700S project will also contribute some performance in the future. The modern aircraft is gradually increasing the application of carbon fiber materials. The amount of composite materials used by the US F-22 and F-35 is 24% and 36% respectively. In the civil aircraft, the amount of complex material used in C919 will reach 30%, and the two generation T800 can achieve the carbon fiber structure of the main bearing structure. Composite material is the only enterprise that has been identified by T800 dragon project to participate in the subsequent stage of material application verification.

Our products include wind power carbon beam, immersive material, composite material and so on. Vestas, the main customer, is the only company in the world to master the large tow carbon beam technology. The longer the length of fan blades can increase the utilization hours of wind energy, but it will also increase the cost of the blades. Therefore, the demand for low cost tow carbon fiber will increase significantly. During the reporting period, the carbon beam business achieved a revenue of 673 million yuan, up 29.24% compared to the same period last year, and the gross profit margin was 21.82%, which was basically the same as that of last year. Prepreg business achieved a revenue of 177 million yuan, down 3.38% compared to the same period last year, mainly due to the decline in sales of traditional products such as fishing gear and sports and leisure products, and the gross profit margin was 14.17%, down 2.09% compared with the same period last year. In September 2019, Baotou Wei Wei complex invested in the construction of a low-cost tow carbon fiber products project to meet the company's carbon beam business and the future application of carbon fiber in the civilian field. The demand for this carbon fiber.

  Public information shows that Guang Wei complex is located in Weihai, Shandong. It is a high-tech enterprise specializing in R & D, production and sale of carbon fiber and its composite materials. The company takes carbon fiber as the core and takes the upstream and downstream application fields of carbon fiber and its composite materials as the main line, forming carbon fibers, fabrics, resins, high-performance prepreg materials, and complex materials starting from polyacrylonitrile precursors. The profit mode of integration, development, production and sales of materials and composite equipment.

Guang Wei complex belongs to Weihai light Refco Group Ltd. Founded in November 1987, Guang Wei Group has formed an industrial cluster with outdoor fishing tackle, carbon fiber and composite materials, and green low carbon environmental protection manufacturing as the core.

Our products are exported to 64 countries and regions in the world, and have long occupied the commanding heights of R & D and production of hi-tech new materials, such as carbon fiber and woven fabrics, carbon fiber and glass fiber prepreg, and carbon fiber composite products.

Since its entry into the independent research and development area of carbon fiber in 2002, Guang Wei complex has broken through many core technologies of carbon fiber, and has become the leading enterprise in China's military small tow carbon fiber. Since its listing, the company has been actively expanding its business scale, and its carbon fiber and fabric business and wind power carbon beam business has maintained steady growth. The total revenue of the company in 2018 reached 1 billion 364 million yuan, an increase of 43.63% over the same period last year, of which the profit to the parent company was 377 million yuan, an increase of 58.76% compared with the same period last year. Avenue.

The carbon fiber military orders and wind power carbon beam business are the main sources of profit. The carbon fiber and fabric related military orders account for 44% of the total revenue. In the past three years, the gross profit margin of the orders is as high as 80%, and the revenue growth is relatively stable. Carbon beam business accounts for 38% of total revenue and 21.88% gross profit margin. Wind power related orders at present gross profit margin is on the market average level. Currently, the company is actively cooperating with the leader of technology development in the world wind power industry VESTAS to expand the market and try to jointly open China's carbon fiber blade wind power market. The construction of the first phase of the 10000 tons tow beam project in Baotou is expected to be completed in 2-3 years, and the capacity of carbon beam related business is expected to further increase.

  Guang Wei complex belongs to Weihai light Refco Group Ltd. Founded in November 1987, Guang Wei Group has formed an industrial cluster with outdoor fishing tackle, carbon fiber and composite materials, and green low-carbon environmental protection manufacturing as the core. The company's fishing tackle products have been exported to 64 countries and regions in the world, and have long occupied high-tech new materials, such as carbon fiber and woven fabrics, carbon fiber and glass fiber. The commanding height of research and production of dipping and CFRP products.