Weihai Guang Wei composite material Limited by Share Ltd (hereinafter referred to as "Guang Wei complex") released its performance forecast in 2019 on January 10th evening. It is estimated that the net profit of the company in 2019 is 501 million yuan to 539 million yuan, compared with 377 million yuan in the same period last year, an increase of 33% to 43% over the same period last year.
The above prediction is based on the following reasons:
1, during the reporting period, the company adheres to the "521" development strategy, actively organizes production and delivers in a timely manner, and carbon fiber (fabric) business and wind power carbon beam business keeps steady growth.
2. During the reporting period, the company's accounts receivable will be realised through non recourse factoring and other business transactions. The operating cash flow will continue to improve and the loss of credit impairment will be reduced.
3. After preliminary calculation, the company's non recurring gains and losses in 2019 amounted to about 58 million 420 thousand yuan.
Shen Fancheng, a securities analyst at the Great Wall, said that as the leading enterprise of domestic carbon fiber, the layout of Guang Wei complex business is clear, and its operating income revolves around carbon fiber. From the perspective of observation, the company's overall performance is further improved mainly due to the steady growth of carbon fiber and carbon beam business. In addition, the company attaches great importance to the research and development of new materials in the field of carbon fiber. According to the annual reports of the company, it can be found that the company is nearly 5.
R & D investment continued to increase, and R & D investment accounted for more than 14% of total revenue.
The 2019 semi annual report shows that carbon fiber and carbon beam are the main source of revenue for the company, which accounts for 86.43% of the total revenue. In addition, the company's revenues in prepreg and products occupy 10.39% and 1.75% of the total revenue respectively. Gross margin, the gross profit margin of the company's carbon fiber and fabric business has always been over 50% since 2012. The gross profit margin of the business in the first half of 2019 has exceeded 80%, which is mainly benefited from the layout of the company's integrated industrial chain, so that the raw materials of the main business products can be fully self-sufficient, thus effectively reducing the production cost.
In the second half of 2019, Guang Wei complex signed the agreement of "10000 ton carbon fiber industrial park project agreement" with the people's Government of Baotou, Inner Mongolia, the nine yuan industrial park management committee, and the Vestas wind technology (China) Co., Ltd.. The total investment of the project is 2 billion yuan, which ultimately achieves 10000 tons / year carbon fiber generating capacity.
Shen Fancheng believes that the signing of the project has the following three main advantages: first, strengthen the company's deep cooperation with VESTAS. Combined with the announcement issued recently, VESTAS will be granted a 10% stake in Inner Mongolia's Baotou project in the Inner Mongolia project. The construction of Baotou project further strengthens the cooperation relationship between the company and the company. Two, it is conducive to the expansion and development of the company's business. The signing of this project will help the company to develop cooperative relations with the Baotou municipal government. The company is expected to use Baotou resources to expand the business of carbon fiber and its composite materials in the field of civil wind power carbon beam; three, control production costs and enhance market competitiveness.
The company also said that the price of the carbon fiber production in the Weihai plant is 0.6-0.8 yuan / degree, and the electricity price can be reduced to 0.26 yuan / degree after the plant is built in Baotou. Because the electricity cost of the carbon fiber production process is about 20%, the reduction of the electricity cost can greatly reduce the production cost of the carbon fiber and enhance the market competitiveness of the company.
According to public information, our company is not only the largest supplier of carbon fiber in the aerospace market, but also has become one of the largest manufacturers of industrial carbon fiber intermediate products in the world. The company has a cumulative capacity of 597 tons of carbon fiber, with T300 production capacity of 176 tons / year, T700 production capacity of 276 tons, T800 production capacity of 105 tons / year, M40J production capacity of 20 tons / year, in addition, the company also has carbon fiber fabric 60 tons / year, carbon fiber prepreg 4 million 650 thousand square meters / year, glass fiber prepreg 8 million square meters / year, carbon beam production line 40 (about 6 million meters / year capacity), the company's existing main customers include the main military enterprises in the field of domestic aerospace, wind power giant Vestas and domestic and foreign fishing equipment business.
The company is a leading domestic carbon fiber enterprise. Its main customers include major military enterprises in the field of domestic aerospace, wind power giant Vestas and domestic and foreign fishing tackle enterprises. In addition, the company has a complete industrial chain layout of carbon fibers, fabrics, resins, high-performance prepreg and composite products from the original silk, and its products have broad application prospects in the field of national defense and civil engineering, and are important strategic materials for the development of national defense industry and national economy.