News from First Textile Network on January 10 (reported by reporter martin): Weihai Guangwei Composite Materials Co., Ltd. (hereinafter referred to as “Guangwei Composite Materials”) released its 2019 performance forecast today (October 10) evening , the company’s net profit for 2019 is expected to be 501 million yuan to 539 million yuan, compared with 377 million yuan in the same period last year, a year-on-year increase of 33% to 43%.
Guangwei Composite Materials stated that the above prediction was based on the following reasons:
1. During the reporting period, the company adhered to the “521” development strategy, actively organized production and delivered timely , the carbon fiber (including fabric) business and the wind power carbon beam business maintained steady growth.
2. During the reporting period, the company’s accounts receivable were realized through non-recourse factoring and other businesses, operating cash flow continued to improve, and credit impairment losses decreased.
3. According to preliminary calculations, the company’s non-recurring profits and losses in 2019 were approximately 58.42 million yuan.
Great Wall Securities analyst Shen Fancheng said that as the leading domestic carbon fiber company, Guangwei Composite Materials has a clear business layout and its operating income revolves around carbon fiber. From observation, the company’s overall performance has further improved mainly due to carbon fiber. and stable growth of carbon beam business. In addition, the company also attaches great importance to the research and development in the field of new carbon fiber materials. According to the company’s annual reports, it can be found that the company’s R&D investment has continued to increase in the past five years, and the proportion of R&D investment in revenue has always remained above 14%.
Guangwei Composite Materials’ 2019 semi-annual report shows that carbon fiber and carbon beams are the company’s main sources of revenue, accounting for 86.43% of total revenue. In addition, the company’s prepreg and product business revenue accounted for 86.43% of total revenue. 10.39% and 1.75% of total revenue; in terms of gross profit margin, the gross profit margin of the company’s carbon fiber and fabric business has remained above 50% since 2012. In the first half of 2019, the gross profit margin of this business exceeded 80%, which mainly benefited from Due to the company’s integrated industrial chain layout, the raw materials for the main business products can be fully self-sufficient, thereby effectively reducing production costs.
In the second half of 2019, Guangwei Composite Materials, the People’s Government of Jiuyuan District, Baotou City, Inner Mongolia, the Jiuyuan Industrial Park Management Committee and Vestas Wind Technology (China) Co., Ltd. jointly signed the “10,000-ton “Grade Carbon Fiber Industrial Park Project Admission Agreement”, the project plans to invest a total of 2 billion yuan, and ultimately achieve a carbon fiber production capacity of 10,000 tons/year.
Shen Fancheng believes that the signing of this project mainly has the following three benefits: First, it strengthens the in-depth cooperation between the company and VESTAS. In conjunction with the company’s recent announcement, VESTAS will transfer 10% of the equity of Inner Mongolia Guangwei in the Baotou project. The construction of the Baotou project further strengthens the cooperative relationship between the company and VESTAS; secondly, it is conducive to the company’s business expansion and development. The signing of this project will help the company develop a cooperative relationship with the Baotou Municipal Government. The company is expected to use the resources of Baotou City to expand the business of carbon fiber and its composite materials in the field of civil wind power carbon beams; the third is to control production costs and enhance market competitiveness.
Guangwei Composite Materials also said that the current electricity price required for carbon fiber production in the company’s Weihai factory is 0.6-0.8 yuan/kWh, and after the establishment of the Baotou factory, the electricity price can be reduced to 0.26 yuan/kWh. Due to the carbon fiber The cost of electricity during the production process is about 20%. The reduction of electricity costs can significantly reduce the company’s carbon fiber production costs and enhance the company’s market competitiveness.
Public information shows that Guangwei Composite Materials is not only the largest domestic carbon fiber supplier for the aerospace market, but also one of the world’s largest manufacturers of industrial carbon fiber intermediate products. The company has a cumulative actual carbon fiber production capacity of 597 tons, including T300 production capacity of 176 tons/year, T700 production capacity of 276 tons, T800 production capacity of 105 tons/year, and M40J production capacity of 20 tons/year. In addition, the company also has carbon fiber fabrics of 60 tons/year, carbon fiber pre-production capacity Preg 4.65 million square meters per year, glass fiber prepreg 8 million square meters per year, and 40 carbon beam production lines (about 6 million meters per year). The company’s existing major customers include major military companies in the domestic aerospace field. Square enterprises, wind power giant Vestas and domestic and foreign fishing gear companies, etc.
The company is a leading carbon fiber company in China, and its current major customers include major domestic military companies in the aerospace field, wind power giant Vestas, and domestic and foreign fishing gear companies. In addition, the company has a complete industrial chain layout starting from raw silk, including carbon fibers, fabrics, resins, high-performance prepreg materials, and composite products. Its products have broad application prospects in both the national defense and military industries and civilian fields. It is an important step in the development of national defense and military industries and Important strategic materials for the national economy. (First Textile Network Martin)</p
