Securities code: 300699 securities abbreviation: Weihai Guangwei Composites Co.Ltd(300699) Weihai Guangwei Composites Co.Ltd(300699) investor relations activity record No. [2021] No. 010
□ specific object research □ analyst meeting
Investor relations activities
□ media interview □ performance briefing
category
□ press conference √ □ Roadshow
□ site visit □ others
Anxin securities, Baoying fund, Chengtian asset management, Daniu Taiyan investment management, Hongcheng investment, Xingshi investment, Chengpu asset management, Dacheng Fund, Debon fund, Northeast Securities Co.Ltd(000686) , Orient Securities Company Limited(600958) , Founder Securities Co.Ltd(601901) , Zeyuan asset management, Everbright Securities Company Limited(601788) , kaiding investment, Gf Securities Co.Ltd(000776) , Lezhong investment, Xuanyuan investment, Tianying asset, Sealand Securities Co.Ltd(000750) , Guosheng securities, Cathay Pacific Fund, Haitong Securities Company Limited(600837) Zequan investment, aviation development fund, Huafu fund, Huaneng Guicheng trust, Huatai Securities Co.Ltd(601688) , Huaxi Securities Co.Ltd(002926) , Huaxia future capital, Huili fund, Jiahe fund, Harvest Fund, giant private placement, Nanfang Tianchen investment, Nanjing Securities Co.Ltd(601990) , Agricultural Bank of China Life Insurance, Ping An Securities, Qingli investment and rongtongji
Gold, Xiamen Fuxin finance, Shandong Lushang private placement, Shanghai Baoyin investment consultant, Shanghai Chengye investment management, nail Ling assets, chaos daoran assets, chaos investment, Jieyu investment, Jingxi assets, Minghe investment, Qiusheng assets, Shenwan Hongyuan Group Co.Ltd(000166) , Shenzhen Qianhai Ruiyuan assets, China Europe Borui investment, Wukong investment, Sichuan development securities investment, Tianfeng Securities Co.Ltd(601162) , Southwest Securities Co.Ltd(600369) , Xinhua assets New era securities, China Industrial Securities Co.Ltd(601377) , YONGYING fund, China Greatwall Securities Co.Ltd(002939) , Changxin fund, China Merchants Securities Co.Ltd(600999) , Zheshang Securities Co.Ltd(601878) , China Eastern asset management, Galaxy Securities, Zhongtai Securities Co.Ltd(600918) , China Securities Co.Ltd(601066) securities, Citic Securities Company Limited(600030) , BOC International Securities, rosefinch investment
Time: December 23, 2021
Location: roadshow platform on opportunity treasure line
Wang Wenyi, general manager of the receptionist of the listed company, Wang Guoping, general manager of Weihai Guangsheng, and Wang Ying, Secretary of the board of directors
Investor relations activity 1. Introduce the company’s capital increase in Weihai Guangsheng.
Weihai Guangsheng was established in July 2020 with a registered capital of 10 million yuan. It is mainly engaged in supporting business of carbon fiber composites for aerospace. In addition, some businesses are also involved in aviation, marine and other fields. Weihai Guangsheng has been in operation for more than one year. At present, it has a large loss and its net assets are more than negative 20 million. It is proposed to increase the registered capital by 70 million yuan and increase the registered capital from 10 million yuan to 80 million yuan. Weihai Guangwei Composites Co.Ltd(300699) it is proposed to subscribe for Weihai Guangsheng’s newly increased registered capital of 26.8 million yuan with its own capital of 26.8 million yuan. The controlling shareholder Guangwei group and 16 related natural persons including some directors, supervisors and senior executives of the company contribute 20 million yuan in total and subscribe for Weihai Guangsheng’s newly increased registered capital of 20 million yuan. After the capital increase, the company’s direct contribution to Weihai Guangsheng accounts for 33.5% of the registered capital, and the contribution to Weihai Guangsheng held by the company’s associated natural persons accounts for 25% of the registered capital. The company and the persons acting in concert of the company jointly hold 58.5% of the equity of Weihai Guangsheng. The company nominates two directors in the three person board of directors of Weihai Guangsheng; The company will control Weihai Guangsheng, which will be included in the company’s internal control management system and consolidated statements.
2、 Interactive communication
1. Reasons for capital increase of Guangsheng company?
The company now implements the 521 development strategy from the perspective of industrial development, of which “5” is the company’s existing five business segments. The company hopes to finally realize the layout of the whole carbon fiber industry chain of “1” through continuous efforts. Guangsheng’s products are mainly used in the field of aerospace, and finally provide supporting facilities and services for commercial aerospace, including rocket army. In terms of business, it is the downstream field of the company. Taking carbon fiber as the main raw material and adopting winding and other process methods to develop and produce carbon fiber composite products is the extension and expansion of the company’s existing business. After the capital increase of Guangsheng, it can be understood that the company will have six business segments, and the business structure will transition from “521” to “621”, which has taken another firm step to create a more healthy, sustainable and synergistic business layout.
2. Please introduce the main business of Guangsheng company?
Guangsheng takes Aerospace rocket engine and missile engine shell as its main products, and its main customers include aerospace science and industry / science and technology group, etc. In recent years, with the technological progress and the maturity of domestic fibers, aerospace engine shells have been applied, and the demand for such products is also in the large-scale stage.
Composite wound shell is applied to rocket and missile engines from commercial rocket engine products with large diameter, which has achieved good results. Now small-size products are also applied, and such products will have certain opportunities in the future. 3. What types of fibers are used in the aerospace field?
The winding process is mainly t700s / t800s fiber.
4. Will there be an intersection between Guangsheng’s business and the company’s composite plate business, resulting in business conflict?
The business brought by Guangsheng is not only a new business of the company in the past, but also a downstream of the company’s original business. There is no conflict with the company’s existing composite plate business from the perspective of industrial layout. The production process adopted by the products is different and the application objectives of the products are different. In the future, it will be further developed. From the perspective of company management and planning, it will also make overall arrangements without business intersection.
5. Guangsheng focuses on military industry. Does Guangsheng also have plans for civilian supplies? Can you introduce it?
Guangsheng mainly makes various military and civilian products through winding technology. In fact, the engine shell is a common product for military and civil use. In addition, there are some civil products such as winding process transmission shafts.
6. Is the principle of carbon fiber and hydrogen cylinder used in space engine similar? Is carbon fiber used in engines resistant to high temperatures? What material is used to replace the original engine?
The application principle of carbon fiber in aerospace engine and gas cylinder is similar, but there are still differences. The high temperature resistance of engine can be solved by internal and external coating of engine, but it also has high temperature resistance requirements. Instead of metal material high-strength steel. 7. What is the relationship between Weihai Guangsheng company and the professional composite Research Institute in the aerospace system? Is it competition or matching?
Guangsheng company and enterprises in the system are cooperative, supporting and complementary in terms of positioning.
8. Does the company have a layout on the hydrogen storage bottle of hydrogen energy vehicles?
Gas cylinder is a very important application market of carbon fiber. At present, the company’s business in the field of hydrogen storage cylinder is mainly to provide supporting carbon fiber materials.
9. Can you evaluate the market space of carbon fiber composites for rocket and aerospace engine shell and the specific value of a single machine? And the reason for the acquisition of Beijing Lanke Yingsheng?
The market space cannot be evaluated, and the value of a single machine will vary greatly due to different product models. The reason for the acquisition of Lanke is that Beijing Lanke’s design capability will be an important business support for Guangsheng. At the same time, it will also have the ability to contract more business. Beijing Lanke has undertaken the development and design of some composite parts and equipment products in the aerospace field. The company’s acquisition of Beijing Lanke is also to avoid horizontal competition in the future, It is necessary to acquire Beijing Lanke from the perspective of business and corporate governance.
10. Is it the next generation engine technology to replace high-strength steel with carbon fiber for engine shell? Will it be used in aeroengines in the future?
Replacing high-strength steel with carbon fiber in engine shell is mainly the technology of aerospace solid motor. Replacing high-strength steel with carbon fiber in engine has many excellent performance characteristics, such as weight reduction. Carbon fiber will also be used in aeroengines.
11. Carbon fiber market and composite market? What products do we offer? The market of carbon fiber and composite materials is developing with the mining of carbon fiber performance and cost optimization, from sports and leisure to aerospace, as well as wind power, photovoltaic, rail transit, pressure vessel and other fields with clear application logic. In the early stage, the products provided by the company are mainly various carbon fiber materials, prepregs and composite materials such as carbon beams. In the future, we hope to have more composite products and businesses at the application level such as Guangsheng.
12. How high is the processing utilization rate of carbon fiber prepreg to aerospace finished structural parts at present? For example, how much weight of structural parts can be produced by 1 kg of prepreg?
The processing utilization rate of carbon fiber prepreg in aerospace field can reach about 85% from the perspective of weight.
13. Can it be understood that the listed company provides the company with carbon fiber and then makes it into composite materials?
That’s understandable, but it’s too simplistic. Guangsheng has unique business capabilities and advantageous resources. It can form good coordination and cooperation with listed companies, not just a simple relationship between material supply and demand.
14. What is the carbon fiber grade of aerospace materials? Does the company make both precursor and carbonization? Or external mining?
In principle, the fiber produced by the company can find application scenarios in the aerospace field. For the shell scenario, it is mainly T700 / T800; As for the claim of external raw silk, a rumor is refuted here again. At present, the corresponding raw silk of all carbon fiber products produced by the company is produced by the company itself.
15. Please look forward to Guangsheng’s business growth in the next few years. Is it in the R & D stage? When can the business be expanded?
Guangsheng is still in the research and development stage. There are many project products. Some products have orders. It is estimated that the business volume will gradually appear after the next year.
16. Is it mainly a ramjet that can use carbon fiber as the engine housing? Turbine engine should not work?
It is mainly the shell of solid motor, and the low-temperature storage tank of liquid motor is mainly made of carbon fiber.
17. Does the space engine shell need resin?
The shell of space engine needs resin.
18. What is the proportion of the value of carbon fiber structural parts on missiles or rockets in the value of the whole bomb?
The value of structural parts accounts for 10% – 15%.
19. Why does Guangsheng have a large book loss?
In the early stage, the product R & D and verification cycle are long, and the investment in tooling and mould is large.
20. Now the company has mastered the molding, pultrusion and winding processes of composite materials. Do you have a longer-term plan in the composite plate?
It takes time from having the ability of composite materials to forming the composite business. The company needs to be down-to-earth step by step from focusing on materials to paying equal attention to materials and application.
Annex list (if any) none
Date: December 23, 2021
