11. The first quarterly performance forecast of Kechuang board was released Kbc Corporation Ltd(688598) announced that the net profit in the first quarter increased by 146% to 172% year-on-year, and the net profit increased by 75% to 95% after deduction. The main reason for the performance growth is that IPO raised investment projects, over raised capital projects and convertible bond raised investment projects have reached production capacity one after another, and the production capacity and product shipment have increased significantly compared with the same period of last year.
It is worth noting that the company’s single quarter performance has gradually increased since last year, and the performance in the first quarter of this year has reached a new high since its listing. Based on the median forecast of 200 million yuan, the first quarter increased by about 20% month on month.
Kbc Corporation Ltd(688598) is mainly engaged in the R & D, production and sales of advanced carbon matrix composites and products. At present, the company’s advanced composite products are mainly used in the thermal field system of photovoltaic monocrystalline silicon drawing furnace, and the main downstream customers are major enterprises in the field of photovoltaic crystalline silicon manufacturing. The company’s main products, such as crucible, guide cylinder and insulation cylinder, are consumable parts. The sales revenue of the company’s products in the photovoltaic field is the main source of revenue of the company. The downstream demand is mainly divided into new demand, replacement demand and transformation demand.
The annual report shows that the company has sufficient orders and guaranteed raw material supply. By the end of 2021, the amount of orders on hand was 973 million yuan (including tax), while the company’s annual revenue just exceeded 1.3 billion yuan last year.
photovoltaic thermal field materials have been verified
Kbc Corporation Ltd(688598) the double increase in production capacity and shipment is mainly due to the gradual substitution of carbon carbon composites for graphite in large photovoltaic thermal field at present, the penetration rate of the “three major parts” – crucible, guide cylinder and insulation barrel in the thermal field has exceeded 50%, and it is expected to continue to improve with the industrial upgrading of photovoltaic industry and the progress of carbon carbon composite preparation process.
According to Orient Securities Company Limited(600958) calculation, the compound growth rate of photovoltaic new installation in the next three years may be 19%, of which the annual growth rate of large-size silicon wafer demand may be 45%. Considering the new demand of large-size production capacity and the replacement demand of retained production capacity excluding some small-size thermal field, the annual growth rate of thermal field material demand may be 15%. Due to the short supply of carbon carbon composites last year, its penetration rate in the thermal field is expected to be about 58%. If achieves full penetration by 2023 and superimposes the growth rate of the thermal field materials themselves, the annual growth rate of the demand for carbon carbon composites in the thermal field is expected to be about 57% from 2021 to 2023
At the same time, the future application field of carbon matrix composites may be more than photovoltaic thermal field Tianfeng Securities Co.Ltd(601162) research report points out that carbon matrix composites are similar to “all gold oil”, and the directions that can be expanded include semiconductors, hydrogen energy and braking materials. Among these three directions, the largest markets are carbon ceramic brake discs, silicon carbide thermal field & thermal insulation materials and hydrogen storage bottles
For the company, in addition to Kbc Corporation Ltd(688598) , Anhui Truchum Advanced Materials And Technology Co.Ltd(002171) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) and others are also involved in carbon heat field materials and other related businesses.
