A single business is worth five times the annual revenue in the past!
On the evening of March 14, Sinofibers Technology Co.Ltd(300777) disclosed that it signed an order contract for carbon fiber and carbon fiber fabric with customer a, with a contract amount of 2.169 billion yuan, accounting for 556.94% of the audited revenue of the company in the latest fiscal year. The contract performance period is 2022 to 2023 P align = "center" Image Source: Sinofibers Technology Co.Ltd(300777) announcement
As a leading enterprise of carbon fiber in China's aerospace industry, Sinofibers Technology Co.Ltd(300777) specializes in the R & D, production, sales and technical services of high-performance carbon fiber and related products. Its main products are carbon fiber and its fabricsP align = "center" schematic diagram of carbon fiber products of the company source: Sinofibers Technology Co.Ltd(300777) prospectus
Sinofibers Technology Co.Ltd(300777) since its establishment, it has carried out R & D and preparation around the industrialization of high-performance carbon fiber, and has the engineering industrialization ability of high-strength zt7 series (higher than T700), zt8 series (T800), zt9 series (T1000 / t1100) and high model zm40j (M40J), And took the lead in realizing the stable batch application of zt7 series (higher than T700) high-performance carbon fiber products in key series of national aerospace equipmentP align = "center" Image Source: Sinofibers Technology Co.Ltd(300777) 2020 Annual Report
According to the 2020 annual report, customer a is the largest customer of Sinofibers Technology Co.Ltd(300777) with annual sales of 339 million yuan, accounting for 87% of the company's total annual sales. As for the signing of this order contract, Sinofibers Technology Co.Ltd(300777) said in the announcement: "the company has the business qualification, technical strength and production capacity required to perform the contract."
The announcement shows that the terms of the order contract have made clear provisions on product quality requirements, technical standards, place and mode of delivery, mode of transportation, packaging standards, acceptance standards and methods, settlement methods, contract changes, methods to solve contract disputes, environmental and occupational health and safety terms, treatment of liability for breach of contract, etc.
However, according to the terms of the contract, the product name, specification, model, quantity, quality requirements and other information involved shall not be disclosed to a third partyP align = "center" Image Source: Sinofibers Technology Co.Ltd(300777) 2020 Annual Report
It is reported that Sinofibers Technology Co.Ltd(300777) has profound technical accumulation and reserves in the R & D and production of high-performance carbon fiber. Taking T1000 and t1100 carbon fibers as examples, the prospectus disclosed by the company in 2019 shows that only Toray of Japan and Hexcel of the United States can realize the industrialized production and marketing of T1000 and t1100 carbon fibers worldwide.
Sinofibers Technology Co.Ltd(300777) 2014 began the research and development of high-strength T1000 and t1100 carbon fibers. Aiming at t1100, zt9 (T1000 / t1100) carbon fibers were independently developed and two batches of fibers were provided to aerospace users for performance evaluation.
In August 2015, the high-strength zt9 series carbon fiber developed by the company was tested by Beijing University of Aeronautics and Astronautics. The performance has reached the technical index of T1000 carbon fiber, and the tensile modulus exceeds t1100 carbon fiber, which is qualified for engineering industrialization. In 2017, the company began to develop t1100 carbon fiber technology and has made breakthrough progress. At present, the performance index of Sinofibers Technology Co.Ltd(300777) zt9 series carbon fiber has reached T1000 / t1100. According to the needs of downstream customers, the company's thousand ton line has produced stable zt9 series carbon fibers for relevant evaluation.
Thanks to the stable supply of a series of core products, Sinofibers Technology Co.Ltd(300777) performance has achieved steady growth. From 2018 to 2020, the revenue will reach 213 million yuan, 234 million yuan and 390 million yuan respectively; The net profit is 121 million yuan, 137 million yuan and 232 million yuan. The company achieved a year-on-year growth of 4.31 billion yuan in the first three quarters of 2023; The net profit was 145 million yuan, a year-on-year increase of 10.29%P align = "center" Image Source: Sinofibers Technology Co.Ltd(300777) 2020 Annual Report
With regard to the signing of this contract, Sinofibers Technology Co.Ltd(300777) said that for a long time, the company's high-performance carbon fiber and fabric have been well applied in the high-end field of China's aerospace industry, which has been unanimously recognized by customers, laid a solid foundation for subsequent development and brought a good demonstration effect. The signing and performance of this contract will have a positive impact on the company's performance, It is conducive to the development of the company and the interests of all shareholders.
In addition, the company reminds that due to the particularity of the contract business, the execution rate of the order contract is uncertain. The contract has agreed that it is finally "calculated by actual occurrence", and there is a risk that it can not be fully executed in accordance with the contract.
