\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 99 Weihai Guangwei Composites Co.Ltd(300699) )
Core view
China is a leading enterprise in the field of civil and military carbon fiber. The company's products cover carbon fiber core equipment, precursor, carbon fiber, carbon fiber fabric, carbon fiber prepreg and carbon fiber composite products. At present, it is a leading enterprise with the most complete variety of carbon fiber production, the most advanced production technology and the most complete industrial chain in China. Relying on the "best results", the company has become a practitioner and pioneer of carbon fiber localization, took the lead in breaking the foreign monopoly, continued to invest in high R & D, and successfully developed a series of products with high strength, high strength medium model, high modulus and high strength high modulus. The company's products are widely used in aerospace, wind power, pressure vessels, rail transit, building reinforcement and other fields.
The development of new energy drives the growth of carbon fiber demand. With the application and development of carbon fiber composites and the decline of carbon fiber cost, thanks to its excellent physical and chemical properties, carbon fiber will continue to be applied in new scenarios. At present, the vigorous development of new energy industries such as wind power, photovoltaic, hydrogen energy and new energy vehicles is injecting strong power into the demand for carbon fiber. The large-scale wind turbine forces the permeability of carbon fiber in wind power blades to be improved. Superimposed on the rapid expansion of offshore wind power in recent years, wind power blades have become the largest carbon fiber application scenario and will maintain high-speed growth in the future. The rapid development of photovoltaic, hydrogen energy and other fields also gave birth to the demand of carbon fiber in the field of carbon thermal field and pressure vessel.
Capacity expansion, strong demand for carbon beams, gas cylinders and other products. The annual capacity of 4000 tons in phase I of Baotou 10000 ton carbon fiber project is expected to be completed and put into operation in mid-2022. At that time, it will make up for the shortage of low-cost precursor, reduce procurement costs and improve the profitability of wind power carbon beams and prepregs. There is a strong demand for gas cylinders, building reinforcement and carbon heat field. The 2000 ton t700s / t800s carbon fiber project invested by the company has been put into operation and will quickly contribute to the performance increment.
High end carbon fiber has made great efforts for the second time. T300 harvest big contract, price reduction may come to an end; M40J / m50j carbon fiber products; T800h, as the core material of aviation main bearing parts, is worth looking forward to.
Investment suggestions:
We estimate that the net profit attributable to the parent company from 2021 to 2023 will be 761 million, 1022 million and 1338 million respectively, with growth rates of 19%, 34% and 31% respectively; Earnings per share (EPS) are 1.65 yuan, 2.19 yuan and 2.82 yuan respectively, and the corresponding P / E ratios are 42.9, 31.9 and 24.4 respectively.
Considering that Weihai Guangwei Composites Co.Ltd(300699) is in a leading position in both military and civil carbon fiber markets and will fully benefit from the growth of aerospace and new energy industries, we think it is reasonable to give the company 42 times P / E ratio in 2022, corresponding to the target of 84 yuan.
