The hydrogen energy industry welcomes the catalyst again, and the medium and long-term plan for industrial development (20212035) has been released. This is undoubtedly a major positive for carbon fiber, the most important material of hydrogen storage tank. It is reported that Zhongfu Shenying (688295. SH), as a “cutting-edge” supplier of carbon fiber for hydrogen storage tank in China, was officially listed on April 6, which is expected to usher in another wave of rapid development.
Statistics show that Zhongfu Shenying is a national high-tech enterprise specializing in the R & D, production and sales of carbon fiber. It has taken the lead in realizing the key technological breakthrough of dry jet wet spinning of carbon fiber in China, and has a rich variety of products, production capacity and output, which are in the forefront of China’s carbon fiber production enterprises. After the listing, the company is expected to gradually expand financing channels and enhance brand awareness with the support of the science and innovation board, so as to continuously expand production capacity and enhance market share.
domestic carbon fiber welcomes the golden development period
Zhongfu Shenying’s compound growth rate of net profit in recent three years reached 226.49%
According to Citic Securities Company Limited(600030) estimates, the global carbon fiber demand will reach 242000 tons by 2025, and the CAGR will be 20.3% from 2021 to 2025. Meanwhile, considering that the domestic rate of carbon fiber in China will be less than 40% in 2020, and with the capacity expansion and technological breakthrough of Chinese Enterprises, it is expected that the domestic carbon fiber can achieve a compound growth rate of 36% from 2021 to 2025.
The relatively deterministic high growth rate of the industry also opens a huge growth space for the future of Zhongfu Shenying. According to the prospectus, the company’s performance has grown steadily in recent years. From 2019 to 2021, the company achieved operating revenue of 415 million yuan, 532 million yuan and 1173 million yuan respectively, with a compound annual growth rate of 68.12%; The net profit attributable to the parent company was 26151100 yuan, 85231800 yuan and 278762100 yuan respectively, with an annual compound growth rate of 226.49%.
The continuous increase of performance is related to the company’s rich product categories. According to the data, the products sold by Zhongfu Shenying are mainly carbon fiber. The main product models include syt45, syt45s, syt49s, syt55s, syt65 and sym40, covering various categories such as high-strength model, high-strength medium model and high-strength high-strength model, which are widely used in aerospace, wind power blades, sports and leisure, pressure vessels, carbon / carbon composites, transportation construction and many other fields.
production capacity and output are at the forefront of the industry
actively expand downstream high-value and high growth fields
At present, the company’s production capacity and production and sales level are in the forefront of Chinese carbon fiber enterprises. According to the statistics of China National Chemical Engineering Co.Ltd(601117) Fiber Industry Association, the total output of domestic carbon fiber in 2020 was 18000 tons, and the company’s carbon fiber output in 2020 was 377721 tons, accounting for 20.98% of China’s total carbon fiber output, ranking second in China’s carbon fiber output; In 2020, the total consumption of carbon fiber in China reached 48800 tons. In the same period, the company sold 362528 tons of carbon fiber in China, with a market share of 7.43%.
Meanwhile, the company’s Xining phase I 10000 ton carbon fiber project has been completed in March 2022, and many projects such as “aerospace high-performance carbon fiber and precursor test line project”, “carbon fiber aerospace application R & D and manufacturing project” and “Xining phase II 14000 ton carbon fiber project” are being implemented and constructed smoothly. It can be seen that the company’s production capacity continues to improve, and will also expand rapidly to high-value fields such as aerospace and military industry.
According to Shenwan Hongyuan Group Co.Ltd(000166) Research Report, in terms of demand, the industry boom continues, the medium and long-term growth logic is clear, and “double carbon” drives the explosion of carbon fiber demand; From the perspective of supply, carbon fiber industry barriers, high-tech barriers and capital barriers, and new entrants have limited impact on the competition pattern of the industry. Therefore, with the subsequent production capacity of Zhongfu Shenying successively landing, the company’s market share is expected to continue to improve.
dry jet wet spinning technology leading
large tow carbon R & D is expected to bring new breakthroughs
Zhongfu Shenying took the lead in realizing the industrialization of dry jet wet spinning technology in China in 2012. It has systematically mastered carbon fiber T300, T700, T800, M30, M35 kiloton technology and M40, T1 Tcl Technology Group Corporation(000100) ton technology. Its industrialization level is ahead of its Chinese counterparts and won the first prize of 2017 National Science and Technology Progress Award.
As we all know, the carbon fiber production process has the characteristics of high investment and high energy consumption, which makes the scale effect of the industry significant. The cost of 1000 ton production line can be reduced by more than 20% compared with 100 ton production line, which is also reflected in the gross profit rate data of Zhongfu Shenying. According to the development trend of wind, the company’s gross profit rate increased from 11.48% in 2021 to 48.48% in 2018, which also benefited from the improvement of the company’s gross profit rate in 2021.
If the carbon fiber products are divided from the perspective of the number of each bundle, they can be divided into small tow and large tow. Generally speaking, small tow products have excellent performance but high price, and are mainly used in aerospace, high-end sports and other scenes; The production and application efficiency of large tow is high, which can greatly achieve the goal of low cost. It is mainly used in automobile, wind power and other industrial fields. The prospectus shows that since March 2021, the company has cooperated with Beijing University of chemical technology and Donghua University to develop 48K large tow, which is expected to bring a breakthrough to the large-scale production of large tow carbon fiber of the company.
In addition, it is worth mentioning that since its establishment, the company has continuously broken through the technical bottleneck of high-performance carbon fiber, and has obtained 67 authorized patents. At the same time, as the main drafting unit, the company participated in the formulation of the national standard of polyacrylonitrile based carbon fiber twice and the industry standard of polyacrylonitrile based carbon fiber precursor once.
Facing the future, Zhongfu Shenying said that it will continue to uphold the core values of “innovation, integration, endeavor and responsibility” and the corporate mission of “let the world feel the power of carbon fiber”, and is committed to building a world-class carbon fiber enterprise with global competitiveness.
