Weihai Guangwei Composites Co.Ltd(300699) 4 issued the annual report for 2021 on April 11. During the reporting period, the company achieved an operating revenue of 2.607 billion yuan, a year-on-year increase of 23.25%; The net profit attributable to the shareholders of the listed company was 758 million yuan, a year-on-year increase of 18.18%; The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 713 million yuan, with a year-on-year increase of 25.95%, and its earnings per share was 1.46 yuan. The company plans to distribute a cash dividend of 5.00 yuan (including tax) to all shareholders for every 10 shares.
The company’s business covers the upstream and downstream of carbon fiber, warp knitted fabric and woven fabric, series resin system, various prepregs, design and development of composite components and products, equipment design, manufacturing and testing (CNAs / DILAC certified national and national defense laboratories). Relying on the whole industrial chain layout in the field of carbon fiber dimension, the company has become a system solution provider of composite business. The company is the first private enterprise to implement carbon fiber localization in China, and it is also a successful practitioner of carbon fiber localization in China. The company actively develops civil carbon fiber and its composite products, continuously extends its business to the downstream, actively cultivates the carbon fiber application market, and implements the military civilian integration development strategy of integrating the army with the people, giving priority to military products, sharing military and civilian products, supporting the army with the people, and interactive development of military and civilian products.
In 2021, carbon fiber, carbon beam and prepreg are the three core businesses of the company, accounting for 93.68% of revenue and 96.37% of gross profit. Among them, the expansion fiber with carbon fiber (including fabric) as the main product was affected by multiple factors such as the price reduction of mass production and finalized carbon fiber, the rise of civil product prices and the increase of carbon fiber product varieties, realizing an income of 1.275 billion yuan, a year-on-year increase of 18.32%; The new energy materials sector with wind power carbon beam as its main product achieved an annual revenue of 808million yuan, an increase of 12.56% year-on-year, under the situation that the prices of carbon fiber and resin, the main raw materials, rose sharply and the supply was tight; The general new materials sector with prepregs as its main products seized the business opportunities in the field of wind power, successfully developed carbon fiber semi prepregs suitable for wind power blade manufacturing, and realized mass production and application in wind power blade manufacturing, realizing a revenue of 359 million yuan, with a year-on-year increase of 51.94%.
In addition, as the first and second phases of the advanced composite center were put into use, the company’s composite materials sector also made rapid progress in business development and capacity-building. The relevant composite materials processing and manufacturing business was completed and delivered in time, with an annual revenue of 96 million yuan, a year-on-year increase of 141.00%; In addition to the traditional prepreg equipment products, the newly developed filament winding equipment, automatic wire and tape laying equipment and ground support equipment in Guangwei precision machinery sector have become the main sources of income and growth of the company in recent years, with an annual income of 48 million yuan, a year-on-year increase of 60.46%.
By expanding production and developing new products, the company strives to overcome the impact of the decline in the price of mass-produced and finalized carbon fiber products. During the reporting period, due to the great impact of the decline in the price of mass-produced and finalized carbon fiber products, the comprehensive gross profit margin of the company’s business decreased by 4.81 percentage points year-on-year. However, the company added other non finalized carbon fiber businesses, prepregs and composites to contribute incremental profits. The company’s net profit and net profit after deducting non recurring profits and losses maintained a stable growth, and the growth rate of deducting non net profit was 7.77 percentage points higher than that of net profit, The return on net assets of the company increased by 1.09 percentage points year-on-year, and the overall profitability increased steadily.
The high-strength and high model carbon fiber industrialization project of the raised investment project has made a key breakthrough during the reporting period, forming a large performance contribution. The amorphous fiber that contributed the most to the performance growth achieved sales of 372 million yuan throughout the year, mainly including T700 grade, T800 grade and high-strength and high modulus MJ series fibers. The three products accounted for 43.87%, 28.19% and 25.81% respectively according to the caliber of sales revenue. MJ series includes M40J and m55j, mainly m55j. The mass production and delivery of this product also marks the successful localization of key models of high-strength and high modulus carbon fiber products in China; T800 series includes t800h, t800s and t800g, mainly t800h. At present, the acceptance of the project has not been completed, and the revenue generated is confirmatory mass production and delivery; T700 series includes t700s and t700g, mainly t700s, which is mainly the contribution of the fund-raising project military civilian integration high-strength carbon fiber efficient preparation project after it was put into operation in the second quarter.
During the reporting period, the company continued to invest R & D resources to carry out new product R & D, application development or application verification in various application fields, and achieved excellent results in the R & D of new projects, new products and new technologies. During the reporting period, the company obtained 111 authorized patents, including 3 invention patents, 98 utility model patents and 10 design patents. The company has obtained 429 patent certificates, including 31 invention patents, 350 utility model patents, 33 design patents and 15 national defense patents.
The company said that in 2022, with the progressive impact of the price reduction policy on the industrial chain, the price of mass-produced and finalized carbon fiber products, which are the company’s core products and the main source of revenue and profit, will further decline on the basis of 2021, putting great pressure on the company’s operation. The company will stabilize the profitability of products by expanding production capacity, reducing cost and increasing efficiency, improving effective output and other measures.
In the future, the company will pay close attention to aerospace and other high-end applications, gradually expand the number of strategic customers and potential customers, expand to areas with high added value, closely follow the “fourteenth five year plan”, do a good job in the verification and promotion of fiber “two highs”, deepen lean management, refine system control, strengthen quality control, and realize high-quality development centered on benefits.
