Despite the impact of the decline in the price of mass production finalized carbon fiber products, with the batch use of prepregs in wind turbine blades and the gradual increase in the volume of high-end carbon fiber products, the leader of the carbon fiber industry Weihai Guangwei Composites Co.Ltd(300699) Weihai Guangwei Composites Co.Ltd(300699) .sz still maintained a steady growth in performance in 2021.
Wang Yingchao, the company’s board secretary, said at the performance briefing on the 20th that according to the signed business contract, the price of the company’s finalized carbon fiber products will remain relatively stable in the future, and the company can make up for the impact of price reduction through new products. In addition, the carbon fiber project in Baotou, Inner Mongolia is also expected to be officially put into operation within this year.
Weihai Guangwei Composites Co.Ltd(300699) is mainly engaged in the R & D and production of high-performance carbon fiber and composite materials. It has a complete industrial chain layout of carbon fiber, fabric, resin, high-performance prepreg materials and composite products starting from raw silk. It is one of the enterprises with the most complete production varieties and industrial chain in China’s carbon fiber industry at present.
In 2021, the company achieved a revenue of 2.607 billion yuan, with a year-on-year increase of 23.25%, of which the three businesses of carbon fiber, carbon beam and prepreg accounted for 93.68%. In 2021, the company realized a net profit attributable to the parent company of 758 million yuan, with a year-on-year increase of 18.18%.
Although the business scale and profitability of the company maintained a rapid growth rate last year, the profit growth of the company did not outperform the revenue and the comprehensive gross profit level of the company also declined due to the impact of the price reduction of mass production and finalized carbon fiber of main products.
In this regard, Wang Yingchao said that as a product brand supplied by the company for more than ten years, objectively, customers have requirements for price reduction of finalized carbon fiber products, but the company has a certain ability to bear this, and uses new products continuously developed or verified to make up for the impact of price reduction. According to the business contracts signed at present, the price of finalized products will be relatively stable in the future.
The reporter noted that Weihai Guangwei Composites Co.Ltd(300699) last December announced that Weihai expansion, a subsidiary, signed three orders for X-type carbon fiber and fabric with customer a, with a total amount of about 2.1 billion yuan. The contract performance period is from January 2022 to June 2024.
While the price of old products stabilized, new products also began to contribute to the company’s performance. Financial data show that new products including t800h, M40J / m55j and t700s / t800s contributed 70% of the company’s incremental profits in 2021. At the same time, with the breakthrough of carbon fiber semi prepreg in the field of wind power, the company’s prepreg business achieved a revenue of 359 million yuan in 2021, with a year-on-year increase of 51.94%.
For the company Baotou project in Inner Mongolia, which is more concerned by investors, Wang Yingchao said at the meeting that the project will be put into operation before the end of this year. It is reported that the Inner Mongolia Guangwei carbon fiber project plans to produce 10000 tons of carbon fiber per year, which can be expanded to 20000 tons in the long term. Among them, 23 of the 24 individual buildings in the phase I project with an annual output of 4000 tons have been completed.
Analysts pointed out that since energy accounts for 30% of the cost of carbon fiber, the power cost of the park where the company’s Inner Mongolia Baotou project is located is about 50% lower than that of Weihai. After the completion of the project, it can not only improve the stability and self-sufficiency of the company’s supply chain, but also reduce the company’s cost and improve the comprehensive gross profit level of the company’s products.
