\u3000\u3 China Vanke Co.Ltd(000002) 006 Zhejiang Jinggong Science & Technology Co.Ltd(002006) )
The company is positioned as the leader of special equipment technology and the promoter of industrial upgrading. It is mainly engaged in the research, development, production, sales and technical services of high-tech products such as Cecep Solar Energy Co.Ltd(000591) photovoltaic special equipment, carbon fiber composite equipment, new building energy-saving special equipment, light textile special equipment and Siasun Robot&Automation Co.Ltd(300024) intelligent equipment, It is a leading enterprise in China’s Cecep Solar Energy Co.Ltd(000591) photovoltaic process research and Cecep Solar Energy Co.Ltd(000591) photovoltaic special equipment manufacturing industry, and a first-class 1000 ton carbon fiber composite equipment manufacturer in China. The company seems to have mixed businesses, but in fact the main line is clear. The company has achieved the first place in the industry in the field of textile machinery (wire wrapping machine) and building materials machinery. From 2008 to 11, the company achieved the first feat in the industry by introducing, digesting and absorbing overseas equipment to realize the domestic substitution of polycrystalline ingot furnace and upstream and downstream equipment. In 2015, the company began to introduce, digesting and absorbing overseas carbon fiber equipment, realized the domestic substitution of core equipment in 2020, and opened the diversification of customers in 2021.
The management team has “experienced a hundred battles”. Jin YueShun, chairman of the company, has been the deputy general manager since 2003. He has experienced several waves of key development stages of the enterprise and has a clear idea of the development of the company. The chairman, general manager and several vice presidents of the core team are from Shaoxing warp knitting machinery General Factory, which is a relatively stable management team.
Carbon fiber industry: the king of new materials, with clear growth characteristics. As the “king of new materials in the 21st century”, the main development logic of carbon fiber is to reduce the cost and drive the expansion of use scenarios. The cost reduction is mainly through large-scale and technological progress. The demand of the 14th five year plan mainly depends on wind power, and the 15th five year plan mainly focuses on hydrogen energy and large aircraft industry. At present, the top technology is controlled by Japan, Germany and the United States. In recent years, under the environment of anti globalization, China has begun to accelerate domestic substitution. It is estimated that China’s annual production capacity will increase from 63000 tons to 325000 tons from 2021 to 2025, with CAGR = 50.8%. It is estimated that the total demand for carbonization equipment from 2022 to 2025 will be 17.82 billion yuan.
Zhejiang Jinggong Science & Technology Co.Ltd(002006) : leading equipment of the whole line, upstream and downstream expansion. Competitive advantages of the company: leading technology, providing the whole line, fast delivery time and low cost: 1) leading technology + delivery of the whole line: except for the winding machine, the whole line is designed, manufactured, installed and debugged by Zhejiang Jinggong Science & Technology Co.Ltd(002006) independently, mastering the core technology and providing the whole line; 2) Short delivery time + low cost: in order to ensure controllable quality, Zhejiang Jinggong Science & Technology Co.Ltd(002006) has a precision manufacturing company, and most parts of the whole line are processed and manufactured by their own company, avoiding the mutual prevarication of multiple suppliers. The first thousand ton production line delivered by the company was completed within 9 months after the start of the project and successfully started at full load at one time. While reducing the cost in China, it realized the shortest construction period in the history of the production line with the same specification, avoided the waste of a large amount of carbon fiber and raw materials during early commissioning, and greatly improved the investment efficiency and market efficiency for users. The Growth Logic of the company can be summarized as follows: localization trend of carbon fiber industry + customer diversification + going global + upstream extension of equipment. The localization trend of carbon fiber is determined. The company cooperates with Jilin Chemical Fibre Co.Ltd(000420) department to start the localization trend of carbonization equipment. At present, the company’s customers are no longer limited to Jilin Chemical Fibre Co.Ltd(000420) department, and other customers have also developed. In addition, the company’s products are exported to South Korea, and the company began to increase the R & D and sales of carbon fiber precursor and composite equipment, and the products expand upstream and downstream.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 540 million yuan, 710 million yuan and 850 million yuan respectively, and the corresponding valuation will be 19x / 14x / 12x respectively. It will be covered for the first time and given a “recommended” rating.
Risk tip: the uncertainty of the judicial reorganization of the company’s controlling shareholders, the risk that the industry demand is lower than expected, the risk of product development failure in new fields, and the risk of profit decline caused by the continued rise in the price of raw materials.
