On January 16, Weihai Guangwei Composites Co.Ltd(300699) released the annual performance express of 2021. In 2021, the company realized an operating revenue of about 2.607 billion yuan, a year-on-year increase of 23.25%; The net profit attributable to the shareholders of the listed company was about 759 million yuan, a year-on-year increase of 18.31%, and the operating performance achieved stable growth. The weighted average return on net assets of the company was 19.62%, with a year-on-year increase of 1.11 percentage points, and the overall profitability was steadily enhanced.
Weihai Guangwei Composites Co.Ltd(300699) products include carbon fiber and fabric, carbon beam, prepreg, composite products, etc. During the reporting period, the company’s carbon fiber and fabric business achieved a sales revenue of 1.275 billion yuan, a year-on-year increase of 18.32%. The company said that the two raised investment projects with M40J / m55j carbon fiber and t700s / t800s carbon fiber as products have been batch produced and began to make contributions, and the scale of t800h carbon fiber production and delivery has gradually increased with the promotion of verification projects and verification.
It should be noted that during the reporting period, although the price reduction of aviation batch products in carbon fiber and fabric business brought great challenges to the growth of the company’s operating performance, the company’s multi-level and serial carbon fiber product strategy alleviated the impact of price reduction of individual products and ensured the stable growth of carbon fiber business. Moreover, according to the recent research report of Everbright Securities Company Limited(601788) , Weihai Guangwei Composites Co.Ltd(300699) multi type products have been applied in many fields, which also opens up new market space for the company. For example, t700s / t800s carbon fiber products have been applied to gas cylinders, thermal fields, building reinforcement and other application scenarios, and M40J / m55j products have been applied to satellite and other aerospace fields.
In 2021, the company’s carbon beam business achieved a sales revenue of 808 million yuan, a year-on-year increase of 12.56%. The company said that despite the tight supply of carbon fiber, the main raw material of carbon beam business, insufficient order delivery, the rise of raw material prices and the change of exchange rate lead to the decline of product profitability, the company has taken a variety of measures to actively develop business resources, strengthen lean management and cost control, and strive to alleviate the impact of various adverse factors, Ensure the stable development of carbon beam business.
During the reporting period, the company achieved rapid growth in the prepreg business. In 2021, the business realized a revenue of 359 million yuan, with a year-on-year increase of 51.94%. In this regard, the company said that this was because the company actively expanded the application field of prepreg products driven by the demand for high-end equipment and industrial applications during the reporting period, in which wind power prepreg made a great contribution.
It is worth mentioning that on December 30, 2021, the company announced that its subsidiary Weihai development signed three order contracts with customer a, with a total amount of 2.098 billion yuan (including value-added tax), accounting for 99.15% of the audited operating revenue of the company in the latest fiscal year, and the contract performance period is from January 1, 2022 to June 30, 2024.
According to the analysis of Zhongtai Securities Co.Ltd(600918) Research Report, this contract is the normal batch production business of the company’s finalized products. The new contract period with customer a is 2.5 years, which is longer than the previous contract period. This guarantee basic order is conducive to the stability of the company’s production and operation, and also reflects the long-term demand of downstream links for the company’s products.
