【私募调研记录】中欧瑞博调研精工科技

Core Viewpoint - Recent research conducted by the well-known private equity firm, China Europe Rabbit Fund, on a listed company, Jinggong Technology, indicates a positive outlook for the carbon fiber market and highlights significant business developments and contracts in the pipeline [1] Company Overview - Jinggong Technology was founded in 1992 and listed on the Shenzhen Stock Exchange in June 2004 [1] - The company achieved a consolidated operating revenue of 1.729 billion yuan in 2024, representing a year-on-year growth of 12.25% [1] Market Demand and Contracts - The company holds an optimistic view on future carbon fiber market demand, noting that recent price adjustments by Jilin Chemical Fiber indicate that domestic small tow carbon fiber production has not met market needs [1] - Jinggong Technology has signed sales contracts for eight carbon fiber production lines with Jilin Guoxing, with an outstanding total amount of 875 million yuan remaining to be executed [1] - The standard configuration price for a 3-meter wide carbon fiber production line ranges from 160 million to 200 million yuan [1] Project Developments - The company has secured multiple projects with Jilin Jirun New Materials Co., Jilin Guoxin Carbon Fiber Co., and Shanghai Petrochemical [1] - There is a sufficient backlog of orders for carbon fiber equipment, including complete production lines and core equipment [1] - The implementation of orders from Saudi GIM is expected to positively impact the company's operating performance in 2025 and beyond [1] Subsidiary and New Projects - The wholly-owned subsidiary, Zhejiang Jinggong Carbon Material Technology Co., is advancing the investment and construction of a high-performance fiber project [1] - A contract for the first phase of a 150,000-ton green recycled material project with Jiarun New Materials is progressing smoothly [1] - The company has invested in Nanjing Yiwite and will provide carbon fiber composite products for electric lifting aircraft components [1] Product Launch and International Expansion - Jinggong Technology plans to launch a single-joint exoskeleton assistive robot in the market after July this year [1] - The company has exported core carbon fiber equipment to South Korea and is working on securing overseas orders [1] Employee Incentives - The company has introduced its first employee stock ownership plan, setting a target for a compound annual growth rate of 25% in net profit excluding non-recurring gains and losses for the three-year period from 2024 to 2026 [1]