Jinggong Technology(002006) 广发证券·2024-12-03 05:51Investment Rating - The report assigns a rating of "Buy" for the company [2]. Core Insights - The company specializes in carbon fiber equipment and actively expands into new fields, with a strong market presence in various sectors including solar energy and building energy efficiency [12]. - The company has a robust production capacity in carbon fiber, with over 50% market share in the domestic market for carbon fiber production lines [12]. - The revenue forecast for the company from 2024 to 2026 is projected to be 15.61 billion, 17.87 billion, and 19.95 billion yuan respectively, with net profits expected to be 2.03 billion, 2.45 billion, and 2.91 billion yuan [12]. Summary by Sections Company Overview - The company, Zhejiang Jinggong Integrated Technology Co., Ltd., was established in 1968 and has evolved into a leader in carbon fiber equipment, with a focus on high-tech products across multiple sectors [45][46]. - The main business segments include carbon fiber equipment manufacturing, solar photovoltaic equipment, energy-efficient building equipment, and textile machinery [45][46]. Carbon Fiber Equipment - The company produces a range of carbon fiber equipment, including complete production lines and waste gas treatment systems, with a production capacity exceeding 1,000 tons annually [46]. - The carbon fiber production line is the primary revenue source, contributing 47.34% of total revenue in 2023 [64]. Market Position and Competitiveness - The company holds a significant market share in various segments, including over 40% in solar photovoltaic equipment and 50% in textile machinery [12]. - The domestic carbon fiber market is experiencing rapid growth, with a notable shift towards domestic production, which accounted for 76.7% of total demand in 2023 [86]. Financial Performance - The company's revenue reached 15.4 billion yuan in 2023, with a net profit of 1.84 billion yuan, reflecting a decline due to market conditions [57]. - The projected earnings per share (EPS) for 2024 is 0.45 yuan, with a price-to-earnings (P/E) ratio of 43.00 [10]. Future Outlook - The company is actively exploring new fields such as low-altitude economy, leveraging its expertise in carbon fiber to develop partnerships and expand its market presence [12]. - The report anticipates continued growth in revenue and profitability, supported by the company's strategic positioning in high-demand sectors [12].