Jinggong Technology(002006) 甬兴证券·2024-12-19 03:40Investment Rating - The investment rating for the company is "Accumulate" [5][8]. Core Insights - The company has signed a sales contract with GIM Graphene Fibre Limited, amounting to approximately USD 171.68 million, which includes the provision of six production lines. This contract is expected to significantly impact the company's future operating performance positively [4]. - The global and Chinese carbon fiber markets are experiencing steady growth, with the global demand increasing from 53,000 tons in 2015 to 115,000 tons in 2023, representing a compound annual growth rate (CAGR) of 10.17%. In China, the demand rose from 16,789 tons to 69,075 tons during the same period, with a CAGR of 19.34% [4]. - The company aims to accelerate its market expansion in new material equipment, which is anticipated to enhance its sales scale and business performance [5]. Summary by Sections Sales Contract Overview - The company signed a sales contract with GIM Graphene Fibre Limited on December 2, 2024, for a total amount of USD 171.68 million, including equipment worth USD 164.18 million and a deposit of USD 7.5 million. The contract stipulates the phased delivery of six production lines, with the first line to be executed immediately and subsequent lines in 2025 and 2026 [4]. Market Growth - The carbon fiber market is expanding, with significant growth in both global and Chinese markets. The global demand for carbon fiber has increased significantly, and China remains the largest market for carbon fiber, indicating a robust growth trajectory [4]. Financial Projections - The company has revised its revenue forecasts for 2024, 2025, and 2026, expecting revenues of CNY 1.776 billion, CNY 2.389 billion, and CNY 3.005 billion, respectively, with year-on-year growth rates of 15.3%, 34.5%, and 25.8%. Corresponding earnings per share (EPS) are projected to be CNY 0.47, CNY 0.80, and CNY 1.12 [5][7].