Jinggong Technology(002006)2024-08-22 07:37Company Overview - Founded in 1992 and listed on the Shenzhen Stock Exchange in 2004, the company has expanded its business from building materials and textile machinery to photovoltaic equipment, carbon fiber equipment, and other high-end equipment manufacturing fields [1] - In 2023, under the new controlling shareholder Zhongjianxin Holding Group, the company further focused its industries, forming a "two main and two auxiliary" industrial development pattern, including carbon fiber equipment, carbon neutrality (new energy) equipment, intelligent construction machinery, and intelligent textile machinery [1] - The company aims to become a leading international provider of high-end equipment system integration solutions [1] Carbon Fiber Equipment Business - The company specializes in the R&D, production, sales, and technical services of carbon fiber production equipment, focusing on strengthening its position in the carbon fiber production equipment field [1] - Since 2013, the company has been involved in carbon fiber equipment manufacturing, completing the development and manufacturing of the first domestic 1,000-ton carbon fiber production line in 2015 [2] - From 2020 to 2023, the company's carbon fiber equipment business achieved revenues of 2.07 billion yuan, 7.49 billion yuan, 15.37 billion yuan, and 7.29 billion yuan, respectively, with a compound growth rate of 52.14% [3] - The company has signed contracts worth over 4 billion yuan since 2020 and delivered more than 20 fully domestic carbon fiber production lines [2] - The company currently has large contracts worth over 2 billion yuan in progress, including carbonization lines for various clients [3] - The delivery cycle for carbon fiber production lines is generally 9-12 months, 40% shorter than industry peers [3] - 90% of the carbon fiber equipment delivered in recent years is used for producing large-tow carbon fiber, mainly applied in wind turbine blades [3] Carbon Fiber Industry Development - The carbon fiber industry is a national strategic emerging industry, with China's carbon fiber demand increasing from 16,789 tons in 2015 to 74,429 tons in 2022, with a compound growth rate of 23.71% [2] - In 2023, China's total carbon fiber demand was 69,075 tons, a slight decrease of 7.19% compared to 2022 [2] - The domestic carbon fiber market is expected to maintain rapid growth due to the development of traditional and emerging downstream application fields such as sports and leisure, wind power, aerospace, military, carbon-carbon composites, and pressure vessels [2] - The company estimates that the future demand for carbon fiber equipment will be 120-160 production lines, with the company potentially securing 60-80 orders in the next 3-5 years based on a historical market share of 50% [4] Technological Advantages and Future Development - The company's carbon fiber production lines have significant advantages, including superior performance, wide applicability, fast delivery cycles, low energy consumption, high single-line capacity, long continuous operation times, low investment risk, and quick results [4] - The company is continuously iterating its products and technologies to improve single-line capacity, reduce energy consumption, enhance equipment stability, and increase automation and intelligence levels [5] - The company plans to focus on the core upstream and downstream carbon fiber industry chain in 2024, implementing the "331" strategy for carbon fiber industry development and aiming to establish a national-level technology center within 3-5 years [5] Recycling Equipment Business - In 2023, the company entered the recycling equipment field, developing a 50,000-ton polyester recycling production line that can achieve 8,000 hours of continuous operation [7] - The company has signed a 320 million yuan sales contract with Jianxin Jiaren New Materials, a leader in the waste textile field [7] - The recycling industry for waste textiles in China has a vast market potential, with 35 million tons of textile fibers consumed annually and 20 million tons of waste textiles generated each year [7] Financial and Strategic Developments - The company plans to issue shares to specific investors, raising no more than 943 million yuan to invest in carbon fiber and composite equipment intelligent manufacturing projects, high-performance carbon fiber equipment R&D center projects, and working capital [7] - The company's controlling shareholder, Zhongjianxin, has a high pledge ratio, but the overall risk is controllable, and the pledge will not affect the company's operations or control [7] - Under the new controlling shareholder, the company has adjusted its industrial layout, focusing on carbon fiber equipment, carbon neutrality (new energy) equipment, intelligent construction machinery, intelligent textile machinery, charging pile business, and recycling equipment [8] Overseas Business and Revenue Forecast - In the first half of 2024, the company's overseas business included carbon fiber core equipment exports to South Korea and Vietnam, with intelligent construction machinery accounting for over 45% of its total revenue [8] - The company aims to achieve 2.2 billion yuan in sales revenue (including tax) in 2024, subject to market conditions and other factors [8]