Jinggong Technology(SZ:002006)2024-11-19 09:19Company Overview - Zhejiang Jinggong Integrated Technology Co., Ltd. was founded in 1992 and listed on the Shenzhen Stock Exchange on June 25, 2004. The company has a total share capital of 455.16 million yuan, with the controlling shareholder being China Construction Trust, holding 29.99% [1]. - The company has over 50 years of equipment manufacturing history and aims to be a leader in high-end specialized equipment technology and an advocate for industrial upgrades [1]. Business Focus - The core business is centered around carbon fiber equipment and advanced composite materials, with a strategic focus on developing the aerospace economy and green low-carbon recycling industries [2]. - The company has established a comprehensive layout in the carbon fiber industry, including precursor equipment, carbonization equipment, and composite material equipment [3]. Market Position and Orders - The company has delivered a total of over 40 billion yuan in contracts for domestically produced carbon fiber complete production lines, with 13 complete sets of equipment orders currently in hand [1]. - The total contract amount for current orders exceeds 20 billion yuan, with ongoing negotiations for additional orders, providing strong support for future performance growth [1]. Production and Delivery - The delivery cycle for carbon fiber complete production lines is generally 9-10 months, which is 40% shorter than industry standards [3]. - The company has successfully exported core carbon fiber equipment to South Korea and is in discussions with clients in Eastern Europe, the Middle East, and Central Asia for further sales [3]. Research and Development - The company has increased its R&D expenses by 18.34% in 2024, amounting to 78.56 million yuan, to support ongoing projects and market expansion [8]. - Current R&D projects include various advanced carbonization lines and equipment for composite materials, indicating a commitment to innovation and market leadership [5]. Financial Performance - Despite a decrease in revenue in 2023, the profit margin has increased due to a higher sales proportion from the carbon fiber sector and cost control measures implemented by the new controlling shareholder [7]. - The investment required to establish a 10,000-ton carbon fiber production line is estimated at 1.3 to 1.5 billion yuan, with equipment accounting for approximately 80% of this investment [6]. Future Outlook - The company anticipates a strong market demand for carbon fiber equipment, with an estimated 120-160 new production lines needed in the near future, maintaining a market share of approximately 50% [5]. - The company is also expanding into the recycling equipment sector, having signed a contract worth 320 million yuan for a polyester recycling production line [7].