Chujiang New Material: Orient Securities investigated our company on December 7

On December 9, 2021, Chujiang New Materials (002171) issued an announcement that Orient Securities Liu Yang and Li Yiran investigated our company on December 7, 2021.

The main contents of this survey are:

Q: What are the cost advantages of the company's copper-based materials?

A: The cost advantage of the company's copper-based materials is mainly reflected in the cost of materials and manufacturing costs. The company's recycled copper utilization technology is at the leading level in the same industry, the proportion of recycled copper utilization of copper alloy products is about 60%-70%, coupled with the strong control ability of recycling channels, the company has a very prominent material cost advantage. In terms of manufacturing costs, the company has always adhered to the capacity utilization rate of 100%, production and marketing rate of 100%, capital return rate of 100%, and the degree of refinement of operation and management is high, creating a continuous cost leadership.

Q: What is the production, marketing and application of the company's precision copper strip?

A: The company's precision copper strip industry ranks first in China, with production and sales of 230,000 tons in 2020. The downstream application of precision copper strip tends to be high-end, and is widely used in 5G, LED, new energy, photovoltaic and other fields.

Q: What does the high-end of copper-based materials refer to?

A: The high-end of the company's copper-based materials mainly refers to the high precision and high performance of the products. On the one hand, the company's precision copper strip has reached high-precision standards in terms of specifications, thickness tolerances, mechanical properties, etc.; on the other hand, the company has continuously promoted product transformation and upgrading through new project construction and production line equipment upgrades, producing more high-performance products with high strength, high conductivity and good heat dissipation, and promoting the continuous optimization of product structure.

Q: What are the main applications of Sky Bird High-tech products?

A: The core technology of Tianniao High-tech is carbon fiber three-dimensional molding technology, which is an industry unicorn enterprise. The company's production of prefabricated bodies mainly have three categories, one is a special-shaped precast, mainly used in the field of aerospace; the second is the brake prefabrication, the company's aircraft brake prefabrication covers all domestic aircraft models, the company is the only domestic industrialized production of aircraft brake precast enterprises, C919 exclusive suppliers, in addition, the company's automotive brake precast in high-end sports cars, racing cars are also used; the third is the thermal field prefabrication, widely used in the field of photovoltaic thermal field. Tianniao High-tech also develops and produces various types of special fiber cloth, and related products and technologies can be widely used in energy storage, wind power and other fields.

Q: What product does Wuhu Sky bird do? How are the plans and progress?

Answer: Wuhu Tianniao mainly extends to the direction of carbon-carbon composite materials, the project will be built in three phases, the first phase of the project plans to do civil products hot field materials, planned production capacity of 400 tons, has begun construction, is expected to be put into operation in the second half of next year.

The main business of Chujiang New Material: mainly engaged in the research and development, production, sales and service of brass, tin and phosphor bronze two series of copper-based alloy plate and strip.

Chujiang New Materials 2021 third quarter report shows that the company's main revenue of 27.175 billion yuan, up 72.54% year-on-year; net profit attributable to the mother of 408 million yuan, up 105.6% year-on-year; deduction of non-net profit of 284 million yuan, up 108.59% year-on-year; of which in the third quarter of 2021, the company's single-quarter main revenue of 9.922 billion yuan, up 56.1% year-on-year; single-quarter net profit attributable to the mother of 149 million yuan, up 8.97% year-on-year In the single quarter, the non-net profit was 110 million yuan, up 4.66% year-on-year; the debt ratio was 49.95%, the investment income was -34.0523 million yuan, the financial expense was 109 million yuan, and the gross profit margin was 6.2%.

In the past 90 days, a total of 3 institutions have given ratings and 3 buy ratings; the net outflow of financing in the past 3 months has been 67.4767 million, and the balance of financing has decreased; and the net outflow of margin is 1.7656 million, and the balance of margin has decreased. The Securities Star Valuation Analysis Tool shows that Chujiang New Materials (002171) has a good company rating of 3 stars, a good price rating of 2.5 stars, and a comprehensive valuation rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)