In the article "Four Domestic Carbon Fiber Listed Companies Release 2023 Annual Performance Report, Net Profit Has Declined to Different Degrees" written by this number on April 26, Guangwei Composites, Zhongjian Technology, Zhongfu Shenying, The business situation of the four domestic companies mainly engaged in carbon fiber business in 2023 such as Jilin Carbon Valley, on the whole, due to the repeated construction of carbon fiber production capacity in China, which has led to an oversupply of domestic carbon fiber, the net profit of the four companies in 2023 has declined to varying degrees (for more information, click to read [Domestic News] The four domestic carbon fiber listed companies released their 2023 annual performance reports, and their net profits have declined to varying degrees).
On April 29, Jilin Chemical Fiber announced the 2023 annual report, Jilin Chemical Fiber was restructured from the original Jilin Chemical Fiber Factory, which was founded in 1960 and completed and put into operation in 1964, and is currently mainly engaged in the production and sales of chemical fibers, and was listed in 1996, and the company's main business is still viscose fiber. However, in recent years, the company has combined its own influence in the chemical fiber industry to actively deploy to the carbon fiber industry, and strive to build carbon fiber as the company's second growth point.
In the previous article of this issue, "Jilin Chemical Fiber Releases 2022 Annual Report, Carbon Fiber Sector Achieves Revenue and Exceeds 100 Million Yuan for the First Time", it was introduced that in 2022, Jilin Chemical Fiber will achieve operating income in the carbon fiber business for the first time in history, and the revenue will reach 127 million yuan, although it only accounts for 3.46% of the company's total revenue, but compared with 2021 and even before, there has been a substantial breakthrough, because the company's revenue in this sector has been 0 before. According to statistics, the gross profit margin of the company's carbon fiber segment was 2.25%, and the operating income increased by 100% year-on-year. In terms of the company's specific production and sales volume of carbon fiber in 2022, 1,118 tons of production and 805 tons of sales (for more information, click to read [Domestic News] to create a new situation: Jilin Chemical Fiber released its 2022 annual report, and the carbon fiber sector achieved revenue for the first time and exceeded 100 million yuan).
In 2023, Jilin Chemical Fiber Company will achieve revenue of 3.737 billion yuan, a slight increase of 1.83% compared with 3.670 billion yuan in 2022, and the net profit attributable to shareholders of listed companies will increase from -91 million yuan in 2022 to 32 million yuan in 2023, a year-on-year increase of 136.20%.
The most noteworthy thing is that the company's "second growth point" - carbon fiber business revenue in 2023 has reached 366 million yuan, an increase of 188.68% compared with the revenue of carbon fiber sector business of 127 million yuan in 2022, and with the rapid growth of carbon fiber revenue, the proportion of carbon fiber business revenue in the company's total revenue has also increased from 3.46% in 2022 to 9.80% in 2023. However, because the company's carbon fiber products are mainly used in industrial and civil fields dominated by wind power blades, in view of the downward pressure on domestic carbon fiber prices in 2023, the company's carbon fiber product prices will decline in the first quarter of 2023, rebound slightly in the second quarter, and continue to decline in the second half of the year to run smoothly in the fourth quarter, and the gross profit margin of the company's carbon fiber products in 2023 will decrease by 36.08% year-on-year compared with 2022.
According to the annual report of Jilin Chemical Fiber, the company's actual production of carbon fiber products in 2023 will be 8,740 tons, an increase of 681.75% compared with 1,118 tons in 2022, and the sales volume of carbon fiber will be 4,724 tons, an increase of 486.83% compared with the sales volume of 805 tons in 2022. However, due to the oversupply situation in China, the inventory also reached 4,329 tons, an increase of 1,283.07% compared with the inventory of 313 tons in 2022.
According to the company's future development strategy, the company will focus on solving the problems of strength, linear density discreteness, modulus stability, and high-end equipment accuracy in the carbon fiber business, promote market increment through product upgrading, replace imports, and actively expand exports. In the future, we will strengthen the development of carbon fiber composite materials, rely on the advantages of raw materials to speed up the development of winding, pultrusion, C/C preforms, automotive lightweight components and the layout of the external market, move closer to the downstream of the high value-added industrial chain, and make the carbon fiber industry stronger, better and bigger.