Recently, Weihai Guangwei Composite Materials Co., Ltd. (hereinafter referred to as "Guangwei Composites") issued an "announcement on the reply to the letter of concern of the Shenzhen Stock Exchange", in which the announcement summarized the revenue and profit of the four carbon fiber companies in the past three years and the first quarter of 2024 (see the table below), according to statistics, since 2023, affected by factors such as the macro environment, slowdown in downstream demand, intensified industry competition, and declining product market prices, carbon fiber industry companies have shown varying degrees of decline in business performanceThe industry is facing greater challenges in the short term.
Operating income from 2021 to the first quarter of 2024 (source: Guangwei Composites Response Announcement to the Letter of Concern)
Net profit for the first quarter of 2021-2024 (source: Guangwei Composites Response Announcement to the Letter of Concern)
According to the annual report data of Zhongfu Shenying, the average unit price of carbon fiber has dropped from 211 yuan/kg in 2022 to 124 yuan/kg in 2023, taking this data as a reference, the company's existing production line of Guangwei Composite Materials Company has a full production capacity of 2,000 tons, and the company's revenue and gross profit of this grade of fiber have decreased by about 174 million yuan.
Guangwei Composites' revenue and profit both declined in the first quarter: According to the record of investor relations activities released by Guangwei Composites, the company achieved operating income of 512 million yuan in the first quarter of 2024, down 8.11% from the same period last year, and net profit attributable to shareholders of listed companies was 157 million yuan, down 8.24% from the same period last year. In the first quarter, aviation stereotyped products grew steadily compared with the same period last year, and high-strength and high-modulus products were affected by the pace of demand, and there were fewer shipments in the first quarter, which had a greater impact on the performance in the first quarter. Therefore, according to the company, the decline in performance in the first quarter was mainly due to the decline in the price of civilian fiber and the impact of the demand rhythm of high-strength and high-modulus fiber, resulting in fewer shipments in the first quarter. The Baotou project is affected by the deteriorating industry environment, and the market price of the product after it is put into operation may be lower than expected, and the superimposed project will increase the annual depreciation by about 130 million yuan, which will increase the company's performance pressure in 2024 and subsequent years. The new projects include: a new 2,600 tons/year precursor project; The T800 expansion project has been EIA, and construction land will be purchased in the future.
Zhongfu Shenying has a high market share in domestic pressure vessels and carbon-carbon thermal fields: according to the record of investor relations activities released by Zhongfu Shenying, the company's existing carbon fiber production capacity is 28,500 tons, of which 25,000 tons in Xining will be fully put into operation in May 2023; In 2023, the sales volume will exceed 18,000 tons, of which the new energy field will account for about 50%; The sports and leisure sector accounted for nearly 30%, and the aerospace sector accounted for more than 10%. From the perspective of domestic carbon fiber market supply, the company's carbon fiber products have a domestic market share of more than 70% for pressure vessels and more than 60% for carbon/carbon thermal fields. In addition, Lianyungang 30,000 tons of carbon fiber new project, is expected to build 10 carbonization lines and supporting precursor projects, the current polymerization workshop has been capped, key equipment into the procurement bidding stage, is expected to be the end of this year will have individual production lines have been commissioned and put into production.
Jilin Carbon Valley 30,000 tons of precursor and 6,000 tons of additives project will be put into operation within the year: According to the record of investor relations activities released by Jilin Carbon Valley Company, the company's annual output of 30,000 tons of high-performance carbon fiber precursor project is under construction and is expected to be gradually completed and put into operation in 2024. The company's preliminary projects have all been completed and put into operation, and the 150,000-ton carbon fiber precursor project has been completed by 80%; In addition, the company's annual output of 6,000 tons of carbon fiber additives project is expected to be completed in 2024.
In the face of fierce competition, some companies also put forward positive views on carbon fiber, such as Jilin Carbon Valley pointed out: carbon fiber as a new material, widely used, will gradually enter thousands of households from special fields, and the future prospects are very good. From the perspective of industry development, the carbon fiber industry has broad prospects, but in a certain period, affected by a variety of factors at that time, market demand will also fluctuate and fluctuate.