Guang Wei Complex 2 Billion Built A 10000 Ton Carbon Fiber Project In Baotou, And Received 900 Million Military Products In The First Half Of The Year.

Weihai Guang Wei composite material Limited by Share Ltd (hereinafter referred to as "Guang Wei composite") issued a notice on the evening of July 19th. In order to further expand the development and application of carbon fiber and its composite materials in the civilian field, combined with the production characteristics of carbon fiber and the advantages and supporting advantages of Baotou's local industrial development, the company plans to invest in the construction of 10000 tons of carbon fiber industrialization project in Baotou's industrial park.


The total investment of the project is 2 billion yuan, divided into three phases: the total investment is about 500 million yuan in the first phase, and the construction of 1 tons of carbon fiber production line of 2000 tons / year (including raw silk, carbonization workshop and associated workshop and installation). The construction period is 2-3 years. According to the first phase construction, commissioning and digestion of capacity, the construction of the two or three phase of market demand is achieved, and finally the capacity of 10000 tons / year carbon fiber is finally achieved. The concrete construction plan is made clear after the feasibility study of the item company, and it is implemented to the competent government departments in accordance with the law. At the same time, according to the supporting policies of local industry and the layout of item company industry, we will study the construction of carbon fiber application projects.


The total land area of the project will be 800 mu. According to a plan, the principle of land use in batches and bidding in batches should be implemented. The first phase will be 300 mu. The location of the project is: South of weft four, south of the industrial park. The land of the project is industrial land, and the land use life is 50 years.


Guang Wei complex said that the signing of the above agreements will not have a significant impact on the company's performance in the 2019 year. However, the signing of the agreement will play an important supporting role in the implementation of the planning and layout of the large filament carbon fiber as well as the implementation of the plan. It will also help further expand and enhance the company's business and will have a positive impact on the development of the company.


It is understood that carbon fiber is an inorganic polymer fiber containing more than 90% carbon. It has excellent mechanical and chemical stability. Its density is lower than aluminum and its strength is higher than that of steel. It is the fiber with the highest specific strength and the highest specific modulus. Because of its excellent characteristics of high strength, high temperature resistance, corrosion resistance and good conductivity, it is known as "black gold", and is widely used in civil aviation industry such as aerospace, transportation, medical treatment, energy and so on.


Carbon fibers can be divided into small tow and large tow. The small tow carbon fibers were mainly 1K, 3K and 6K, and gradually developed into 12K and 24K. They are mainly used in high-tech fields such as national defense and military industry, as well as sports and leisure products, such as aircraft, missiles, rockets, satellites and fishing gear, golf clubs, tennis rackets and so on. Generally speaking, carbon fibers above 48K are called large tow carbon fibers, including 48K, 60K, 80K and so on. They are mainly used in industrial fields, including textile, medical and health, mechanical and electrical, civil engineering, transportation and energy.


According to the insiders, our company is a leader in China's carbon fiber industry. From the perspective of business layout, the company has the overall industrial chain layout of the carbon fiber industry. Its main products include carbon fiber, carbon fiber fabric, carbon fiber prepreg, glass fiber prepreg, carbon fiber composite products and carbon fiber core production equipment. In recent years, with the continuous expansion of carbon fiber in the civilian industry, the civilian products business with carbon beam and prepreg as the main products has become an important support for Guang Wei composite materials. The sales revenue of carbon beam business accounts for nearly 4 of the total revenue of the company. In 2018, the revenue of carbon fiber and fabric increased by 21.22%, that is, the carbon fiber business of Guang Wei composite military products is still growing at a high speed. The main reason for the decrease is that the carbon beam business of wind power has increased by 9.89%, and the revenue of products and other products has increased by 99.13%. It can be seen that in 2018, the market for civilian products in Guang Wei complex was growing more rapidly.


In April 2019, Guang Wei composites announced that the T700S grade products achieved stable operation of the spinning speed of 500 meter / minute grade raw silk, and the performance index was equivalent to that of the international T700S grade carbon fiber. The overall technology reached the international advanced level (in 2013, the spinning speed of Dongli was 480 m / min, and the 2019 recovery of the Eagle Eagle spun 400 m / min). The preparation of raw silk is the biggest beneficiary of spinning speed improvement. In addition to the dilution of fixed costs such as unit operation and maintenance, asset depreciation and other fixed costs incurred by unit production, ideally, steam and electricity charges can also be diluted. Based on the cost split of the T700 grade products, the assumption that the spinning speed is doubled and the total cost of electricity, gas and depreciation in the spinning process remains unchanged, the cost per ton of products can be reduced by 140 thousand yuan, down by 22% over the same period last year.


Wang Tianyi, an analyst at Orient Securities, said earlier that because of the high price sensitivity of the civilian product market, Guang Wei composite material was very cautious in the construction and commissioning of the "industrialization of civilian and high-intensity carbon fiber efficient manufacturing technology" project. Until the T700 grade spinning speed was broken, and the product's price competitiveness was guaranteed, the "Wei Wei complex" was launched in 2019. Observation shows that increasing spinning speed and increasing spinning quantity of single spun yarn are two main ways to achieve low cost fiber preparation. The industrialization project of T700S grade fiber is a breakthrough in the technology of dry jet wet spinning, which can meet the demand of sports leisure and high pressure vessels, and replace the imported tow for carbon beam when necessary. But the dry jet wet spinning route has better interface performance than the large tow line, but the cost of carbonization link can not be realized. The dry jet wet spinning fiber is still expensive for carbon beam. Therefore, it is ready to invest in tow production line in Baotou. At present, the project has been approved by the board of directors. With the deep participation in the preparation of large wire carbon beam products, the company's research and application environment has proved to be good. Low cost is the mainstream development trend of industrial carbon fiber. In the future, once the market of automobile, rail and pressure vessel is released, the company will have sufficient technical reserves.


Wang Tianyi said that the large tow carbon beam is in the initial stage of industrialization application, and the supply of products is in short supply. According to the estimation of the construction capacity of the Ministry of light and complex materials, it is estimated that the growth rate will be 25% and 20% in 19 and 20 years, assuming that the Mexico plant has been put into operation for 21 years, and its growth rate has returned to 25%. Under the existing supply and demand pattern and capacity scale, the gross profit margin tends to be stable. In addition, due to investment projects, tow production lines, Mexico carbon beam factory and other projects have entered the construction stage, it is estimated that in the next 2 years, the capital expenditure will increase rapidly and continue to maintain a high level of management cost.


However, Wang Tianyi also pointed out that the cost oriented market participates in numerous enterprises, and the industry is highly competitive and faces low dumping from foreign enterprises. At present, Guang Wei composite carbon beam raw materials are imported. Turkey AKSA combined with Dow Chemical in the United States set up DowAksa to enter the field of carbon beam production.


The report shows that in the first half of 2019, the company realized net profit of 2.89-3.11 billion yuan, an increase of 35%-45% compared with the same period last year. During the reporting period, the total amount of military orders reached by Guang Wei complex was 927 million yuan, and in 2018 the company's military product was 742 million yuan, an increase of 24.93% over the same period. The proportion of military carbon fiber applications has been improving, and the average number of stacked equipment has increased by 20%. According to this analysis, the growth rate of the military products of Guang Wei composite material is higher than that of the military industry.


Lu Zhou, a Securities researcher in Dongxing, has predicted that the carbon beam business will continue to expand, and it is expected to maintain high growth. In 2018, on the basis of 30 carbon beam production lines, Guang Wei composite product built 10 new production lines at the end of the year and completed the commissioning. In the first half of this year, the capacity of the 40 lines was compared with that of 30 lines in the same period last year. According to the survey, Guang Wei composite expects to increase 10 carbon beam production lines this year, and this year carbon beam business is expected to continue to maintain rapid growth.