This morning, China’s leading carbon / carbon composite material, crystalline silicon manufacturing thermal field system manufacturer HNJB Carbon Technology Group officially listed on the Shanghai Stock Exchange.
HNJB was established in 2005. The company is mainly engaged in the research and development, production and sales of advanced carbon-based composite materials and products. At this stage, it focuses on carbon / carbon composite materials and products. High-tech enterprises with independent research and development capabilities and continuous innovation capabilities. The company is committed to providing customers with advanced carbon-based composite materials and high-performance cost-effective composite products and a complete set of solutions. The main customers of the company include Longji, Zhonghuan, JinkoSolar, and Jingao Technology.
In recent years, HNJB’s operating income and net profit have continued to increase. The operating income increased from 84 million yuan in 2016 to 240 million yuan in 2019, with a compound growth rate of 41.9%, while the compound growth rate of net profit during the same period was as high as 54.87 %.
At the same time, the company’s products have high technological content and high barriers, and the product gross profit has remained at around 60% for a long time, and the highest reached 67.9% in 2018. The company’s return on net assets has also increased year by year, from 17.86% in 2016 to 32.12% in 2019, showing good profitability.
The import substitution of advanced carbon-based composite materials for special graphite products is a general trend
China’s crystalline silicon manufacturing thermal field material industry started late, and in the early stage of the development of the photovoltaic industry, its single crystal drawing furnace and polycrystalline ingot furnace thermal field system components mainly used imported high-purity, high-strength isostatic graphite. Graphite thermal field system products have the characteristics of high cost, long supply cycle, and dependence on imports, which hinder the development process of the photovoltaic industry to reduce costs and expand scale.
From 2005 to 2010, the application of advanced carbon-based composite materials in the field of crystalline silicon manufacturing thermal field system entered the exploration period. The advanced carbon-based composite materials products of a few domestic excellent advanced carbon-based composite materials manufacturers represented by the company have begun to import the replacement of isostatic graphite products. Especially with the rapid expansion of the capacity of single crystal silicon drawing furnaces, isostatic graphite, as a brittle material made of graphite particles, has been unable to meet the requirements of the use of large thermal fields in terms of safety, and has lagged behind in terms of economy For carbon-based composite materials.
After more than ten years of development, domestic outstanding advanced carbon-based composite material manufacturers represented by the company have achieved curve overtaking in the field of thermal field subdivision of crystalline silicon manufacturing. Some advanced carbon-based composite thermal field component products are leading the foreign manufacturers’ isostatic pressing and other special graphite products in terms of technology, performance, cost, and supply cycle, and are gradually being replaced by imports. Taking crucible products as an example, the share of carbon-based composite materials increased from less than 10% in 2010 to more than 85% in 2019, and the substitution trend is very obvious.
Leading industry in the field of carbon-based composite materials
Independent research and development and continuous innovation have enabled the company to master the core key technologies such as carbon fiber quasi-three-dimensional weaving technology, rapid chemical vapor deposition technology, high-temperature thermal field system design and optimization technology, and the production and preparation of advanced carbon-based composite materials with low cost and diverse product varieties. Significant breakthroughs have been made in the areas of chemical and equipment design autonomy. The products have been promoted and applied in the crystalline silicon manufacturing hot-field system. They have successfully achieved the import substitution and upgrading of high-purity isostatic graphite products, and the overall technology is at the leading level in the industry.
The densification cycle of the company’s products is significantly lower than the mainstream level in the industry, and it has a strong cost advantage. The bending strength of the advanced carbon-based composite crucible produced by the company is much better than the calibrated value. The strength of foreign competitors SGL and Toyo carbon isostatic graphite crucible is only about 1/4 of the company’s products. The thermal conductivity of the company’s advanced carbon-based composite guide tube is only about 1/10 of that of SGL and Toyo carbon graphite guide tubes. The company has the ability to produce large-scale products used in the semiconductor industry. It can achieve purity levels of Ⅰ <200ppm, Ⅱ <100ppm, Ⅲ <30ppm, and has a coating process preparation capacity of <5ppm, which can meet solar photovoltaic and semiconductor respectively. The production requirements of silicon single crystal, the industry leading level of technical indicators. The measured value of the thermal conductivity of the insulation tube of the company is only about 1/2 of that of competitor XACM and 1/12 of Toyo Carbon.
The company has undertaken a major project in the field of new materials technology in the 863 plan of the Ministry of Science and Technology “Research on key technologies for the preparation of domestic carbon fiber carbon / carbon composite materials”, and a technology innovation fund project of small and medium-sized enterprises in the Ministry of Science and Technology “Carbon / carbon composite for high-purity silicon crystal growth furnace Important scientific research projects such as low-cost preparation technology of material crucible “and” high-performance carbon / carbon composite felt material “. The company has 65 authorized patents, including 29 invention patents and 1 Korean patent. It owns the “Hunan Provincial Engineering Research Center for Low-cost Carbon / Carbon Composite Material Preparation Technology”, and has taken the lead in formulating 5 items exclusively or as the first drafting unit. National industry standards.
Broad market potential
Crystalline silicon manufacturing in the photovoltaic industry is currently the company’s main application area for carbon-based composite materials. In 2019, the global installed capacity of photovoltaics reached 120GW, a record high. According to the International Energy Agency (IEA) forecast, the global cumulative installed capacity of photovoltaics is expected to reach 1,721GW by 2030, and will further increase to 4,670GW by 2050, with huge development potential. In 2019, the newly installed photovoltaic grid-connected capacity nationwide reached 30.1GW, the cumulative photovoltaic grid-connected capacity reached 204.3GW, and the national silicon wafer output was 134.6GW, a year-on-year increase of 25.7%. With the rapid development of the photovoltaic industry, the demand for silicon wafers is also expanding.
Silicon is currently the most important semiconductor material, and more than 95% of the world’s semiconductor chips and devices use silicon chips
Produced as a base functional material, the sales of semiconductor silicon wafers in 2018 was 11.708 billion US dollars, accounting for 36.78% of the global semiconductor materials industry. The development trend of the semiconductor wafer market in mainland China is consistent with the global market. With the continuous improvement of China’s semiconductor manufacturing technology and the production of semiconductor manufacturing production lines, the sales of semiconductor wafers in mainland China increased from US $ 500 million in 2016 to US $ 996 million in 2018 The average annual compound growth rate reached 41.1%, entering a stage of rapid development.
Both the photovoltaic and semiconductor industries have huge room for development. In the future, with the industrial upgrading and cost reduction of the photovoltaic and semiconductor industries, it is expected that advanced carbon-based composite materials will replace graphite materials and become crystalline silicon manufacturing for the photovoltaic industry and semiconductor industry. The main materials of thermal field system components have huge market space.
HNJB said that it will continue to increase its technological innovation in the future, take advantage of the company’s research and development advantages and the leading advantage in the field of carbon-based composite materials, and develop and diversify related diversified products. Products in other fields extend and expand the application of carbon-based composite materials, turning the company into an advanced carbon-based composite research and development and industrial application platform, and become a globally competitive advanced carbon-based composite material manufacturer and supplier.