WHGW Carbon Fiber Composite Materials Technology Group is a listed company in China's carbon fiber industry and one of the leading companies with the most complete production varieties, the most advanced production technology and the most complete industrial chain in China's carbon fiber industry. The company’s main products can be divided into carbon fibers and fabrics, carbon beams, prepregs, carbon fiber products and others. Among them, carbon fibers and fabrics accounted for 46.52% of revenue in 2019. They are the company’s largest profit contribution products and are mostly used in military aviation. equipment.
The company is the first to break the foreign monopoly in the field of high-performance small tow carbon fiber. It is the largest military carbon fiber supplier in China, with a market share of up to 70% in the military market. The company`s largest output is GQ carbon fiber composite materials (compared to Toray`s T300 grade). On this basis, it has developed high-strength T700, T800, T1000 grade carbon fibers and high modulus M40 and M55 grade carbon fibers, which can meet the requirements of military aviation Differentiated needs in various segments of aerospace.
In terms of technology, the company invested 190 million yuan in research and development in 2019, accounting for 11.8% of total revenue, and passed the two technical certifications of "wet spinning high-strength carbon fiber industrialization technology" and "high-strength carbon fiber efficient production industrialization technology"; domestically produced The T800H class project began to supply in small batches; the high-strength and high-modulus project passed the review; the domestic T1000G-12K class successfully carried out the process and blasting verification tests.
In terms of production capacity, the company currently has a production capacity of 3,100 tons of small tow carbon fiber suitable for military products. The first phase of the large tow carbon fiber production base in Baotou, Inner Mongolia has started construction in 2019 and is expected to be completed and put into production in 2022. The first phase has a production capacity of 4 thousand. Ton/year, the second phase of the project will start construction immediately, with a capacity of 6,000 tons/year.
Carbon fiber is a new type of high-strength, high-modulus fiber material with a carbon content of more than 95%. It has good flexibility, high temperature tolerance, and strong corrosion resistance. Compared with steel, it has high strength and low density. specialty.
From the perspective of competition, the global carbon fiber CR10 is 83%. The top five companies in terms of production capacity are Toray Japan (including the acquired Zoltek of the United States), SGL Germany, Mitsubishi Rayon, and Toho Japan. It accounts for 58.7% of the global theoretical capacity of carbon fiber, of which Toray accounts for 31.64%. The high-end market owner is monopolized by Japanese and American companies. Japan is the world's largest carbon fiber producer, with core technology and world-leading quality. Toray Japan is the world leader in the research and production of high-performance carbon fiber. The only companies in the world that have realized the industrial production and market sales of T1000 and T1100 carbon fibers are Japan`s Toray and the US Hexel. China has successfully mass-produced T1000 and T1100 carbon fibers, but has not yet entered the large-scale market. Batch application stage.
At present, China's carbon fiber theoretical capacity CR5 is about 75%, and JSZF, JSHS, ZJJG, WHGW and HBZA account for 24%, 18%, 14%, 12%, and 7% respectively.
Listed companies also include JSZJ, ZHGK, and CJXC. First of all, from the perspective of the main products of each company, WHGW and JSZJ are mainly carbon fiber precursors, WHGW involves a small amount of carbon fiber preforms (approximately 10% of revenue); ZHGK’s main midstream carbon fiber preforms, WHGW and JSZJ are ZHGK is a major carbon fiber raw material supplier; JSTN acquired by CJXC in 2018 is China's largest carbon fiber preform manufacturer and China's largest fiber weaving military products supporting enterprise. The downstream is mainly in the aerospace field such as rockets and missiles, while the downstream of ZHGK is the aviation field.
WHGW's carbon fiber product T300 has been supplied to domestic third-generation aircraft for more than 10 years. Once the carbon fiber material enters the aircraft's supporting system, it cannot be replaced and will continue to be used. This part will be the cornerstone of the company's stable business development. The large-scale application of the company's M40J/55J, T700S and T800S carbon fiber will be an accelerator for the company's future performance development.
In addition, the company`s biggest vision in the future lies in whether it can enter the production supporting system of China’s large aircraft C919. The demand for carbon fiber in civil aviation is huge. According to Hay Think data, the demand for carbon fiber in C919 may reach 4.1 billion yuan, and the demand for carbon fiber composite materials. Up to 38.9 billion yuan. The demand for carbon fiber and composite materials for dual-channel C929 is higher. At this stage, WHGW is the only Chinese local carbon fiber technology company that participates in the PCD airworthiness certification of C919. The possibility of supplying C919 carbon fiber in the future is very high. If the domestic large passenger aircraft C919 can be mass-produced, the company's products will also After successfully entering the production supporting system of the domestically-made large passenger aircraft C919, WHGW's revenue and net profit will have a greater breakthrough, and the company's continued high growth will be guaranteed.
In the wind power carbon fiber business sector, WHGW`s second largest customer Vestas`s carbon fiber carbon beam wind power blade patent will expire in July 2022. It is expected that major wind power blade manufacturers will quickly launch wind power blade products using carbon fiber carbon beams, which is expected to bring The demand for carbon fiber for wind power is growing rapidly.