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Carbon fiber leading long-term earnings outlook

2016-09-30

 

Constant god shares: carbon fiber industry chain enterprises. Constant god co was established in 2007, business involved in carbon fiber, fabric, presoak material, composite material parts, etc. The whole industrial chain. Company actively expand downstream applications, to move into orbit transportation in May 2016. 2013-2013, the company revenue compound growth rate of 29.10%, but due to industry, the company is still losing money.


Carbon fiber performance advantages and wide application, the vast space in the future. With high strength and high modulus carbon fiber with light weight, and excellent features, such as widely used. Automobile industry, energy conservation and environmental protection drive car lightweight development, carbon fiber instead of automobile steel parts, weight loss was 50%, and the BMW i3 extensive use of carbon fiber composites, open car lightweight production road:


wind-power blades: high power, long blade speed wind power blade carbon fiber; Aerospace fields: lightweight urgent demand, increase in the number of models using carbon fiber and carbon fiber use proportion rising, at the same time the new orders will stimulate carbon fiber increasing demand growth. Industry supply and demand pattern: at present, the world is in a state of equilibrium of supply and demand and domestic supply and demand dislocation;


Competitive landscape: abroad in the oligopoly structure, the domestic is in a state of powerfulweapon.


Management, technology, scale, financing advantage driven enterprise development. Company advantage is mainly reflected in four aspects: first, managers Qian Yunbao founded constant treasure shares of listed companies, rich management experience, and reduce its constant treasure power constant development of god; , r&d spending continues to grow, in 2015 the company r&d revenue share was 34.25%, and in March 2016 T1000G carbon fiber technology, the first breakthrough in the industry in a leading level; Three, the company has one tonne of carbon fiber production line 5, carbon fiber annual capacity of 4500 tons, ranked second in the domestic, is advantageous to the company reduce costs and ahead; Four, the company listed on the new three board in May 2015, broaden the financing channels, and has successively two set, follow-up development to provide sufficient funds for the enterprise.


Investment advice. Through analysis, we forecast the company business revenue in 2016-2018 235 million yuan, 372 million yuan and 372 million yuan respectively, earnings per share were 0.15 yuan, 0.09 yuan and 0.02 yuan, according to the September 21 closing price corresponding to the dynamic price-earnings ratio in 2016-2018 respectively 36.2, 62.2, 36.2 or so, because in the long run, development prospect of carbon fiber industry, the company has strong competitiveness in the industry, we give the firm a "recommended" investment rating.

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