Jinggong Technology(002006) 甬兴证券·2024-08-29 02:31Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.38 RMB per share [3][5] Core Viewpoints - The company is a leading domestic carbon fiber equipment manufacturer, benefiting from the recovery of commercial aviation, the development of low-altitude economy, and the rising demand for carbon fiber in new energy vehicles [2][3] - The company has formed a "two main and two auxiliary" industrial development pattern, focusing on carbon fiber equipment and new energy equipment, while also expanding into intelligent construction machinery and intelligent textile machinery [2] - The domestic carbon fiber market is growing rapidly, with the domestic market share increasing from 31.7% in 2019 to 76.7% in 2023, accelerating the process of domestic substitution [2] - The company has successfully expanded into overseas markets, including South Korea and Vietnam, and is expected to further increase its overseas market share [2][64] Business Overview - The company has established a complete industrial chain for carbon fiber equipment, including precursor equipment, carbonization equipment, and composite material equipment, achieving series and batch production capabilities [2][34] - The company has delivered over 20 carbon fiber production lines/core equipment, with a domestic market share exceeding 50% [2][58] - The company plans to raise 943 million RMB to replace and add carbon fiber equipment-related production capacity, aiming to improve production efficiency and product performance [2][61] Market and Industry Analysis - The global carbon fiber market demand has grown from 53,000 tons in 2015 to 115,000 tons in 2023, with a compound annual growth rate of 10.17% [46] - China's carbon fiber market demand has grown from 16,789 tons in 2015 to 69,075 tons in 2023, with a compound annual growth rate of 19.34%, making it the largest carbon fiber market in the world [46] - The application of carbon fiber in commercial aviation, low-altitude economy, and new energy vehicles is driving market growth, with eVTOL (electric vertical take-off and landing) vehicles expected to significantly increase carbon fiber demand [52][53] Financial Projections - The company's revenue is expected to grow to 1.776 billion RMB in 2024, 2.019 billion RMB in 2025, and 2.504 billion RMB in 2026, with year-on-year growth rates of 15.3%, 13.7%, and 24.0% respectively [3][67] - Net profit attributable to the parent company is expected to be 212 million RMB in 2024, 258 million RMB in 2025, and 357 million RMB in 2026, with year-on-year growth rates of 15.8%, 21.5%, and 38.4% respectively [3][67] - The company's EPS is projected to be 0.47 RMB in 2024, 0.57 RMB in 2025, and 0.78 RMB in 2026, with corresponding P/E ratios of 26.54, 21.85, and 15.79 [3][67]