Jinggong Technology(002006) 国元证券·2025-01-10 11:03Company Overview - Jinggong Technology (002006) is a leading enterprise in the carbon fiber equipment industry, focusing on high-end carbon fiber equipment and advanced composite materials [2] - The company was founded in 1992 and went public in 2004, with a market share of over 50% in the domestic carbon fiber production line market [13] - Jinggong Technology has expanded its business to include new energy equipment, intelligent construction machinery, intelligent textile machinery, and green resource recycling equipment [2][13] Industry Analysis - The carbon fiber industry is a strategic emerging industry in China, supported by favorable government policies [3] - From 2015 to 2022, China's carbon fiber demand grew at a CAGR of 23.71%, reaching 74,429 tons in 2022 [16] - Despite a 7.19% YoY decline in 2023, the carbon fiber market is expected to maintain rapid growth due to increasing applications in sports, wind power, aerospace, and other fields [16] Competitive Advantages - Jinggong Technology has established a strong competitive barrier through its independent R&D capabilities, cost control advantages, and one-stop technical service system [4] - The company has signed contracts worth over 4 billion yuan for carbon fiber equipment since 2020, with a CAGR of 52.14% in revenue from 2020 to 2023 [18] - Jinggong Technology has successfully expanded its international market, establishing partnerships with clients in South Korea, Vietnam, and Saudi Arabia [18] Financial Performance - Revenue for 2024-2026 is projected to be 1.695/1.916/2.211 billion yuan, with net profit attributable to shareholders of 243/312/397 million yuan [5] - The company's carbon fiber equipment business is expected to maintain a high gross margin of 40%-41% from 2024 to 2026 [34] - ROE is forecasted to increase from 10.01% in 2024 to 13.52% in 2026, indicating improving profitability [6] Investment Recommendation - Jinggong Technology is given an "Overweight" rating with a target price of 16.07 yuan [8] - The company's PE ratio is expected to decrease from 34x in 2024 to 21x in 2026, reflecting strong growth potential [5] - Compared to industry peers, Jinggong Technology has a higher valuation premium due to its leading position in the carbon fiber equipment market [38]