Domestic carbon fiber is in the opportunity period of accelerating import substitution, and domestic leading enterprises have a strong willingness to expand production.
On the evening of February 15, Zhongfu Shenying Carbon Fiber Co., Ltd. (hereinafter referred to as "Zhongfu Shenying", 688295), a leading domestic carbon fiber enterprise and a state-owned enterprise controlled by China National Building Materials Group, announced that it plans to use the Science and Technology Innovation Board for an initial public offering of super-raised funds. The capital of 932.044 million yuan and the paid-in capital contribution (Zhongfu Shenying Carbon Fiber Lianyun Co., Ltd., hereinafter referred to as "Shenying Lianyungang") are used to implement a new project. Shenying Lianyungang is a wholly-owned subsidiary of Zhongfu Shenying, and the new project is a "high-performance carbon fiber construction project with an annual output of 30,000 tons".
Previously, on January 3, Zhongfu Shenying issued an announcement that in order to further meet the urgent demand for high-performance carbon fiber in key domestic fields, ensure the localization of key raw materials, and better promote the healthy development of the carbon fiber composite industry chain, the company plans to establish a carbon fiber composite material industry chain in Jiangsu. A new wholly-owned subsidiary, Shenying Lianyungang, was established in Lianyungang District, Lianyungang City, Province, to build a "high-performance carbon fiber construction project with an annual output of 30,000 tons".
According to the disclosure at that time, the total planned investment of the project exceeded 5.962 billion yuan, of which the investment in fixed assets was 5.903 billion yuan, and the initial working capital was 59.37 million yuan.
As for the source of funds, the previous announcement stated that the company's own funds were 1,211,880,000 yuan, and the rest was bank loans. The latest announcement mentioned that it plans to use 932.044 million yuan of excess funds and accrue interest, and the remaining funds will be resolved by the company's own funds or self-raised funds.
On February 15, Zhongfu Shenying also disclosed that in order to meet the capital needs of the company's production and operation activities and project construction, the company and its subsidiaries expect to apply to various banks for a comprehensive credit line of no more than RMB 9.98 billion in 2023.
Zhongfu Shenying will be listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange on April 6, 2022. Its initial public offering of 100 million RMB ordinary shares (A shares) at an issue price of 29.33 yuan per share raised a total of RMB 2,933,000,000. The capital is RMB 932.044 million.
Zhongfu Shenying was established in 2006. Its controlling shareholder is China National Building Materials United Investment Co., Ltd., and its actual controller is the central enterprise China National Building Materials Group Co., Ltd. The company has Lianyungang, Xining production bases and Shanghai R&D base.
In September 2019, Zhongfu Shenying's first-phase 10,000-ton carbon fiber project in Xining was officially put into operation. According to the company's external news at the end of 2022, the first phase of Xining has been fully put into production, and there is a certain difference between the actual production capacity and the theoretical production capacity, and the comprehensive capacity utilization rate is about 90%. The Xining Phase II 14,000-ton project is in the accelerated construction phase, and strives to achieve full production in the first half of 2023. The company's previous production base in Lianyungang has an existing production capacity of 3,500 tons per year.
The so-called carbon fiber refers to an inorganic fiber with a carbon main chain structure with a carbon content higher than 90% formed by pyrolysis and carbonization of organic fibers such as polyacrylonitrile (PAN) in a high-temperature environment. The material has excellent mechanical properties and chemical stability, lower density than aluminum and higher strength than steel, and is the fiber with the highest specific strength and highest specific modulus among the high-performance fibers that have been mass-produced so far. Widely used in aerospace, wind power blades, sports and leisure, pressure vessels, carbon/carbon composite materials, transportation construction and other fields.
The core technology of carbon fiber is the raw silk preparation technology. At present, two raw silk preparation processes, wet spinning and dry-jet wet spinning, have been formed in the world. The latter has the advantages of less surface defects of carbon fibers, excellent tensile properties and composite material processing performance, and fast spinning speed.
It is worth mentioning that the core production technology of carbon fiber in the world is mainly concentrated in a few countries such as the United States and Japan. Overseas mainly include TORAY, TOHO, MITSUBISHI, HEXCEL, ZOLTEK, SGL, etc. In recent years, domestic carbon fiber companies have begun to grow rapidly, forming competitive carbon fiber companies such as Zhongfu Shenying, Guangwei Composite Materials (300699), and Zhongjian Technology (300777).
According to the data previously announced by Zhongfu Shenying, among the domestic carbon fiber demand in 2020, the supply of imported carbon fiber is 30,400 tons, accounting for 62% of the demand; the supply of domestic carbon fiber is 18,400 tons, accounting for 38% of the demand.
According to Zhongfu Shenying, the proportion of domestic production in 2020 will increase by 6 percentage points compared with 32% in 2019, and the trend of domestic substitution is obvious. On the one hand, the main reason is that due to the impact of the epidemic, it is more difficult to import carbon fiber; on the other hand, major carbon fiber producing countries such as Japan and the United States have tightened their supply of carbon fiber to China, resulting in an increase in the gap in domestic demand. Since the second half of 2020, Japan and the United States have strengthened their policy control over carbon fiber exports to China.
As far as technology is concerned, after more than ten years of research and development, Zhongfu Shenying has broken through core technology processes such as ultra-large capacity polymerization, dry-jet wet spinning, and rapid homogeneous pre-oxidation carbonization, and has systematically mastered carbon fiber T300 grade (T value indicates Carbon fiber tensile strength, the larger the number, the higher the strength), T700 grade, T800 grade, M30 grade (M value represents the carbon fiber tensile modulus, the larger the value represents the higher modulus), M35 grade kiloton technology and M40 Level, T1000 level 100-ton technology, built the first 1000-ton dry-jet wet-spinning carbon fiber industrial production line with independent intellectual property rights in China.
However, Zhongfu Shenying also stated before that although domestic carbon fiber is in the opportunity period of accelerating import substitution, on the other hand, due to the gap between the overall technical level of domestic carbon fiber and Japan and the United States, and the problem of insufficient effective production capacity, domestic There is a risk of insufficient supply of carbon fiber demand in key areas.
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