Events:
Carbon technology company is a company focusing on high thermal conductivity graphite heat dissipation material product research and development, production and sales enterprises, the company's products eCARBON high thermal conductivity graphite film thinnest 10um, the highest thermal conductivity 1900W/ (m "K), leading in the domestic similar products, mainly single-layer, composite and multi-layer high thermal conductivity film products.
The revenue in 2016 reached 466 million yuan, with a net profit of 82.34 million yuan belonging to the parent company. The company listed its A shares on March 19, 2017 and currently has a market capitalization of 2.357 billion yuan.
Comments:
The products are mainly high thermal conductivity graphite film products. Carbon technology was founded in 2010, after nearly 7 years of development, it has grown into a well-known manufacturer and supplier of high thermal conductivity graphite film products in the industry, mainly single-layer, composite and multi-layer high thermal conductivity graphite film products. Its products lead the performance of similar products in the domestic market. At present, the company has four wholly-owned subsidiaries: carbon Precision, carbon Technology (Hong Kong), carbon Green Construction and Dream Workshop.
Downstream of the company has a high-quality customer group: the company's downstream customers are divided into mobile phones, tablet computers, LCD TVs, LED and other electronic products, the main customers include Samsung, Huawei, VIVO, OPPO and other brand intelligent terminals. The company has very solid experience in the process of substrate treatment, carbonization, graphitization, Calendering, fitting, die-cutting and so on.
Raise funds for the company's relocation and expansion projects and R & D center projects: the company's IPO raised a total of 409 million yuan, mainly for relocation and expansion projects and R & D center projects. The company has maintained a rapid growth rate in recent years, and the capacity utilization rate has been relatively saturated (the capacity utilization rate reached 97.5% in 2016). The original production capacity can no longer meet the development needs of the company. After reaching production, the relocation and expansion project will form an annual production capacity of 2 million square meters, which will effectively alleviate the shortage of existing production capacity.
Profit forecast and investment advice: according to wind's consensus forecast, the company's revenue in 2017 is expected to reach 4.97 billion yuan, an increase of 6.67% over the same period last year, and its net profit reached 89 million yuan, up 8.09% from the same period last year.
Risk tips: material price fluctuations, customers are relatively single, market competition intensifies, gross profit decreases.