公司与众亿汇鑫签署销售合同。根据公司公告，2024 年11 月23 日，浙江精工集成科技股份有限公司（以下简称公司）与四川众亿汇鑫新材料科技有限公司（以下简称众亿汇鑫公司）签署了合同编号为ZYJG202441023《销售合同》，合同总金额为51,550 万元人民币（含税价）。根据合同约定，公司将向众亿汇鑫公司交付一套碳纤维成套生产线和一套原丝生产线及其配套公用工程，并进行安装、调试和验收。Incident Overview
The company issued an announcement on the signing of a sales contract. On November 23, 2024, Zhejiang Jinggong Integrated Technology Co., Ltd. (hereinafter referred to as the Company) and Sichuan Zhongyi Huixin New Material Technology Co., Ltd. (hereinafter referred to as Zhongyi Huixin Company) signed a contract number ZYJG202441023 “Sales Contract”, with a total contract amount of 515.5 million yuan (tax included).
Core views
The company signed a sales contract with Zhongyi Huixin. According to the company's announcement, on November 23, 2024, Zhejiang Precision Engineering Integrated Technology Co., Ltd. (hereinafter referred to as the Company) and Sichuan Zhongyi Huixin New Material Technology Co., Ltd. (hereinafter referred to as Zhongyi Huixin Company) signed a contract number ZYJG202441023 “Sales Contract”, with a total contract amount of 515.5 million yuan (tax included). According to the contract agreement, the company will deliver a complete carbon fiber production line and a set of raw wire production lines and supporting public works to Zhongyi Huixin Company, and carry out installation, commissioning and inspection.
There are a wide range of downstream carbon fiber scenarios, and the domestic replacement process for carbon fiber equipment is accelerating. According to the market report released by Scio Carbon Fiber Technology, China's carbon fiber market has maintained a relatively rapid growth rate and is the largest carbon fiber market in the world. China's domestic carbon fiber market share climbed from 31.7% in 2019 to 76.7% in 2023, and the domestic production rate increased rapidly; as domestic carbon fiber production increased, the domestic carbon fiber equipment replacement process continued to accelerate.
The leading domestic supplier of carbon fiber equipment is focusing on speeding up the market development process. According to the company's announcement, this transaction is mainly due to the company's efforts to further accelerate the market development of a series of carbon fiber equipment. It is a normal sales act. The total contract amount is RMB 515.5 million (tax included), accounting for 29.62% of the company's total audited revenue in 2023. If the contract is successfully executed in the future, it will expand the scale of production and sales of the company's series of carbon fiber equipment, which will have a positive impact on the company's future business performance.
Investment advice
The company is a leading domestic carbon fiber equipment company, and the signing of this sales contract is expected to further increase market development efforts. Therefore, we expect the company's overall revenue in 2024, 2025, and 2026 to be 1.776, 2.019, and 2.504 billion yuan, respectively, +15.3%, +13.7%, and +24.0%, corresponding EPS of 0.47, 0.57, and 0.78 yuan respectively, corresponding to the closing price of 15.30 yuan/share on November 22, and PE at 32.80, 27.00, and 19.51, respectively, maintaining the “gain” rating.
Risk warning
The risk that the progress of the project will fall short of expectations; the risk of industry policy adjustments; the risk of macroeconomic and cyclical industry fluctuations.
