公司与沙特GIM 公司签署销售合同。根据公司公告，2024 年12 月2日，公司与沙特GIM 公司签署销售合同。根据合同约定，公司将分期向沙特GIM 公司提供6 条生产线，其中，在本合同签定后执行第一条产线，第二条产线将于2025 年第三季度开始执行，第三条产线将于2025 年第四季度开始执行，剩余的3 条在2026 年开始执行。同时，双方约定：本合同签定后，买方保证每年向卖方购买3 条生产线，总产线数量应不少于18 条（含前述6 条），总采购金额约为5 亿美元。Incident Overview
The company issued an announcement on the signing of a sales contract. On December 2, 2024, the company signed the contract number GIMJG-CC2024 “Sales Contract” with Graphene Fibre Limited T/a GIM GrapheneFibre, with a total contract amount of USD 171.6796 million (CIF price, same below), including USD 164.1796 million for equipment and USD 7.5 million for security deposit.
Core ideas
The company signed a sales contract with Saudi GIM. According to the company's announcement, on December 2, 2024, the company signed a sales contract with Saudi GIM. According to the contract agreement, the company will supply 6 production lines to Saudi GIM in installments. Among them, the first production line will be executed after this contract is signed, the second production line will be implemented in the third quarter of 2025, the third production line will be implemented in the fourth quarter of 2025, and the remaining 3 will be implemented in 2026. At the same time, the two parties agree that after signing this contract, the buyer guarantees to purchase 3 production lines from the seller every year. The total number of production lines should not be less than 18 (including the 6 described above), and the total purchase amount is about 0.5 billion US dollars.
There are a wide range of downstream carbon fiber scenarios, and the scale of the global and Chinese carbon fiber markets is rising steadily. According to Scio Carbon Fiber Technology's market report, demand for carbon fiber in the global market increased from 53,000 tons to 115,000 tons in 2015-2023, with a compound growth rate of 10.17%. China's carbon fiber market has maintained a relatively rapid growth rate and is the largest carbon fiber market in the world. Demand for carbon fiber in the Chinese market increased from 16,789 tons to 6,9075 tons in 2015-2023, with a compound growth rate of 19.34%.
Accelerate the process of developing new materials and equipment markets, and have a positive impact on future business performance. According to the company's announcement, this transaction is mainly to further accelerate the company's market development efforts for new materials and equipment. It is a normal sales act. The contract was implemented in installments. The total amount of equipment was 164.1796 million US dollars, accounting for about 76.76% of the company's total audited revenue in 2023. If the contract is successfully executed in the future, it will have a significant positive impact on the company's future business performance.
Investment advice
The signing of this sales contract is expected to further increase market development efforts for new materials and equipment, expand the scale of production and sales of the company's new materials and equipment, and the company's business performance is expected to grow further. As a result, we raised our profit forecast for 2025 and 2026. We expect revenue for 2024, 2025, and 2026 to be 1.776, 2.389, and 3.005 billion yuan, respectively, +15.3%, +34.5%, and +25.8%. The corresponding EPS is 0.47, 0.80, 1.12 yuan, corresponding to the closing price of 20.11 yuan/share on December 4, and PE is 43.11, 25.23, and 17.96 times, respectively, maintaining the “gain” rating.
Risk Alerts
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.
