As the size of the thermal field of the single crystal furnace becomes larger and larger, it has developed from the previous 26-inch and 28-inch thermal fields to the current 30-inch and 32-inch thermal fields. The thermal field materials such as pot tops, deflector tubes, insulation barrels, etc. In order to reduce production costs, the thermal field materials of single-crystal furnaces are gradually replaced from graphite materials to carbon materials. In addition to the continuous expansion of single-crystal enterprises, the demand for carbon materials has exploded. At present, it is difficult to find However, the established carbon and carbon companies such as Hunan Jinbo, Yantai Kaibo, Meilander, Xi’an Chaoma, etc. are currently expanding their production wildly, and various capitals are also deploying carbon materials. . At the same time, Hunan Jinbo took the lead in the listing, Xi'an Chaoma will soon be listed, and Yantai Kaibo and Meilande are ready to go. The current situation facing carbon material companies is surprisingly similar to the 2016 diamond wire companies.
1. A piece of charcoal is hard to find
At the beginning of 2020, affected by the epidemic, companies that produce carbon-carbon material preforms cannot resume work in time, and companies that produce carbon-carbon materials cannot buy preforms, and therefore cannot produce carbon-carbon materials. As a result, some orders appeared during April and May this year. Circumstances in which Jing Enterprises cannot produce carbon parts because they cannot buy carbon parts. Beginning in June, demand in the downstream photovoltaic market has exploded, and monocrystalline companies have also expanded their production wildly. In addition, the size of the thermal field has become larger and larger, and the graphite materials have been continuously replaced by carbon materials, resulting in an explosion of demand for carbon parts. Hard to find.
Because the carbon material needs to be impregnated or deposited by CVD process, the production cycle is long, the production efficiency is low, and the expansion speed is slow. Therefore, the orders of carbon material companies led by Hunan Jinbo, Yantai Kaibo, and Meiland are all scheduled for next year. The first half. The slow expansion of carbon material companies is mainly due to the time required for equipment manufacturers to produce purification furnaces and deposition furnaces. At present, the equipment manufacturers that produce deposition furnaces are mainly concentrated in Hunan, such as Hunan Hengsheng Thermal Machinery Equipment Co., Ltd. Furnace orders are also scheduled for next year.
2. The gross profit of carbon material companies exceeds 60%
Currently, the only listed carbon-carbon material company is Hunan Jinbo (Xi'an Super Code has passed the meeting, waiting for the bell to ring). As a leading domestic advanced carbon-based composite material supplier, Jinbo shares (688598.SH) this year's thermal field system series products Demand has increased significantly compared with the same period last year, with outstanding performance.
On October 22, Jinbo shares disclosed its three-quarter report. The company's revenue for the first three quarters of 2020 was 288 million yuan, a year-on-year increase of 51.94%; net profit was 114 million yuan, a year-on-year increase of 61.79%. Among them, the company achieved an operating income of 103 million yuan in the third quarter, a year-on-year increase of 51.81%; net profit attributable to shareholders of the parent company was 41 million yuan, a year-on-year increase of 70.50%.
From 2017 to 2019, the gross profit margin of Jinbo's main business was 64.95%, 69.32%, and 62.30%, respectively. The gross profit margin remained at a high level higher than 50%, and the profitability was excellent.
During the reporting period, the sales revenue of Jinbo's photovoltaic products accounted for more than 95% of its operating revenue, all of which came from the thermal field system products. Its main customers include industry leaders such as Longi, Zhonghuan, JinkoSolar, JA Solar, etc. These companies basically occupy a major share of the global photovoltaic industry crystalline silicon market.
3. Carbon and carbon materials companies are advancing with great success or will repeat the mistakes of diamond wire companies
At present, there are two major sources of technology for domestic carbon and carbon companies. One is from the Institute of Aeronautical Materials in Xi’an. Representative companies include Yantai Kaibo, Shaanxi Meilande, Xi’an Chaoma, and Aerospace Ruite; the other is from Central South University, representing Companies include Boyun New Materials, Hunan Jinbo, Hunan Jinchuang, Hunan Xinyuan, etc. Due to the current shortage of carbon and carbon materials, the old carbon and carbon materials companies have frantically expanded their production, and various capitals have entered the carbon and carbon material production links. According to the incomplete statistics of the photovoltaic news editor, the carbon and carbon materials companies currently in production and those in preparation There are more than 20 carbon and carbon material companies in total, and the situation of carbon and carbon materials is surprisingly similar to the diamond wire companies in 2016.
At present, in addition to the crazy expansion of carbon material companies, monocrystalline companies are also deploying carbon materials to ensure the safety of the supply chain. In 2018, a single crystal leader began to deploy carbon materials in Yunnan, and currently, there are more than 60 deposition furnaces; Zhonghuan is also aggressively entering carbon materials. After acquiring Hunan Jinshi and mastering carbon material preparation technology, Zhonghuan also deployed in Hohhot and Heze, Shandong Carbon materials, a single-crystal rising star Jinko's affiliated company Zhongyu has also recently deployed carbon materials.
From the current point of view, the carbon material companies and carbon material market in 2020 and the diamond wire companies and diamond wire market in 2017 are indeed surprisingly similar. In 2016, the supply of diamond wire exceeded demand. In 2016, Yangling Meichang began to produce diamond wire. In 2017, diamond wire manufacturers ushered in a centralized listing. The diamond wire companies listed in 2017 include Sanchao New Materials, Tony Electronics, and Dell New Materials. Companies producing diamond wire in 2017 include Yangling Meichang, Changsha Dell, Tony New Materials, Qingdao Gaoce, Yicheng New Energy, Ruiyi New Materials, Sanchao New Materials, Hengxing Technology, etc., and now the listed company Tony New materials have long stopped the production of diamond wires for photovoltaics, and it is difficult to find its traces in the diamond wire market of companies such as Yicheng New Energy, Ruiyi New Materials, and Hengxing Technology. At present, the market share of diamond wire is Yangling Meichang, Jucheng, and Qingdao Gaoce. The remaining diamond wire companies are struggling and their living space will become narrower and narrower.
Photovoltaic news editor believes that the carbon material market will still be in short supply in 2021, but the carbon material market will turn from short supply to oversupply in 2022. In the future, carbon and carbon material companies will also be the same as diamond wire companies. There are five or six high-quality carbon material companies.