Grasp the industry trend, layout of new carbon fiber materials

The increase of financial expense ratio leads to the increase of corporate period expense ratio. In order to ensure the smooth progress of the company's annual output of 15,000 tons of differentiated continuous spinning filament under construction projects, the expansion layout of the carbon fiber industry, and the company's abundant capital liquidity during the epidemic period, the company's bank loans increased significantly after 2018, resulting in a significant increase in the company's financial expense ratio. In 2020, the company's financial expense ratio reached 11.86%, and the comprehensive period expense ratio reached 17.51%. In 2021, with the substantial growth of total revenue, the financial expense ratio dropped significantly. The company's administrative expense ratio and sales expense ratio are basically stable at less than 4%. The company's current ROE of chemical fiber business is less than 5%. In 2018, the company's ROE reached a five-year high of 4.54% and ROIC was 6.09%. Under the impact of the epidemic in 2020, the company's loss ROE fell to -7.52%, and ROIC fell to 0.19%. In 2021, the operating condition of the company's chemical fiber business improved, and the ROE and ROIC recovered to -4.36% and 1.98%, respectively.

2. Jilin Chemical Fiber grasps the industry trend and lays out new carbon fiber materials

2.1. Carbon fiber is a special fiber with excellent properties

Carbon fiber is made of polyacrylonitrile, asphalt, viscose and other organic fibers cracked and carbonized under high temperature environment, carbon main chain structure inorganic fiber with carbon content of more than 90%, with excellent mechanical properties and chemical stability. With light weight, high strength, high modulus, electrical conductivity, thermal conductivity, corrosion resistance, fatigue resistance, high temperature resistance, low expansion coefficient and a series of other materials can not be replaced by the excellent performance.

Material determines performance, performance determines use, carbon fiber high strength, high mold, light characteristics determine that carbon fiber is a special material used in many fields, such as badminton rackets in daily life, golf clubs, high-end aircraft fuselage, wind power blades in the field of new energy, carbon heat field, pressure vessels and so on.

According to the different source of raw materials, carbon fiber can be divided into PAN and asphalt based carbon fiber, polyacrylonitrile (PAN) as the matrix of composite materials with excellent mechanical properties, a wide range of applications, the output of about 90% of all carbon fiber production in the world. According to the different size of the tow, the carbon fiber in the single tow is generally greater than 24K to become a large tow, and on the contrary, it becomes a small tow. The defense military field such as aircraft fuselage generally uses small tow carbon fiber, and the civilian field uses more large tow carbon fiber.

In the downstream application fields of carbon fiber, the demand and demand growth of wind power blades is the largest, and the aerospace market is the largest. According to Lin Gang's "2021 Global Carbon Fiber Composite Market Report" data show that the global demand for carbon fiber in 2021 is 118,000 tons, and the total market size is 3.4 billion US dollars. In terms of subdivision, the amount of wind power blades is 33,000 tons, accounting for 28%, which is the largest subdivision of the amount; The unit price of aerospace carbon fiber is as high as 72 US dollars/kg, and the market size is 1.188 billion US dollars, accounting for 35% of the market size, which is the largest market segment. From the perspective of the development trend of the industry, the wind power blade market is growing fastest, 2004-2020 demand compound growth rate of 26%, much higher than the aerospace market growth rate of 10%, according to the 15MW fan corresponding to the carbon fiber demand of 50,000 tons to calculate, sea breeze blade large-scale will further increase the demand for carbon fiber market.

China, the United States and Japan are the world's top three carbon fiber production countries. In 2021, the global carbon fiber operating capacity is about 207,600 tons. From a regional perspective, China surpassed the United States for the first time to become the world's largest production capacity, with an operating capacity of 63,400 tons, accounting for 30.5% of the global carbon fiber operating capacity in 2021; The operating capacity of the United States is 48,700 tons, accounting for 23.5%; Japan ranked third, with 25,000 tons of operating capacity, accounting for 12%. Due to the immature technology, China's carbon fiber construction is generally insufficient, and the operating rate in other countries and regions is maintained at a relatively high level. Specific to the carbon fiber large tow market, Japan's Torre acquisition of the United States ZOLTEK to become the global leader in large tow carbon fiber, Japan's Mitsubishi also began to increase the investment in large tow carbon fiber, Germany SGL company followed, the three are the global representative of large tow carbon fiber enterprises.