International composite material IPO: plans to raise 2.481 billion yuan to increase the main business

Latest News: Recently, Chongqing International Composites Co., Ltd. (hereinafter referred to as “International Composites”) held an IPO meeting on the Growth Enterprise Market. The company plans to publicly issue no more than 1 billion new shares, and plans to raise 2.481 billion yuan, which will be used for projects related to the company’s main business, such as the ECT glass fiber intelligent manufacturing production line project with an annual output of 150,000 tons.

The reporter noticed that International Composites has been deeply involved in the field of glass fiber for more than 30 years. The company’s production capacity accounts for 10% of the global production capacity, ranking among the top four in the world; it accounts for 13% of the domestic production capacity, ranking among the top three domestically. The company has cultivated a series of products with global competitive advantages in the fields of wind turbine blades, engineering plastics, electronic appliances and power insulation, and its core competitiveness is obvious.

Leading the glass fiber industry

International Composites is a high-tech enterprise dedicated to the research, development, production and sales of glass fiber and its products. Glass fiber reinforced composite materials have excellent comprehensive properties and can replace various traditional materials such as steel, aluminum, wood, cement, and PVC. It is widely used in aerospace and other fields.

According to the prospectus (draft), from 2019 to 2021 (hereinafter referred to as the “reporting period”), the company achieved operating income of 5.485 billion yuan, 6.912 billion yuan and 8.300 billion yuan respectively, and the net profits attributable to shareholders of the parent company were 102 million yuan, 440 million yuan and 1.099 billion yuan, showing a sustained and rapid growth trend.

At the same time, based on the company’s current operating conditions and preliminary estimates by the management, the company’s net profit attributable to shareholders of the parent company from January to September 2022 will be 867 million yuan to 911 million yuan, an increase of 15.27% compared with the same period of the previous year. 21.12%; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was 785 million yuan to 825 million yuan, an increase of 6.27% to 11.69% compared with the same period of the previous year.

It is understood that the current structure of the glass fiber industry has been basically stable. The output of the top three glass fiber enterprises, such as International Composites, China Jushi, and Taishan Glass Fiber, a wholly-owned subsidiary of Sinoma Technology, account for more than 60% of the country’s total output, and the industry as a whole is profitable. The level is basically stable.

It is worth mentioning that the international composite material has been deeply involved in the glass fiber industry for more than 30 years. At present, the company’s glass fiber and product production capacity ranks among the top three in China and the top four in the world, and the scale advantage in terms of production capacity is obvious. The company stated that, with its existing competitive advantages and leading position in the industry, the company’s operating performance rose steadily during the reporting period.

Competitive advantage in the segment is obvious

It is understood that International Composites attaches great importance to the development and inheritance of key core technologies. Through continuous scientific research investment, it has made a number of breakthroughs in glass fiber system technology and accumulated rich practical experience. After 30 years of continuous development, the company has cultivated a series of products with global competitive advantages in the fields of wind turbine blades, engineering plastics, electronic appliances and electrical insulation.

For example, in the field of wind power blades, the company has become one of the most important suppliers of wind power yarns and fabrics in the world, with a market share of more than 25%, of which the output of high-modulus and ultra-high-modulus products takes the lead in the world; high-modulus pultrusion sheets have been It has been applied on 90-meter wind turbine blades; the polyurethane wind turbine special yarns and fabrics jointly developed by the company and Covestro Polymers (China) Co., Ltd. have been first used in all-polyurethane wind turbine blades, leading the development trend of wind turbine blades in the future.

In the field of engineering plastics, the company has long served leading companies in the industry such as DuPont, BASF, Kingfa Technology, etc. Through strong cooperation, it has successively developed a series of high-performance chopped fibers, thermoplastic long fibers, special-shaped glass fibers, high-performance fibers with unique competitive advantages. The functional special-shaped glass fiber products such as mold and low dielectric are widely used in many fields such as auto parts, electronics, etc., especially in some high-end fields with special requirements such as aerospace structural parts and high-end electronics.

In addition, the company has also performed well in the fields of electronics and thermosetting composite materials. Relying on the advantages of a sound quality system and excellent product quality, the international composite material industry is deployed in the global market. The company continues to improve the global layout of production bases, overseas sales subsidiaries and warehouses according to the distribution characteristics of customers.

It is worth mentioning that, after nearly 30 years of development and accumulation, relying on continuous independent research and development and innovation, rich product structure, excellent product quality, and rapid market response capabilities, the company has accumulated a number of high-quality products in the downstream industry. , A stable customer group, most of these customers are well-known companies in their respective industries and have a certain market share, including some industry leaders.

International Composites said that the company adheres to the development strategy of “intensive industrial cultivation, sophisticated manufacturing, market precision, and refined management”. In the future, the company plans to improve the supply chain to ensure reliable supply of raw materials and quality stability; strengthen the production chain , to achieve production regulations
Scientific and reasonable configuration of mold and product structure, enhance the competitiveness of the company’s product market, and speed up the adjustment of the company’s product structure; extend the product chain, actively expand into the field of new composite materials, and increase the added value of products.