April twenty _ ninthDragontiger3, Haiyou New material (688680Dragontiger3.sh) publication of the 2023 annual report. According to the report, the operating income in 2023 is 48.Dragontiger372 million yuan; the net profit belonging to the shareholders of the listed company-229 million yuan. Since its establishment, the company has been committed to the research and development and application of special high molecular membrane materials, achieved a number of R & D achievements and obtained a number of core independent intellectual property rights.
Raw material prices fluctuate, shipments consolidate market position
In 2023, the price of the demand side of the film and the supply of the main raw materials fluctuated repeatedly, the competition in the film segment market was severe, and the gross profit margin of sales was squeezed and fluctuated greatly with the changes in the upstream and downstream. As the top three dominant enterprises in the industry have a market share of more than 70%, it is becoming more and more difficult for smaller enterprises to maintain a high level of R & D investment and ensure the consistency of product quality. The price fluctuation of the upstream supply chain of photovoltaic industry is violent and frequent, which leads to the price and profit level of film products fluctuating greatly and increasing.Dragontiger3The operation difficulty of plastic film enterprises. This situation has further enhanced the competitiveness of leading companies.
In 2023, the price of EVA particles, the raw material of plastic film, declined rapidly, which on the one hand led to the decline of the price of EVA film products, on the other hand, led to the impairment of the company's inventory. According to Soapy consulting data, as of January 3, 2024, the price of raw material EVA particles dropped to 11000 yuan / ton, about 23% lower than at the beginning of 2023, and the unit prices of transparent EVA film and POE film decreased by about 28% and 12% respectively compared with the beginning of 2023. The price of the film entered the bottom operating range, and the company's film gross profit margin was damaged. In spite of this, Haiyou New Materials still showed strong shipping momentum in the first three quarters of 2023, with shipments of about 450 million square meters in these nine months alone, exceeding the total shipments for the whole of 2022. As one of the most important suppliers of plastic film in the component industry, the company has a solid market position.
It is worth noting that as the tail capacity continues to clear, EVA particle prices may have hit bottom, which may become a catalyst for a rebound in film prices, and the competition pattern in the industry is expected to be improved in the future.
Continuous research and development as a wing to lay out the market of new automotive materials
In 2023, the company invested a total of 139 million yuan in R & D expenses, with a total of 180 R & D personnel. In 2023, 90 new patent applications were added, 29 new patents were granted, and a total of 144 patents were obtained, of which 28 invention patents were obtained.
In the field of photovoltaic, the company launched a new packaging scheme for battery modules, covering N-type TOPCON, EPE co-extruded film for HJT double-sided modules, TOPCON single glass EXP film, 0BB multi-category technology coating and other new products. The company breaks through the international patent barrier of the core raw materials of HJT light conversion film. At the same time, the company provides high-quality packaging solutions suitable for desert, snow, lake, sea and other special environment, providing a new way to reduce cost, improve quality and increase efficiency for photovoltaic modules.
In the non-photovoltaic field, the company continues to increase R & D investment, focusing on the automotive new materials market. It is worth mentioning that the company has cooperated with well-known international suppliers to promote the application scenarios such as seats, dashboards and door interiors in the car cockpit. During the reporting period, the company innovated in the research and development of environmentally friendly XPO artificial leather surface materials, with the advantages of lower VOC emissions, safety and environmental protection, comfort and wear resistance, and obtained the certification and order of new models from an overseas new energy vehicle company, and has now achieved batch supply, which shows that the industrialization process of the company in the automobile intelligent cockpit surface material market is further. / tr. by Phil Newell)