On the evening of August 24, Huitian New Materials released its 2023 semi-annual report. In the first half of the year, the company achieved operating income of 2.081 billion yuan, a year-on-year increase of 9.54%; net profit attributable to the parent company was 223 million yuan, a year-on-year increase. 22.60%. Basic earnings per share were 0.4126 yuan.
In the first half of 2023, the domestic economic recovery lacked momentum, and the overall market demand recovery was lower than expected. Against this background, relying on its accumulated advantages in brand, scale, technology, customers and other aspects, Huitian New Materials continues to deepen its main business and strives to make key breakthroughs. During the reporting period, the company's main businesses maintained growth, and the optimization of management achieved significant results, and profitability was further restored and improved.
Business volume and profitability improvement
The photovoltaic new energy business is one of Huitian's core areas and has been the industry leader for many years. During the reporting period, the company's photovoltaic silicone and solar cell back film products' gross profit margins have been restored and improved to a certain extent. Among them, the company's photovoltaic silicone shipments increased significantly year-on-year. However, affected by the decline in main raw material prices, sales revenue increased by approximately 18% year-on-year. At the same time, the company accurately meets customer needs and carries out product research and development upgrades. The newly released water-blocking series products have been sent to many benchmark customers for samples, and the transparent grid backboard has achieved rapid mass production at customers.
In the field of electronic and electrical business, faced with the impact of declining raw material prices and demand from downstream industries, the company has deeply explored the existing market and achieved batch introduction of new customers. The company's PUR hot melt adhesive, conformal coating, epoxy underfill and other products are rapidly increasing in volume at benchmark customers in the fields of consumer electronics, chip packaging, automotive electronics and other fields, helping overall sales to achieve a slight year-on-year growth and product gross profit margins to significantly increase.
Affected by the steady recovery of domestic automobile market demand, the company's transportation equipment manufacturing and maintenance business grew rapidly during the reporting period, achieving a year-on-year sales revenue increase of 56.95%. Among them, the company's new energy vehicle and power battery business continues to focus on the top customers in the industry, the profitability of structural adhesive products has further improved, and batch orders have been received for anode adhesive products; the passenger car business is closely focused on leading customers to achieve supply switching. Products and new production lines were introduced and supplied, and sales increased significantly year-on-year.
In the first half of 2023, Huitian New Materials has also made a lot of progress in product exports. During the reporting period, the company's export business sales revenue was approximately 324 million yuan, a year-on-year increase of 28.57%, accounting for 15.55% of the company's operating revenue. The company continues to consolidate the advantageous competitive position of photovoltaic silicone overseas, maintains a high and stable market share, and continues to develop new customers. In the first half of the year, nearly 10 new customers began to start volume; at the same time, automotive glue, packaging glue, and vaporization products are sold in Russia, Vietnam, Australia and other regions have become the top brands in the regional market, and electronic adhesive products have made substantial progress in benchmark customers in South Korea, Taiwan and other regions.
Continuous research and development, optimization and upgrading of production capacity
While business continues to increase, the company is also increasing research and development efforts, continuing to optimize and upgrade production capacity, and reserve new business growth momentum.
During the reporting period, the company invested RMB 79.4239 million in R&D expenses. The company and its subsidiaries obtained 13 invention patent authorizations and applied for and accepted 17 invention patents. Key scientific research projects were carried out in an orderly manner, including butyl glue, water-blocking glue, and PUR hot melt adhesive. , epoxy underfill glue, UV glue, chip bonding glue, lithium battery anode glue and other products have achieved technological breakthroughs or been put on the market.
In terms of production capacity upgrades, in the first half of the year, Huitian New Materials has an annual output of 30,000 tons of photovoltaic silicone sealant production lines, an annual output of 10,000 tons of polyurethane adhesive production lines for lithium batteries, an annual output of 15,000 tons of lithium battery electrode adhesive production lines, an annual output of 3,600 tons Ten thousand square meters of solar cell back film production lines have been completed and put into operation, which has effectively improved the company's supply capabilities to customers in the photovoltaic new energy, new energy vehicles and power battery industries. As of the reporting period, the company's annual production capacity of organic silicone is approximately 160,000 tons, that of polyurethane glue is approximately 50,000 tons, that of other glues is approximately 25,000 tons, and that of solar cell back films is approximately 120 million square meters. The production capacity layout is expanding in an orderly manner. .
At the same time, the company continues to increase its investment in production line automation, informatization, and intelligence, promote the optimization and streamlining of front-line positions, strengthen production process management, and improve per capita labor productivity; it continues to optimize production processes, improve material consumption, strengthen quality control, and production operations. Efficiency and cost-effectiveness are further improved.
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