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On August 26, 2018, Huitian New Materials released its 2018 half-yearly report, and in the first half of 2018, the company achieved operating income of 941 million yuan, up 30.21% YoY; Realized net profit attributable to shareholders of the parent company of 91.4 million yuan, an increase of 26.01% YoY; Net profit attributable to shareholders of the parent company was RMB82.39 million, an increase of 30.4% YoY.
: The core business
adhesives continues to improve, and new customer development is progressing smoothly. In the first half of 2018, the company's core adhesive business achieved operating income of 648 million yuan, up 37.19% YoY, of which core products silicone and polyurethane adhesive increased by 38.7% yoY and 44.35% YoY, while other adhesive business revenue increased by 16.32% YoY
C.
. The company's adhesive business continued to maintain high-speed growth, highlighting the company's technical strength in the field of adhesives, the company continued to strengthen research and development investment and new product research and development, the first half of 2018 research and development costs of 29.18 million yuan, invested in new product research and development projects 60, access to 8 invention patents, the company through active investment in research and development to promote the company's product structure optimization, product technology and service levels steadily improved. The company's adhesive business continues to grow at a high rate, thanks to the company's new customer development. In the first half of 2018, the company performed well in several major downstream sectors. The company made a breakthrough in the field of passenger cars, cabs, transmissions, standard parts, composite materials, aluminum honeycomb and other automotive, rail transit parts industry key customers bulk transactions. In the field of rail transportation assembly glue, the company achieved double operating income in the first half of the year, while winning the bid host plant annual orders, for the follow-up sustained high-speed growth to lay the foundation. In the construction sector, the company in the first half of 2018 high-end construction glue sales revenue, gross profit has exceeded last year's full year. In the field of soft packaging glue, with the improvement of environmental protection requirements, the company's solvent-free products have become the main growth force, soft packaging glue sales revenue increased by more than 50% year-on-year. The gross margin of the company's adhesive business decreased slightly due to the increase in upstream raw material prices. However, the company strengthened fine management, improve the overall budget, cost control results are significant, in the first half of 2018, the company's management costs fell significantly, the management expenses rate from 10.6% in 2017 to 7.06% in the 2018 semi-annual report. The decline in administrative expenses also led the company to achieve a 30.4% year-on-year increase in net profit attributable to non-attribution in the face of a small decline in gross margin.
the first half of the PV back plate less affected, the return pressure increased. On May 31, 2018, the State Energy Administration, the National Development and Reform Commission, the Ministry of Finance and the State Energy Administration issued the Notice on Matters Related to Photovoltaic Power Generation in 2018, which stipulates that the benchmark feed-in tariff for newly-invested photovoltaic power stations will be reduced by 0.05 yuan per kilowatt hour. From the 2018 company's photovoltaic back plate operating income, the company's photovoltaic back plate business by the "5.31 photovoltaic New Deal" less affected. In the first half of 2018, the company's non-glue business achieved operating income of 214 million yuan, up 9.45% YoY, of which the photovoltaic backplate business achieved operating income of 120 million yuan, up 10.59% YoY, slightly down from 2017 growth, but still maintained a relatively stable growth, the company's new product KPH PV backplate successfully achieved some of the top 10 customer orders in the industry. Affected by the longer accounting period of downstream customers, the Company's accounts receivable increased significantly, and as of June 30, 2018, the Company's accounts receivable amounted to 590 million yuan, an increase of 120 million yuan, or 25.2%, over the end of 2017. However, the company's current downstream customers are mainly photovoltaic leading enterprises, the overall risk is still manageable.
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