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In April, all listed companies in the powder coatings field have disclosed their 2016 annual reports.
Next, let us briefly look at the 2016 performance of selected companies
.
Anhui Shenjian New Materials Co.
, Ltd.
(002361) During the reporting period, the company achieved operating income of 1,413,156,100 yuan, an increase of 19.
89% over the previous year; net profit attributable to shareholders of listed companies was 168,914,300 yuan, an increase over the previous year 44.
58%; net profit after deducting non-recurring gains and losses was 164,446,700 yuan, an increase of 48.
92% from the previous year.
As of the end of 2016, the company’s total assets were 2,600.
4302 million yuan, and the net assets attributable to shareholders of listed companies were 1,849,084 million yuan.
Yuan, a year-on-year increase of 7.
30%.
The company’s assets are in good condition, financial control is reasonable, and financial strength is further enhanced
.
Anhui Meijia New Materials Co.
, Ltd.
(NEEQ: 831053) During the reporting period, the international and domestic macroeconomic environment was extremely unstable.
The domestic economy was still in a transitional period.
The downward pressure on the economy was heavy.
The prices of raw materials continued to rise and the prices of products continued to fall.
In such a complicated environment, the company achieved operating income of RMB 516,040,205.
90 during the reporting period by strengthening market development, customer service, and quality control, an increase of 12.
21% over the same period last year; gross profit margin was 13.
94%, a decrease of 1.
70% over the same period last year; The net profit attributable to the shareholders of the listed company was RMB 25,687,179.
60, a decrease of 22.
81% over the same period last year.
The project with an annual output of 20,000 tons of polyester resin and the project with an annual output of 50,000 tons of epoxy resin are progressing smoothly
.
The construction of the new project provides a strong guarantee for expanding the company's scale, improving the level of technology, extending the product industry chain, improving product quality, reducing powder coating costs, and enhancing the company's overall market competitiveness
.
Zhaoqing Qianjiang High-tech Material Technology Co.
, Ltd.
(NEEQ: 836759) Since 2016, due to the impact of market environment and policy factors and the sharp rise in raw material prices, the overall development of the coatings industry has slowed down, and the performance of the industry has been affected to a certain extent
.
Although the company is also affected by fluctuations, the overall level is still at the upper-middle level of the same industry
.
During the reporting period, the company achieved operating income of 222,763,500 yuan, a decrease of 4.
78% over the same period of the previous year; realized a total profit of 10,045,600 yuan, a decrease of 40.
85% over the same period of the previous year; realized a net profit of 9,099,000 yuan, a year-on-year decrease Reduced by 39.
49%.
New Sino-French Polymer Materials Co.
, Ltd.
(NEEQ: 836931) During the reporting period, the company’s production and operation were in good condition, and its main business remained unchanged.
The company was still engaged in the research and development of saturated polyester resins, powder coatings and additives.
Production and sales
.
Based on the 2016 business target plan, the company completed an operating income of RMB 44,005,100, a year-on-year increase of 3.
33%.
Realized a net profit of RMB 36,567,500, a year-on-year increase of 165.
59%.
At the same time, the company completed Hangzhou Canaan Chemical Co.
, Ltd.
The transfer of 100% equity and the company's name is located in the office building 401, No.
2, Guanyihou, Shangcheng District, Hangzhou City and its supporting two locations have been transferred, further optimizing the company's capital structure
.
Anhui Shanfu New Material Technology Co.
, Ltd.
(NEEQ: 870527) During the reporting period, the company operated normally and its main operating income increased steadily
.
In 2016, the company produced 25,000 tons of epoxy resin products and sold 24,600 tons of epoxy resin products, with sales revenue of 245.
68 million yuan
.
Strictly grasp the management of construction in progress to ensure that the project is completed and put into production on schedule.
In 2016, the solvent-based epoxy resin production workshop project completed trial production in June after overcoming financial and technical difficulties
.
The price of raw materials in the current period fluctuated greatly, the epoxy resin industry market was in a downturn, and the unit price of sales fell more than the same period, while the unit cost fell not so much, which led to a decline in operating margins.
Although the three fees also fell compared with the same period, operating profit could not be reversed.
The downward trend has led to a decline in net profit
.
In terms of operating income, Anhui Shenjian, Anhui Meijia, and New Sino-French have all increased, while Qianjiang Hi-tech and Anhui Shanfu have declined
.
In terms of profit, Anhui Shenjian and New Sino-French two companies whose main business is polyester have increased, while Anhui Meijia, Qianjiang Hi-tech, and Anhui Shanfu have declined compared with the same period last year.
.
For future risk factors, the main factors are raw material price fluctuations, environmental protection and the slowdown of downstream growth
.
Risks faced by the future industry development (1) Raw material price fluctuations.
Several companies mentioned the risk of raw material price fluctuations in their annual reports.
The powder coating-related industries are greatly affected by raw material price fluctuations, and direct material costs account for a higher proportion of main business costs.
Taking Shanfu and Meijia as examples, the main raw materials used in Anhui Shanfu’s production are bisphenol A, epichlorohydrin, liquid epoxy resin, etc.
During the reporting period, the company’s direct material costs accounted for 94.
07% of the main business costs.
; Anhui Meijia’s main raw materials are bisphenol A, epichlorohydrin, polyester resin, titanium dioxide, barium sulfate, etc.
During the reporting period, the company’s direct material costs accounted for 92.
72% of the main business costs.
If the prices of raw materials continue to rise , The purchase of raw materials will take up more funds, thereby increasing the company’s liquidity pressure
.
If the price of raw materials returns to the downward trend in the future, the product will still face the risk of price decline
.
(2) Environmental protection With the increase in environmental protection awareness of the whole society, the country will have stricter environmental protection requirements.
It may introduce more stringent environmental protection standards in the future, and put forward higher environmental protection requirements for manufacturers in the chemical industry
.
The improvement of environmental protection standards requires the company to further increase environmental protection investment and increase operating costs, which may have a certain impact on the profit level of powder coating-related industries
.
(3) Downstream industry fluctuations.
In the future, with the slowdown of domestic GDP growth and stagnant real estate growth, the growth of powder coatings is also facing the risk of slowing growth.
At the same time, there may be overcapacity and market competition among companies in the same industry.
Intensified, which has an impact on operating income and profits
.
Industry development opportunities National and local governments have introduced policies in recent years to promote the control of volatile organic compounds, improve the VOCs limit standards for paints and other products, and encourage the promotion of the use of powder coatings and water-based coatings with low VOC emissions, which has brought tremendous impact to the powder coating industry.
Business
.
Relying on mature coating technology and cost advantages, powder coatings have been widely used in construction profiles, automobile wheels, oil and gas pipelines and other fields.
The various industrial chains of its own are fully equipped, and the "Green Product Evaluation Coatings" has been formulated since last year.
The national standards have clarified the green identity of powder coatings.
The next few years will be the best opportunity for the development of powder coatings
.
Next, let us briefly look at the 2016 performance of selected companies
.
Anhui Shenjian New Materials Co.
, Ltd.
(002361) During the reporting period, the company achieved operating income of 1,413,156,100 yuan, an increase of 19.
89% over the previous year; net profit attributable to shareholders of listed companies was 168,914,300 yuan, an increase over the previous year 44.
58%; net profit after deducting non-recurring gains and losses was 164,446,700 yuan, an increase of 48.
92% from the previous year.
As of the end of 2016, the company’s total assets were 2,600.
4302 million yuan, and the net assets attributable to shareholders of listed companies were 1,849,084 million yuan.
Yuan, a year-on-year increase of 7.
30%.
The company’s assets are in good condition, financial control is reasonable, and financial strength is further enhanced
.
Anhui Meijia New Materials Co.
, Ltd.
(NEEQ: 831053) During the reporting period, the international and domestic macroeconomic environment was extremely unstable.
The domestic economy was still in a transitional period.
The downward pressure on the economy was heavy.
The prices of raw materials continued to rise and the prices of products continued to fall.
In such a complicated environment, the company achieved operating income of RMB 516,040,205.
90 during the reporting period by strengthening market development, customer service, and quality control, an increase of 12.
21% over the same period last year; gross profit margin was 13.
94%, a decrease of 1.
70% over the same period last year; The net profit attributable to the shareholders of the listed company was RMB 25,687,179.
60, a decrease of 22.
81% over the same period last year.
The project with an annual output of 20,000 tons of polyester resin and the project with an annual output of 50,000 tons of epoxy resin are progressing smoothly
.
The construction of the new project provides a strong guarantee for expanding the company's scale, improving the level of technology, extending the product industry chain, improving product quality, reducing powder coating costs, and enhancing the company's overall market competitiveness
.
Zhaoqing Qianjiang High-tech Material Technology Co.
, Ltd.
(NEEQ: 836759) Since 2016, due to the impact of market environment and policy factors and the sharp rise in raw material prices, the overall development of the coatings industry has slowed down, and the performance of the industry has been affected to a certain extent
.
Although the company is also affected by fluctuations, the overall level is still at the upper-middle level of the same industry
.
During the reporting period, the company achieved operating income of 222,763,500 yuan, a decrease of 4.
78% over the same period of the previous year; realized a total profit of 10,045,600 yuan, a decrease of 40.
85% over the same period of the previous year; realized a net profit of 9,099,000 yuan, a year-on-year decrease Reduced by 39.
49%.
New Sino-French Polymer Materials Co.
, Ltd.
(NEEQ: 836931) During the reporting period, the company’s production and operation were in good condition, and its main business remained unchanged.
The company was still engaged in the research and development of saturated polyester resins, powder coatings and additives.
Production and sales
.
Based on the 2016 business target plan, the company completed an operating income of RMB 44,005,100, a year-on-year increase of 3.
33%.
Realized a net profit of RMB 36,567,500, a year-on-year increase of 165.
59%.
At the same time, the company completed Hangzhou Canaan Chemical Co.
, Ltd.
The transfer of 100% equity and the company's name is located in the office building 401, No.
2, Guanyihou, Shangcheng District, Hangzhou City and its supporting two locations have been transferred, further optimizing the company's capital structure
.
Anhui Shanfu New Material Technology Co.
, Ltd.
(NEEQ: 870527) During the reporting period, the company operated normally and its main operating income increased steadily
.
In 2016, the company produced 25,000 tons of epoxy resin products and sold 24,600 tons of epoxy resin products, with sales revenue of 245.
68 million yuan
.
Strictly grasp the management of construction in progress to ensure that the project is completed and put into production on schedule.
In 2016, the solvent-based epoxy resin production workshop project completed trial production in June after overcoming financial and technical difficulties
.
The price of raw materials in the current period fluctuated greatly, the epoxy resin industry market was in a downturn, and the unit price of sales fell more than the same period, while the unit cost fell not so much, which led to a decline in operating margins.
Although the three fees also fell compared with the same period, operating profit could not be reversed.
The downward trend has led to a decline in net profit
.
In terms of operating income, Anhui Shenjian, Anhui Meijia, and New Sino-French have all increased, while Qianjiang Hi-tech and Anhui Shanfu have declined
.
In terms of profit, Anhui Shenjian and New Sino-French two companies whose main business is polyester have increased, while Anhui Meijia, Qianjiang Hi-tech, and Anhui Shanfu have declined compared with the same period last year.
.
For future risk factors, the main factors are raw material price fluctuations, environmental protection and the slowdown of downstream growth
.
Risks faced by the future industry development (1) Raw material price fluctuations.
Several companies mentioned the risk of raw material price fluctuations in their annual reports.
The powder coating-related industries are greatly affected by raw material price fluctuations, and direct material costs account for a higher proportion of main business costs.
Taking Shanfu and Meijia as examples, the main raw materials used in Anhui Shanfu’s production are bisphenol A, epichlorohydrin, liquid epoxy resin, etc.
During the reporting period, the company’s direct material costs accounted for 94.
07% of the main business costs.
; Anhui Meijia’s main raw materials are bisphenol A, epichlorohydrin, polyester resin, titanium dioxide, barium sulfate, etc.
During the reporting period, the company’s direct material costs accounted for 92.
72% of the main business costs.
If the prices of raw materials continue to rise , The purchase of raw materials will take up more funds, thereby increasing the company’s liquidity pressure
.
If the price of raw materials returns to the downward trend in the future, the product will still face the risk of price decline
.
(2) Environmental protection With the increase in environmental protection awareness of the whole society, the country will have stricter environmental protection requirements.
It may introduce more stringent environmental protection standards in the future, and put forward higher environmental protection requirements for manufacturers in the chemical industry
.
The improvement of environmental protection standards requires the company to further increase environmental protection investment and increase operating costs, which may have a certain impact on the profit level of powder coating-related industries
.
(3) Downstream industry fluctuations.
In the future, with the slowdown of domestic GDP growth and stagnant real estate growth, the growth of powder coatings is also facing the risk of slowing growth.
At the same time, there may be overcapacity and market competition among companies in the same industry.
Intensified, which has an impact on operating income and profits
.
Industry development opportunities National and local governments have introduced policies in recent years to promote the control of volatile organic compounds, improve the VOCs limit standards for paints and other products, and encourage the promotion of the use of powder coatings and water-based coatings with low VOC emissions, which has brought tremendous impact to the powder coating industry.
Business
.
Relying on mature coating technology and cost advantages, powder coatings have been widely used in construction profiles, automobile wheels, oil and gas pipelines and other fields.
The various industrial chains of its own are fully equipped, and the "Green Product Evaluation Coatings" has been formulated since last year.
The national standards have clarified the green identity of powder coatings.
The next few years will be the best opportunity for the development of powder coatings
.
