On the evening of April 26, Changhong Hi-Tech released its 2022 annual report. The annual report shows that Changhong Hi-Tech continued to maintain a high market share, achieving operating income of 2.372 billion yuan, a year-on-year increase of 36.83%; affected by the sharp rise in short-term raw material prices, the company realized a net profit of 180 million yuan attributable to the parent, a slight decrease of 2.45% year-on-year.
In recent years, Changhong High-Tech Co., Ltd. has continued to deepen the high-end development of thermoplastic elastomer TPES, opened up the whole industrial chain from BDO to PBAT degradable plastic upstream and downstream integration, and built a "two-wheel drive" model. As one of the first domestic companies with SEPS research and development capabilities and industrialization capabilities, Changhong Hi-Tech will spend 86.1753 million yuan on research and development in 2022, a year-on-year increase of 50%.
High-end efforts + technology research and development lead the TPES track
As one of the important suppliers of TPES products, Changhong Hi-Tech has established a strong moat in the research and development of high-end TPES products and technologies. The current production capacity ranks third in the country, and it has a strong influence in this subdivision field, among which SEBS hydrogenation The technology has reached the advanced level in the same industry.
In 2022, the company has overcome a number of technical bottlenecks and problems, successfully developed and produced a new high-end product ES217 of the ES series of new foaming grade ethylene-styrene thermoplastic elastomer materials, and customized CH510, CH105 and other brands, enriching the company's products structure. For standard POE shoe materials, the company has carried out innovative research and development on alternatives in related fields. The current sample test has obtained satisfactory results. It is expected that industrial production will be realized in 2023. In addition, Changhong Hi-Tech is also accelerating the localization and scale-up of medical-grade key raw materials, and is stepping up the development of medical-grade SEBS.
At the same time, with the rise of new energy vehicles, big data and other industries, in 2023, the application and development of TPE products in the fields of automobile lightweight, charging pile cables, and optical cable filling ointment will continue to deepen. As the largest TPES manufacturer in East China, the company currently has more than 10 downstream customers using TPE materials for auto parts.
Leading production capacity to build PBAT upstream and downstream integration
Biodegradable plastic PBAT is considered to be an effective way to solve the problem of disposable plastic waste pollution. According to the forecast of Huaan Securities, by 2025, the demand for degradable plastics in my country is expected to reach 2.38 million tons, and the market size will reach 47.7 billion yuan. In terms of the availability and cost of raw materials, BDO is the most critical raw material, and 1 ton of PBAT consumes about 0.54 tons of BDO. According to the BDO industry chain research report, the BDO gap in 2022 will be around 500,000 tons.
In 2022, Changhong Hi-Tech made a strategic plan, planning to invest in the construction of a natural gas deep processing project in Qingyang, Gansu to produce BDO, and to invest in a calcium carbonate degradation masterbatch project in Hezhou, Guangxi, so as to open up an industry with full coverage of upstream and downstream integration of degradable plastics The layout runs through the industrial chain from BDO to PBAT and PBT products; PBAT and PBT modification to degradable products. At present, the land required for the Hezhou project in Guangxi has been successfully delisted and has officially entered the construction stage.
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