On April 20, Hongchang Electronics, an epoxy resin supplier, released the “2022 Annual Report”. In 2022, Hongchang Electronics will achieve operating income of 3.022 billion yuan, a year-on-year decrease of 32.12% compared with 2021; the net profit attributable to shareholders of listed companies will be 557 million yuan, an increase of 48.65% compared with 2021, and the net profit attributable to the parent company after deducting non-existing expenses will be 138 million yuan , a year-on-year decrease of 63.09%; the net cash flow from operating activities in 2022 will be 49.63 million, a sharp decrease of 85.27% year-on-year.
Hongchang Electronics’ net profit has increased significantly year-on-year, mainly from the company’s original Guangzhou factory land purchase and storage, and received compensation of 602 million yuan, and the income after deducting various costs was 412 million yuan. In 2022, the downstream market demand for epoxy resin and copper clad laminates will be sluggish, and new production capacity in the industry will be put into operation. The impact of superimposed geopolitical conflicts and intensified global inflation will reduce product gross profit and gross profit margin year-on-year. Net profit after profit and loss decreased year-on-year.
In 2022, Hongchang Electronics’ epoxy resin output will be 93,087 tons, a year-on-year decrease of 11.18%, and sales volume will be 93,262 tons, a year-on-year decrease of 10.68%. The operating income of epoxy resin was 2.041 billion yuan, a year-on-year decrease of 29.56%, and the gross profit rate of Jinwei was 6.53%, a decrease of 7.39 percentage points from 2021.
Hongchang Electronics’ flame retardant resins are widely supplied to large enterprises in the copper clad laminate (CCL) industry, including Japan’s Panasonic, Shengyi Technology, Ultrasound Electronics, Lianmao Electronics, etc.; epoxy resins for marine coatings have been certified and used by international customers , including the world’s top five marine paint manufacturers (HempelGroup, Japan China Paint Co., Ltd.); epoxy resins for automotive electrophoretic paints have been approved and used by Japan Nippon Paint Co., Ltd., a supporting electrophoretic paint manufacturer.
Epoxy resins for powder coatings have been approved and used by internationally renowned manufacturers AkzoNobel N.V., Axalta Coating Systems, and Tiger Chemical Company in Australia; epoxy resins for floor coatings have entered the Switzerland Sika Building Materials Co., Ltd. (SikaAG), British Fosroc Ltd., and Taiwan Yongji Paint Co., Ltd.; customers in the field of radiation curing epoxy resin include the internationally renowned manufacturer Sartomer ( Sartomer Company), Taiwan Changxing Chemical Industry Co., Ltd. and Hong Kong Hengchang Enterprise (Group) Co., Ltd.
At present, the epoxy resin business has more than 40 invention patents, and has won the titles of “Guangdong Electronic Grade Epoxy Resin Engineering Technology Center” and “Guangzhou Innovative Enterprise”. Carry out industry-university-research project cooperation and technical exchanges with various research units externally, and maintain rich technical reserves.
In 2023, Hongchang Electronics believes that the development trend of epoxy resin will be more large-scale. With the overall development of the epoxy resin industry, production will tend to be concentrated, standardized, and environmentally friendly, and products will tend to be serialized, functionalized, and diversified. It is necessary to be able to quickly and timely meet customer application needs, and be able to meet customers’ new application fields, new The technical route continues to develop and develop formulas and materials.
There are many epoxy resin manufacturers in China, but there are not many enterprises with a scale of 100,000 tons or more. The industry is scattered and the industry concentration is relatively low. There is still a certain gap between the production technology of most epoxy resin enterprises and foreign advanced technology and the special use of products. The main problems are that the scale of production equipment is not economical, the product specificity is low, and the stability of product quality is not good. In addition, the convenience of product after-sales service and application needs to be improved.
As the country pays more and more attention to environmental issues, carbon peak carbon neutralization work is promoted, and the requirements for product environmental protection are getting higher and higher. Green environmental protection processes and green environmental protection products are the inevitable trend of future industrial development. The epoxy resin industry will be further standardized, and enterprises with high production costs, unqualified environmental protection, and low-grade products will be eliminated. Hongchang Electronics has been operating in the epoxy resin industry for many years, with standardized operations, profound technical accumulation, good product quality, strong stability, and products that have reached the international advanced level. The downstream is widely supplied to internationally renowned enterprises.
For the development strategy of Hongchang Electronics, in the epoxy resin business, we will continue to increase production capacity and improve efficiency. One is to continuously increase production capacity and improve efficiency. The second is to continuously improve the core technology, continuously develop high-end products, and provide customers with a full range of service solutions. The third is to link up with upstream and downstream industries, establish strategic alliances upstream, large-scale procurement and manufacturing, and closely serve downstream to grasp market resources to increase market share and customer stickiness. The fourth is to closely follow the national strategy, adopt a large-scale and differentiated strategy, position itself as a professional high-end epoxy resin supplier, and develop comprehensively in the fields of “new energy, new materials, and composite materials”. Improve the company’s products, technology, market and market value, not only to make it bigger, but also to be stronger and more excellent.
In 2023, Hongchang Electronics plans to focus on the following business actions in the epoxy resin business field:
The first is to maintain high standards of environmental protection and safety requirements, and deepen the governance of the existing production base. Not only will it closely cooperate with the regulatory authorities to achieve standard emissions, but it will also make the surrounding environment of the enterprise friendly and harmonious. The second is to improve production efficiency, use advanced production equipment and excellent process technology, arrange the production of products of various specifications, and achieve higher investment returns. Improve the production capacity of the Zhuhai plant, and actively promote the construction of the new project “Zhuhai Hongchang Phase II with an annual output of 140,000 tons of liquid epoxy resin”. The third is to use the scale and technological advantages to increase the supply of raw materials, so as to control the fluctuation of procurement costs within a reasonable range, respond quickly, and establish a price-sensitive transmission mechanism for upstream and downstream. Fourth, in addition to continuing to maintain its leading position in the electronics and coatings industries, it will unremittingly develop into environmentally-friendly, special-purpose, and customized industries, continuously develop high-end products, and provide customers with a full range of service solutions.
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