Company code: Anhui Estone Materials Technology Co.Ltd(688733) company abbreviation: Anhui Estone Materials Technology Co.Ltd(688733) Anhui Estone Materials Technology Co.Ltd(688733)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plan, investors should http://www.sse.com.cn. The website carefully reads the full text of the annual report. 2 major risk tips
The company has described the possible risks in detail in this report. Please refer to the "section III Management Discussion and analysis" of this report on the various risks that the company may face and countermeasures. 3 the board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 4. All directors of the company attended the board meeting. 5 Tianzhi International Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 6. The company is not profitable and has not yet achieved profitability when it is listed □ yes √ No 7. The profit distribution plan or the plan for the conversion of provident fund into share capital in the reporting period adopted by the resolution of the board of directors
The company's annual profit distribution plan for 2021 is: the company plans to distribute a cash dividend of 2.00 yuan (including tax) to all shareholders for every 10 shares. As of December 31, 2021, the total share capital of the company is 182164340 shares. Based on this calculation, the total cash dividend to be distributed is 3643286800 yuan (including tax). The proportion of cash dividends of the company this year was 33.67%. The company does not convert the capital reserve into share capital and does not give bonus shares.
The above profit distribution plan has been deliberated and approved at the 8th meeting of the 3rd board of directors and the 6th meeting of the 3rd board of supervisors of the company, and needs to be submitted to the general meeting of shareholders of the company for deliberation. 8. Whether there are important matters such as special arrangements for corporate governance □ applicable √ not applicable
Section II basic information of the company
1 company profile company stock profile
Company stock profile
Stock type stock exchange stock abbreviation before stock code change stock abbreviation and sector
A-share Shanghai Stock Exchange Anhui Estone Materials Technology Co.Ltd(688733) Anhui Estone Materials Technology Co.Ltd(688733) not applicable
Scientific innovation board
Profile of the company's depositary receipts □ applicable √ not applicable contact person and contact information
Contact person and contact information secretary of the board of directors (domestic representative of information disclosure) securities affairs representative
Name: Shao Sen Cui Wei
Office address: No. 10, Jinhe Road, Huaiyuan Economic Development Zone, Bengbu City, Anhui Province
Tel (86-552) 8220958 (86-552) 8220958
E-mail [email protected]. [email protected].
2. Introduction to the company's main business in the reporting period (I) main business, main products or services
The company is committed to the cutting-edge application of advanced inorganic non-metallic composites and has formed differentiated competitive advantages through years of industry accumulation. Its main products include lithium battery coating materials, electronic communication function filling materials and low smoke halogen-free flame retardant materials. Inorganic non-metallic materials have the characteristics of good insulation, strong heat resistance and stable chemical properties. They are widely used in new energy vehicles, consumer electronics, chips, copper clad laminates, fire safety and other fields.
The company's lithium battery coating material products such as boehmite, as ceramic coating particles, are the main components of lithium battery inorganic coating materials. By coating the lithium battery cell diaphragm or pole piece, the safety performance of lithium battery can be improved and the yield of cell can be improved;
The company's electronic communication function filling materials can effectively ensure the transmission of high-frequency and high-speed signals with higher quality and improve the stability of downstream products. The good prospect of downstream industry will drive the rapid development of the company's main business.
The company's low smoke halogen-free flame retardant materials can also effectively improve the flame retardant and fire resistance effects of downstream products. These products are in line with the development direction that downstream application industries pay more and more attention to safety and reliability. （2） Main business model
1. Procurement mode
The raw materials required by the company are mainly aluminum hydroxide, alumina, silica, magnesium hydroxide and other materials. The above raw materials are rich in resources and sufficient supply, and are mainly purchased from the Chinese market. The company has established a set of perfect procurement management systems such as supplier management regulations and procurement control procedures, comprehensively considering the supplier's business ability, financial strength, production qualification, product quality and other factors, and can enter the company's list of qualified suppliers only after small batch procurement trial and qualified.
The procurement department of the company shall sign procurement contracts or annual framework contracts with qualified suppliers according to the order requirements, and conduct annual evaluation on existing suppliers together with the quality department.
The company adopts the safety stock mode, sets the safety purchase line according to the sales order and order forecast, adjusts it regularly, and forecasts the inventory every week. When the raw materials in stock are lower than the safety purchasing line, the purchasing department shall purchase the raw materials and put them into storage after passing the inspection of the quality department, so as to ensure the orderly and safe production and operation of the company.
2. Production mode
The company makes a production plan based on the development of the industry and the prediction of the needs of major customers, and in combination with the company's safety inventory requirements. The sales personnel of the company prepare the production task contact list according to the order, which is approved by the deputy general manager of the company and then sent to the production department. The production department prepares the production plan according to the actual situation of the demand, delivery date, safety inventory and production equipment of the production task contact list, and sends the raw material demand to the warehousing and logistics department. The production line receives the raw materials and enters the product production link. The quality department is responsible for product quality management in the whole production process, including process inspection and finished product warehousing inspection, so as to ensure product quality and orderly production.
3. Sales model
After years of development, the company has established a relatively complete sales network and customer service system. The company focuses on developing leading customers in the industry, and the sales market is distributed in Chinese mainland, Japan, Korea and other countries and regions.
According to the development trend of the industry, the company timely grasps the changes of market demand, maintains coordination with the renewal cycle of downstream products, closely communicates with customers in the development, production, sales, after-sales service and other links, and continues to meet customers' needs for new products, so as to establish a long-term and stable customer relationship and improve the company's sustainable profitability and brand value.
The downstream customers of the company are strict with the supplier selection standards and processes, and can only become their qualified suppliers after a period of technical testing in the early stage. In addition, for lithium battery coating materials, downstream automobile manufacturers and other terminal enterprises need to ensure the stability of product quality, and require their upstream lithium battery raw materials to pass the technical process certification of lithium battery enterprises before they can enter the material supply catalogue. If the company cooperates with downstream customers to develop new specifications and models of products, the addition or replacement of raw materials and materials need to be confirmed by lithium battery enterprises and even downstream vehicle manufacturers.
The pricing basis of the company's main products is determined through consultation with customers on the basis of referring to the market price of similar products, customer procurement volume, customer industry status and future cooperation expectations. The selling price of the company's products is mainly affected by product performance and utility, market competition, transaction scale, customer cooperation, raw material price and other factors. （3） Industry 1 Development stage, basic characteristics and main technical threshold of the industry
(1) With the rapid growth of new energy vehicles in China and the world, there is a broad market demand for lithium battery coating materials
In order to cope with the global energy crisis and environmental pollution, promote the low-carbon transformation of energy and promote the sustainable and healthy development of the new energy industry, countries around the world have issued policies to support the development of the new energy vehicle industry. In order to ensure energy security, reduce carbon emissions and promote the standardization and advancement of the material industry, China has successively issued a series of development plans and policies to encourage the development of emerging industrial clusters such as new energy vehicles and new materials. In November 2020, the State Council issued the new energy vehicle industry development plan (20212035), which pointed out that the development of new energy vehicles is the only way for China to move from a large automobile country to a powerful automobile country and a strategic measure to deal with climate change and promote green development; From 2021, the proportion of new energy vehicles in public areas of national ecological civilization pilot zone and key areas of air pollution prevention and control shall not be less than 80% of new or updated buses, taxis, logistics distribution and other vehicles; By 2025, the sales volume of new vehicles of Shanxi Guoxin Energy Corporation Limited(600617) automobile should reach about 20% of the total sales volume of new vehicles, and strive to realize the full electrification of vehicles in the public domain by 2035.
With the promotion of electrification in the automobile industry, the sales volume of new energy vehicles is expected to increase rapidly in the future. According to the data of China Automobile Industry Association, in 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles reached 3521000, a year-on-year increase of 1.6 times. According to the new energy vehicle industry development plan (20212035) issued by the Ministry of industry and information technology, the sales volume of new energy vehicles will account for about 25% by 2025, and will continue to grow at a high speed in the future.
Power lithium battery is the core component of new energy vehicles. The main power lithium battery manufacturers continue to expand production to meet the needs of the future market. Power lithium battery ushers in a period of rapid development. According to the statistics of the Institute of high tech industry, the shipment of China Shipbuilding Industry Group Power Co.Ltd(600482) lithium battery in 2021 was 220 GWH, with a year-on-year increase of 175%. It is estimated that the shipment of China Shipbuilding Industry Group Power Co.Ltd(600482) lithium battery in 2025 will be 625 GWH, with a compound growth rate of more than 25% from 2021 to 2025.
Lithium battery coating technology can effectively improve the safety of power battery and improve the yield of battery cell by coating the diaphragm or pole piece of lithium battery cell. The vigorous development of the new energy vehicle industry has driven the overall rapid growth of the industrial chain, and the lithium battery coating materials have also ushered in a stage of rapid development. At the same time, in the field of lithium battery coating, inorganic coating materials are the mainstream coating materials in the market, and the proportion of boehmite in inorganic coating materials has increased rapidly. According to the statistics of the Institute of high tech industry, the proportion of boehmite in the amount of inorganic coating film will be 44% in 2019, and it is expected that by 2025, the proportion of boehmite in the amount of inorganic coating film will reach 75%. Driven by the rapid growth of new energy industry chain demand and the improvement of boehmite coating penetration, boehmite has ushered in an opportunity period of rapid growth of market demand, while there is still a large gap in boehmite supply.
(2) With the upgrading and development of consumer electronics, 5g communication and new energy vehicle industries, the demand for heat conducting materials has increased rapidly
Accelerating the development of new materials is of great strategic significance for promoting technological innovation, supporting industrial upgrading and building a manufacturing power. In September 2020, the national development and Reform Commission, the Ministry of science and technology, the Ministry of industry and information technology and the Ministry of Finance jointly issued the guiding opinions on expanding investment in strategic emerging industries and cultivating and expanding new growth points and growth poles, which pointed out that "we should accelerate the realization of breakthroughs in the fields of photoresist, high-purity target materials, superalloys, high-performance fiber materials, high strength and high conductivity heat-resistant materials, corrosion-resistant materials, large-size silicon wafers, electronic packaging materials and so on."
Thermal conductive material is a new type of industrial material, which can form good thermal conductivity and effectively transfer heat to the thermal conductive medium material and then to the outside. High thermal conductivity materials are widely used downstream, including consumer electronics, communication equipment, new energy vehicles, industrial interconnection, medical manufacturing and other industries, which are of great significance to the development of national strategic industries. At present, the market scale of thermal conductivity materials in China has increased significantly. With the continuous upgrading of consumer electronic products to miniaturization, thinness and intelligence, 5g commercial brings investment in communication base stations and communication equipment, as well as the significant increase in the demand for power batteries brought about by the rapid development of new energy vehicles, and the rapid increase in the demand for high thermal conductivity materials.
The core of affecting the heat conduction material is the filling material, which can fill the air gap between the electronic components and the radiator, establish an effective heat conduction channel and improve the heat dissipation performance. At present, the mainstream heat conduction materials are oxides or nitrides, among which alumina has good comprehensive properties and is more widely used in the market; Spherical filler helps to give play to the heat conduction function of thermal conductive filler. At present, spherical alumina scheme is widely used in the market. Therefore, the increasing demand for thermal conductive materials has brought huge market opportunities for electronic filling materials, especially spherical alumina.
(3) The market prospect of IC packaging and testing is broad, and there is a strong demand for domestic substitution of high-end electronic packaging materials
The packaging and testing industry is located in the middle and lower reaches of the integrated circuit manufacturing industry chain. Packaging is the process of arranging, fixing and connecting chips on the substrate, and packaging them with insulating media to form electronic products. According to the composition of packaging materials, it is mainly divided into metal based, ceramic based and plastic based packaging materials. Among them, the main raw material of ceramic based packaging material is alumina. As an advanced packaging material, compared with traditional plastic packaging and metal packaging, it has the advantages of low dielectric constant and good high-frequency performance; Good insulation and high reliability; High strength and good thermal stability; Low coefficient of thermal expansion and high thermal conductivity; Good air tightness and stable chemical properties; Good moisture resistance, not easy to produce micro crack phenomenon. Kyocera, Sumitomo and other Japanese enterprises have obvious advantages in high-end packaging materials with long-term technology accumulation, occupying most of the market share. China's high-end chip packaging materials mainly rely on imports, and there is a strong demand for domestic substitutes.
According to Frost & Sullivan data, the scale of the global sealed test market increased from US $51 billion in 2016 to US $59.4 billion in 2020, maintaining a steady growth. Benefiting from the strong support of industrial policies and driven by the demand of downstream application fields, China's packaging and testing market grew rapidly, and the scale of China's packaging and testing market increased from 156.43 billion yuan in 2016 to
