Company code: Swancor Advanced Materials Co.Ltd(688585) company abbreviation: Swancor Advanced Materials Co.Ltd(688585) Swancor Advanced Materials Co.Ltd(688585)
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 go to www.sse.com com. cn. The website carefully reads the full text of the annual report. 2. Major risks indicate the risk of sharp decline in performance or loss:
The main raw materials required for the company's production are basic chemical raw materials such as basic epoxy resin, methacrylic acid and styrene, which will fluctuate to varying degrees due to the price of basic raw materials such as petroleum, market supply and demand, environmental protection and safety production policies. Since the fourth quarter of 2020, the market price of basic epoxy resin has fluctuated greatly, which has a great negative impact on the company's gross profit margin, resulting in a sharp decline in the company's operating performance in 2021.
During the reporting period, there was no significant adverse change in the main business and core competitiveness, which was consistent with the industry trend, and there was no significant risk in the continued operation ability.
The company has described the possible risks in detail in this report. Please refer to "section III Management Discussion and analysis". 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 KPMG Huazhen 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 16th meeting of the second board of directors of the company deliberated and approved the proposal on the company's profit distribution plan in 2021, which needs to be submitted to the 2021 annual general meeting of shareholders for deliberation: in 2021, the company plans not to make profit distribution; No capital reserve will be converted into share capital and no bonus shares will be given. 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 √ applicable □ not applicable
Company stock profile
Stock type stock exchange stock abbreviation before stock code change stock abbreviation and sector
RMB common stock (a) Shanghai Stock Exchange Swancor Advanced Materials Co.Ltd(688585) Swancor Advanced Materials Co.Ltd(688585) not applicable
(1) Kechuang 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: Xie Peizhen, Nie Yali
Office address: No. 618, Songsheng Road, Songjiang District, Shanghai
Tel: 02157746183
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's main business is the R & D, production and sales of new material products such as environmental protection, high-performance corrosion-resistant materials, materials for wind power blades and new composite materials. The company's main products include vinyl ester resin, special unsaturated polyester resin, pouring resin for wind power blades, hand paste resin, mold resin, adhesive, pultrusion resin for wind power blade girder, pouring hiver resin for wind power blades and ships, environment-friendly resin, safety materials for rail transit and other application series. The company's products belong to the field of new materials, and the main downstream application fields include energy conservation and environmental protection and new energy. The field of energy conservation and environmental protection mainly includes safety materials for rail transit and pollution prevention projects in electric power, petrochemical, electronic and electrical, metallurgy, semiconductor, construction engineering and other industries; The field of new energy includes materials for wind power blades and lightweight materials for automobiles. （2） Main business model
1. Procurement mode
The company has established a sound procurement management system, supplier management system and audit authority management system. The company outputs the list of qualified suppliers through the annual assessment of suppliers every year. Relying on the list of qualified suppliers and combined with the prediction of raw material market trend, the company adheres to the quality of raw materials and issues the purchase agreement and purchase action; The purchase plan shall be adjusted in time according to the changes of supply and demand in the raw material market in the current year to ensure the stability of supply. At the same time, scientific reserve and reasonable inventory shall be made in combination with the management mechanisms such as raw material market, raw material inventory, procurement cycle and cost control. At present, the company has formed a stable and efficient procurement management mode.
2. Production mode
Relevant units of the company are responsible for production resource planning, cross plant production line adjustment and decision-making of key inventory quantity. Relevant units of subsidiaries are responsible for daily production to ensure stable supply and effective and full utilization of resources. The company has established a series of perfect production management systems and quality control systems to ensure safe production and product quality.
3. Sales model
The company's sales model includes direct selling and distribution. Among the company's products, environmental protection, high-performance corrosion-resistant materials and new composite materials are sold through the combination of direct sales and distribution, and the materials for wind power blades are sold through direct sales. Under the direct selling mode, the company signs contracts or orders with direct selling customers; In the distribution mode, the dealer buys out the ownership of the product. The company formulates the annual sales strategy and sales plan according to the economic situation, policies and regulations, industry trend, sales situation and customer demand every year, analyzes the sales situation every month, and formulates the work plan for the next month. The company has established a set of strict customer credit, product pricing, order management and account recovery system to ensure profit realization and sales growth on the basis of effectively reducing compliance risk and bad debt loss. （3） Industry 1 Development stage, basic characteristics and main technical threshold of the industry (1) due to the characteristics of strong corrosion resistance, mechanical properties, low viscosity, easy construction and designability of molecular structure, vinyl ester resin has been applied in many industries, such as chemical industry, metallurgy, food and medicine, environmental protection, electric energy, petroleum, construction, transportation, electronics and electricity, aerospace, medical equipment, sports equipment and so on, It is a key material for composite molding, with a wide range of applications, and the potential market is still expanding.
In addition, in new application fields, the stability of technical level will contribute to the large-scale application of products in relevant industries. (2) Benefiting from the impact of the global low-carbon transformation trend of new energy, the material market for wind power blades has developed rapidly in recent years, and the demand will continue in the future. At the same time, facing the trend of large-scale and lightweight of wind power blades, wind power blade materials will develop in the direction of high performance, high strength and lightweight in the future. At present, companies with a certain market share in the industry have mastered the core formula technology. Compared with new entrants, the cost of continuous R & D investment is high, and the certification cycle of wind power blade manufacturers and wind power blade manufacturers is long. Therefore, the concentration of wind power blade materials industry is expected to be further improved due to factors such as capital investment and technology accumulation. At the same time, the fluctuation of raw material prices will affect the operating performance and risk tolerance of Companies in the industry. The entry of alternative products into the market in the future may also change the market competition pattern. (3) The company is a leading supplier of resin for composite materials in China. In terms of environmental protection and high-performance corrosion-resistant materials, the market share of vinyl ester resin products of the company ranks among the top in China, and the main competitors of the products are from Europe, Japan, the United States and so on. In terms of wind power blade materials, customers cover major wind power blade manufacturers outside China. According to the installed capacity of the wind power industry, industry data and wind power blade production, the company's wind power blade materials occupy a certain market share. 2. Analysis of the company's industry position and its changes
The company focuses on the R & D and production of high-performance industrial anti-corrosion and high-strength lightweight composite resin, and has a complete product line. In the field of environment-friendly high-performance corrosion-resistant materials and new composite materials, based on the accumulation of products and technologies over the years, the company has expanded its product categories to lightweight, safe and environment-friendly products and successfully introduced them to the market, such as safe flame retardant resin and styrene free resin, so as to meet the changing needs of the market.
Fan blades are mainly composed of resin and reinforcement. At present, the fan resin glue above MW level basically uses epoxy resin as the matrix, and a few manufacturers use vinyl ester resin or unsaturated polyester resin. The reinforcement material is mainly glass fiber or mixed with carbon fiber. At present, the company is one of the few manufacturers that can provide a full range of epoxy resin, vinyl ester resin and unsaturated polyester resin. It has the ability to provide the production and verification of standard test pieces. It is a widely recognized and widely used supplier of materials for wind power blades in the industry. The main materials of wind turbine blades are resin and high-performance fiber materials. The best performance of composite materials is reflected in the good combination between resin and fiber. As one of the main material suppliers of blades, taking full account of the use needs of customers in the blade forming process, the developed products mainly include blade manufacturing mold resin, blade molding pouring resin, blade repair hand paste resin, blade maintenance and operation resin Blade clamping adhesive, light high modulus and high strength material matching prepreg resin and pultrusion resin provide a complete solution for blade production. Especially for the era of cheap internet access of wind power after 2020, the company took the lead in launching an innovative low-cost product, free radical modified epoxy resin hiver, to help customers further reduce the unit power cost of wind turbines. It is China One of the few resin suppliers with a complete product line in the foreign wind power industry. 3. Development and future development trend of new technologies, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , new business forms and new models during the reporting period (1) in terms of environmental protection, high-performance and corrosion-resistant materials, the upgrading of vinyl ester resin products is relatively slow. Because its performance needs time verification, a product must be used by customers for a long time to verify its performance. Although the company has a certain gap with the foreign chemical giants in the global reputation, the company has excellent performance, price and service close to customer needs, and has its own proprietary technology in the mainstream product formula, with advanced and technological advantages. In the foreign market, the company has fully competed with Chinese and foreign chemical giants, and such products have been widely used and recognized by customers, ranking high in the global market share. (2) In terms of materials for wind power blades, the company has accumulated high-quality and stable customer resources. As one of the key raw materials in the production process of wind power blades, resin needs to go through a strict and long-term test and certification process before entering the qualified supplier system of downstream high-quality customers. In order to ensure the stability and safety of their own supply chain, customers will strictly evaluate the supplier's product quality, supply capacity, technical service capacity and other factors, and once it passes the certification, there will be a long-term and stable cooperative relationship between the two sides. The company pays attention to the market demand for a long time, with a view to developing more products that meet the requirements of customers and establishing a long-term, stable and close cooperative relationship; After years of market cultivation and continuous accumulation, the company's R & D, technical service capacity, product quality, product line, supply capacity and brand have been recognized by downstream customers. (3) New composite materials are the future development direction of the company. Combined with the company's long-term accumulation in the modification of epoxy resin formula, the company's products have made frequent efforts in the customized R & D of special pultrusion molding, high-performance flame retardant materials, high-end prepregs and their products, helping customers expand the market in the fields of special equipment manufacturing, lightweight substitution, carbon neutralization and carbon peak. At present, the company has a considerable scale or first mover advantage in many fields. 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 194964869477198794224681 -1.93134597156501
Net assets attributable to shareholders of listed company 105283249079106454135343 -1.1086144511467
Operating income 207258967229194596189085 6.51134872208122
Net profit attributable to shareholders of listed company 125771161411895093596 -89.437826799056 belongs to listed company
Net profit of shareholders after deducting non recurring profit and loss of 115225118512164439622 -90.538724835559
- 6054836928 - 5936638312 arising from operating activities is not applicable to 44087662
