Securities code: Shenzhen Cotran New Material Co.Ltd(300731) securities abbreviation: Shenzhen Cotran New Material Co.Ltd(300731) Announcement No.: 2022007
Shenzhen Cotran New Material Co.Ltd(300731) 2021 annual report summary I. important tips: the summary of this annual report is 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 carefully read the full text of the annual report in the media designated by the CSRC. All directors of the company personally attended the meeting of the board of directors to consider this annual report. The audit opinion of notary Tianye Certified Public Accountants (special general partnership) on the company’s financial report this year is: standard unqualified opinion. Changes of accounting firms during the reporting period: no non-standard audit opinions □ applicable √ not applicable to the company’s non-profit at the time of listing and non-profit at present □ applicable √ not applicable to the plan for profit distribution of common shares or the plan for conversion of provident fund into share capital during the reporting period considered by the board of directors □ applicable √ not applicable to the company’s plan, no cash dividends, no bonus shares and no conversion of provident fund into share capital. Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation Shenzhen Cotran New Material Co.Ltd(300731) stock code Shenzhen Cotran New Material Co.Ltd(300731)
Shenzhen Stock Exchange
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Liang Yuan
Office address: Fuchuan, tongfuyu Industrial Park, Xinhu street, Guangming District, Shenzhen
No. 2 and No. 3 Industrial Park of science and technology
Fax 07552919 9959
Tel: 07553369 1628
E-mail [email protected].
2. Introduction to main business or products during the reporting period
(1) Main businesses of the company during the reporting period
Since its establishment, the company has been focusing on the R & D, production and sales of polymer materials, and providing customers with corresponding overall solutions. During the reporting period, through the two wheel drive development mode of “endogenous growth + epitaxial expansion”, the company not only consolidated the business of waterproof, sealed, insulated and fireproof polymer materials for communication and power, but also increased its investment in the business of thermal management system in the field of new energy.
In the field of polymer materials, the company’s main products include high-performance special rubber adhesive tapes, PVC insulating tapes and cold shrinkable sleeves; Insulating waterproof tape, fireproof board / blanket / tape and other fireproof plugging products, electronic moisture-proof plugging and other products, and provide customers with high-end overall solutions in terms of waterproof, insulation, fire prevention and sealing. The company’s products are widely used in communication, electric power, automobile and other fields. For a long time, the company has focused on this segment, adhered to technological innovation as the fundamental driving force for development, and continuously launched and upgraded products to meet the needs of customers in different fields. At present, it has been recognized by users in many fields and enjoys high brand influence and reputation in the industry. At present, most of the technical indicators of the company’s core products, high-performance special rubber adhesive tape and cold shrinkable casing products, are ahead of their peers, and some of the technical indicators have even reached the international advanced level. The strong technical strength has brought the company ahead of its peers in the shipment volume, making the company’s business of high-performance special rubber adhesive tape and cold shrinkable casing products in the communication field always in a leading position in the industry.
In 2021, the company provided customers with heating management system products through the acquisition of subsidiaries ruitaike and deruiyuan. The products are widely used in consumer electronics, traditional household appliances, new energy vehicles and energy storage systems. In order to support and adapt to the company’s strategic development plan, the company timely adjusted industries in non strategic development direction, and transferred 32% equity of deruiyuan in 2021. As of the end of the reporting period, the company mainly produces thermal management system products for household appliances, new energy vehicles and energy storage systems through ruitaike. The thermal management system products for household appliances such as condensers and evaporators are the main source of income and profit of ruitaike during the reporting period, while the thermal management system products for new energy vehicles and energy storage systems such as liquid cooling sectors are in the input period during the reporting period, accounting for a relatively small proportion of income and profit contribution.
In 2021, affected by the international and Chinese economic situation, national macro-control policies, changes in market supply and demand and other factors, the prices of global bulk materials rose sharply, and the prices of main raw materials used by the company’s products, such as rubber, copper products and aluminum, rose sharply in 2021, which brought certain operating turnover and cash flow pressure to the company’s business development, During the reporting period, the gross profit margin of the company’s overall products decreased compared with the same period last year.
To sum up, during the reporting period, based on the original business of waterproof, sealing, insulating and fireproof materials for communication and power, the company arranged business fields such as new energy and household appliances through extended acquisition, and the product structure and income structure changed greatly. During the reporting period, the main source of operating profit of the company is still the polymer material business of the company. At present, ruitaike’s new energy business is still in the stage of accelerating investment. During the reporting period, the sales revenue of new energy business accounts for a small proportion of the total revenue, and it is expected to achieve performance contribution in 2022.
During the reporting period, the basic information of the company’s main products is as follows:
Product type product name product diagram main purpose
Waterproof / sealing / high-performance waterproof insulating tape is suitable for waterproof sealing of various types of joints of fireproof / insulating materials of communication and power wires and cables.
Material products
PVC insulating tape is suitable for main insulation recovery and joint protection of communication and power wire and cable joints.
It is suitable for waterproof and moisture-proof sealing of ordinary electric wire and communication cable.
Built in mastic silicone rubber cold shrinkable sleeve is suitable for waterproof and moisture-proof sealing and waterproof insulation sealing of communication and power wire and cable joints.
Fireproof tape is suitable for fire prevention and fire protection of communication and power cable joints.
Semi conductive self-adhesive tape is applicable to the shielding structure required for power cable terminals and intermediate joints.
Self curing insulation and waterproof packaging material is suitable for insulation, waterproof and repair of irregular joints of communication and power cables.
The condenser of thermal management system is suitable for cooling products of home electric heating management system.
Liquid cooling sector is suitable for cooling and heat dissipation of new energy vehicles and energy storage systems.
(2) During the reporting period, the development and changes of the company’s industry, market competition pattern and the company’s industry position, etc
1) Development and changes of the company’s industry
In recent years, China’s national economy has developed continuously and rapidly. With the increasing demand for high-performance special rubber sealing materials in the application fields of communication, electric power and automobile, more and more Chinese sealing material manufacturers pay attention to the use of new base materials, new formula technology and automatic processing equipment, which has promoted the in-depth development of high-performance special rubber sealing material industry. With the in-depth development of the industry, during the reporting period, the development stage of the company’s industry showed the following significant characteristics:
A. Industry technical characteristics
The rubber industry is one of the important basic industries of the national economy. According to the division of labor in the industrial chain, it mainly involves the natural rubber industry, synthetic rubber industry, rubber products industry and related supporting industries. Rubber products are widely used in communication, automobile, industrial machinery, household appliances, shipbuilding, chemical industry, electric power, railway and even aviation, aerospace and other fields because of their special high elasticity, excellent wear resistance, shock absorption, insulation and sealing properties.
The rubber products industry has the characteristics of technology intensive and interdisciplinary. The production processes of different enterprises from mixing to vulcanization are basically similar. The difference of industrial technical level is mainly reflected in three aspects: formula design ability, process supporting ability and product design ability. On the whole, due to the early start, rich industry experience and advanced R & D and production technology of international manufacturers, China’s special rubber products have long relied on imports and are monopolized by foreign enterprises. However, China’s rubber products industry started late and has a weak foundation. There is still a large gap between the overall technical level of the industry and the world advanced level, which is reflected in formula design, process optimization, product quality stability, process equipment and many other aspects. Except for a few advantageous enterprises, most production enterprises are still in the stage of imitating and learning from foreign advanced technology, and their independent R & D and innovation capabilities are insufficient.
In recent years, driven by the “13th five year plan” development goal of China’s rubber industry – “adjusting structure, transforming traditional rubber industry with high and new technology, improving quality and efficiency, focusing on improving quality, automation level, information level, production efficiency, environmental protection and economic benefits”, China’s rubber products industry has developed rapidly. Some excellent enterprises in the industry have introduced foreign advanced equipment and technology, On the basis of gradual digestion and absorption, strengthen independent research and development, and constantly make new progress in formula design and processing technology. The technical level of some enterprises has reached the international advanced level. In the future, they will gradually rely on the advantages of product technology and localization to seize the market share of international giants and gradually realize complete import substitution.
B. Industry development trend
a. Import substitution of special functional rubber products is the industry trend in the future
At present, international manufacturers mainly occupy the middle and high-end market of rubber products industry, with high added value and leading the development direction of the industry. At this stage, China mainly focuses on ordinary rubber products, and the entry threshold of the industry is low, showing the structural contradiction of “surplus low-end products and insufficient high-end products”. Under the background of national policy support and industrial structure upgrading, special functional rubber products will usher in rapid development opportunities. There is a huge market space for import substitution of high-end products, which will become the focus of market competition in the future. In the future, a few rubber products enterprises with core technology and R & D advantages in China will gradually occupy the market share of international giants by relying on product technology and localization advantages, gradually realize import substitution, occupy a larger market share, and improve the technical level and market position of China’s rubber products industry.
b. The comprehensive performance has been continuously improved and the application fields have been continuously enriched
Rubber products are irreplaceable in various application fields because of their excellent physical, chemical and mechanical properties
