On April 28, CETR (688128) released its 2019 annual report. The company's main business income in the whole year was 2.752.4 billion yuan, up 5.95% year on year. With the scale benefits brought by the increase of sales volume and the large-scale raw material prices of chemical raw materials and chemical products manufacturing industry, the gross profit margin of main business in 2019 was 32.43%, 2.68 percentage points higher than that in 2018. The net profit attributable to the shareholders of the listed company was RMB 252.2 million, up 21.88% year on year.
According to the annual report, in 2019, the polyester resin business revenue of CEER was 548.8 million yuan, down 19.37% year-on-year; the powder coating business revenue was 176.8 million yuan, down 7.69% year-on-year; the waterborne coating business revenue was 45.5635 million yuan, down 3.71% year-on-year. Polyester resin business as a result of sales volume and product prices, sales revenue decreased.
During the reporting period, the company undertook a number of government research and development projects on environmental protection coatings and resins, won a second prize of provincial and ministerial level science and technology, and was awarded the national intellectual property advantage enterprise. During the reporting period, the company's self-developed high-speed steel coil color coating powder coating was applied in batches for the first time in China, enhancing the company's industry influence; during the reporting period, the company's polyester resin overcame the production capacity bottleneck, with a production capacity of about 50000 tons, which is expected to continue to rank the top five. After the first phase of the company's Lisha Island industrial base is put into operation in 2020, the production capacity is expected to increase by 40000 tons.
In 2019, the production volume, sales volume and inventory volume of polyester resin were 48411.99 tons, 46026.03 tons and 3408.78 tons, respectively, with a year-on-year growth of 2.14%, - 9.67% and 233.27%; the production volume, sales volume and inventory volume of powder coating were 8151.70 tons, 10148.82 tons and 661.11 tons, respectively, with a year-on-year growth of - 17.70%, 5.60% and - 75.13%; the production volume, sales volume and inventory volume of waterborne coating were divided into They were 1645.56 tons, 1704.74 tons and 51.80 tons respectively, up 19.60%, 30.23% and - 53.32% year on year.
According to CECR, the proportion of polyester resin outsourcing processing increased in the current period, and the company increased its safety stock, resulting in an increase in the inventory at the end of the period; due to the large inventory at the beginning of the period, in order to control the inventory scale and reduce the capital occupation, the company strictly implemented the formula of "production by sales", so the output decreased year on year; through technical research and development and market promotion, the water-based coating was used in auto parts in the current period Breakthroughs have been made in the fields of spare parts and commercial air conditioning, forming a new growth point of business scale, and the production and sales volume have increased year on year.
Optimus Prime materials is mainly engaged in the production and sales of polyester resin, powder coating and water-based coating. In 2019, it achieved an operating revenue of 755.5 million yuan, with a net profit of 50.53 million yuan, accounting for 20.04% of the company's net profit attributable to the parent company. The net profit increased by 181.66% year on year, mainly due to the increase of gross profit rate due to the price reduction of raw materials.
In the future, CECR will build a new industrial base for environmental protection coatings and build a leading domestic supplier of environmental protection coatings and polyester resin. (1) Build resin industry base and solve capacity bottleneck. Give full play to the company's leading advantages in powder coating polyester resin technology, continuously improve product performance and adaptability, expand product application field, take the opportunity of national industry transformation to green environmental protection, realize capacity release as soon as possible, improve the profitability of polyester resin business, and enhance the leading position in the industry. (2) Plan a new base of environmental protection coatings to build a high-level manufacturing capacity. Improve the existing technology level, strengthen the technical research and development, integrate the advantages of the upstream and downstream industrial chains of the company's coating and resin, and develop special resin and coating products. Actively respond to the national environmental protection trend, improve industrial development in emerging fields, actively expand the international market, and improve profitability. (painting boundary)
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