Sinomatech Reported 20.3 Billion Revenue in 2021, 7.58% Increase from 2020
Source：China Composites Expo
2022-03-22 15:56:59
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March 18, Beijing – Sinomatech announced a 7.58% increase of revenue on a year-on-year basis in its annual financial report to approximately 20.3 billion RMB. Net profit attributable to parent company totaled 3.37 billion RMB, 65.4% up from last year.

Glass Fiber

The prominent growth of glass fiber business was mainly credited to the robust demand from a myriad of sectors including NEVs, Construction, Electronics, Wind, etc. Price for glass fiber remained stably tough, thanks to the resuming of overseas demand. The overall capacity of glass fiber, with the initiation of a new F09 roving production line in Sep. 2021 (capacity: 90,000 tons) and a ZF06 yarn production line in Dec. 2021 (capacity: 65,000 tons), was added to 1.2 million tons per annum. In the full course of 2021, Sinomatech saw the sales of glass fiber and related fabrics topping 1.11 million tons, revenue totaling 8.97 billion RMB and net profit reaching 2.89 billion RMB.

Wind Blade

Under the guidance of carbon peaking and carbon neutrality policy, China’s onshore wind market resisted a tangible decline while the offshore wind market applauded a fast expansion in 2021, following a rarely seen industrial prosperity sweeping the country in 2020. However, owing to the increasingly fierce competition, profitability of the wind blade business was severely challenged facing a surge in material cost paralleled with a dive of sales price. In the financial year of 2021, Sinomatech reported an aggregated sales of 11.4GW blades, revenue reaching 7.05 billion RMB, net profit amounting to 510 million RMB.

Market share of the company will expect a further enhancement with two new facilities placed on agenda, as publicized in previous announcements, respectively in Yulin, Shaanxi province (investment: 380 million RMB; capacity: 300 sets/y) and Yangjiang, Guangdong province (investment: 490 million RMB; capacity: 200 sets/y).

Lithium Film

In 2021, consolidation of two subsidiaries dedicated to lithium film business was completed, creating a combined capacity of 1 billion square meters. The aggregated sales for A-class lithium film topped 680 million square meters, increased by 76% on a year-on-year basis, contributing a revenue of 1.17 billion RMB, net profit of 88 million RMB.

In light of a booming NEV market and energy storage battery market, lithium film enjoys a favorable prospect as predicted by the company, with an array of new lithium film projects underway. Second phase of Tengzhou project would enter into operation in the first half of 2022; Nanjing production base, second and third phase of Inner Mongolia project and third phase of Tengzhou project are on the planning. By the end of Fourteenth Five Year period, Sinomatech would establish a list of 1-billion-sqm-level lithium film production bases, striving for 10-billion-RMB-level revenue.

Pressure Vessels

In 2021, the sales of high-pressure composite vessel amounted to 124,200 pieces, increased by 23.86% from last year; sales of industrial-targeted vessels reached 342,500 pieces, increased by 17.49% from past year; revenue of high-pressure vessel topping 578 million RMB, increase by 27.27% from last year. Being the major subsidiary dedicated to pressure vessel business, Sinomatech (Suzhou) reported a net profit of 53 million RMB. R&D efforts will be stepped up to systematically grasp the technology for the production, accreditation and application of 70 MPa III Type hydrogen cylinders, as well as the industrial production technology of 70 MPa IV Type hydrogen cylinders.