On January 4, Xinghui Environmental Materials Co., Ltd. (abbreviated as “Star Ring”) The subscription is officially opened, the subscription code is “300834”.announcementshow,Star RingThe number of shares issued this time is 48.4281 million shares, and the issue price is 55.57 yuan per share. The reporter of “Economic Information Daily” noticed that during the reporting period (referring to 2018, 2019, 2020 and January-June 2021, the same below),Star RingProfits are growing rapidly, the company’s R&D capabilities are strong, and the product sales rate remains at a relatively high level. With further fundraising and expansion of production, the scale of production will be further expanded.
Stable revenue and rapid increase in profit
Public information shows that Xinghui Ring Materials is a high-tech enterprise specializing in the research and development, production and sales of polymer synthetic material polystyrene (PS). After more than ten years of industry accumulation and rapid development, the company currently has an annual output of 180,000 The production capacity of polystyrene series products per ton is the second largest polystyrene manufacturer in South China. Its products include high-impact polystyrene (HIPS) and general-purpose polystyrene (GPPS), both of which are High-tech products of Guangdong Province.
As a basic chemical material, polystyrene can be widely used in electronic appliances, toys, daily useplastic products, Plastic packaging, building materials,medical instrumentsAnd many other areas of the national economy. Xinghui Huancai said that with excellent product performance, stable product quality, superior after-sales service and guaranteed supply channels, the company has established a long-term cooperative relationship with downstream customers and maintained a strong market stickiness.
In terms of the sales model, Xinghui Huan Materials has established a sound and stable sales channel, implemented a daily pricing strategy, and adopted a sales policy of first payment before delivery for all customers. During the reporting period, the company had no accounts receivable. The company adopts a marketing method that combines factory direct sales and trader sales. Sales are all buy-out sales, and downstream customers independently bear operating risks and are responsible for their own profits and losses.
Financial data shows that during the reporting period, the income scale of Xinghui Ring Materials showed certain fluctuations, but the profit scale showed a rapid growth trend.Operating incomeRespectively 1.402 billion yuan, 1.215 billion yuan, 1.311 billion yuan and 888 million yuan;Net profitThey were 49,049,900 yuan, 102,078,800 yuan, 221,119,400 yuan and 167,361,800 yuan respectively.In this regard, Xinghui Ring Materials stated that under the dual effects of the tightening of environmental protection policies and the expansion of downstream demand, although the market price trend of polystyrene follows the trend of its raw material styrene, from 2019 to the second quarter of 2020, polystyrene The decline in ethylene market prices was significantly smaller than that of styrene. The increase in polystyrene market prices from the second half of 2020 to the first half of 2021 was greater than that of styrene. This is reflected in the continuous expansion of the price difference between the two, resulting in the company’s products Maointerest rateSince 2019, there has been a substantial increase, which has led to a rapid increase in the company’s profit level.
Strong R&D ability and outstanding innovation ability
Since its establishment, Xinghui Ring Materials has been committed to the production technology and product development and innovation of the polystyrene industry, focusing on research and development. The company has set up a special technology research and development center and equipped with advanced research and development test facilities, including polymerization test lines and complete The physical properties, physical and chemical testing instruments of the company are equipped with experienced R&D personnel to develop and upgrade products according to market needs, and are responsible for process optimization and improvement. In addition, Xinghui Ring Materials also conducts research and development of new products and new processes through external cooperation, and has established good research and development cooperation relationships with Guangzhou Chemical Co., Ltd., Chinese Academy of Sciences, Sun Yat-sen University, and Shantou University.
In terms of process innovation, Xinghui Ring Materials adopts advanced and environmentally-friendly one-step in-situ polymerization modification of ultrafine powder to replace the traditional two-step process, which not only improves product quality and reduces production costs, but also produces high performance and high performance. Impact polystyrene and other high value-added functional products, this technology won the second prize of Guangdong Science and Technology Award.
In terms of formula innovation, Xinghui Ring Materials has done a lot of basic research on high-impact polystyrene formula. After comparing the impact of different modified materials on product performance, production technology, industrialization, etc., it independently developed super The fine powder in-situ polymerization product formula has been recognized by the market.
In terms of product R&D and design innovation, Xinghui Ring Materials has modified traditional polystyrene products by using ultra-fine powder, new rubber and other materials. On the one hand, after the company has studied the effects and performance of different types of ultra-fine powders, it will conduct research and experiments on the changes of the compound ultra-fine powders on product performance, and obtain various ultra-fine powder formulations with different properties. Then it is used in the production of high-impact polystyrene products according to the expansion of downstream applications; on the other hand, because ultrafine powder has a significant effect on functional modification and material enhancement, it is more effective in increasing product toughness. However, the company develops new toughened rubber through independent research and development and cooperation with domestic synthetic rubber manufacturers, and uses it in combination with ultrafine powder to improve the modification effect and develop products with various functional characteristics.
Prosperity in production and marketing
During the reporting period, Xinghui Ring Materials showed a boom in production and sales, and both the capacity utilization rate and the production-sales rate maintained a high level. While the production equipment was maintained every year, the output continued to grow, and the company’s production-sales rate also remained at a relatively high level. During the period, they were 102.81%, 98.19%, 99.59% and 99.58%, respectively. Xinghui Huancai said that after years of technology development and production experience accumulation, the company has a good foundation for the development and production of new polystyrene materials. The current products are basically in short supply stage. Therefore, it is necessary to increase investment, expand production scale, and accelerate The pace of development and optimization of product structure to meet the continuous growth of downstream market demand.
In this fundraising, Xinghui Ring Materials will be used in the second phase of the new polystyrene production project with an annual output of 300,000 tons. The construction period of the project is 2 years. Xinghui Huancai said that the implementation of the second phase of the new polystyrene production project with an annual output of 300,000 tons will help the company break through the bottleneck of production capacity. While meeting the growing needs of existing customers, it will continue to expand the market and explore new technologies. High-quality customers, further enhancing the company’s market share and profitability.
Xinghui Ring Materials said that in the future, the company will continue to carry out research on styrene copolymerization process, explore the production process of styrene and other monomer copolymerization to produce modified polystyrene, and strive to realize a new process of bulk polymerization that integrates multiple polymerization methods. The breakthrough of the company provides production technology for the company to produce polystyrene with different properties.
(Source: Economic Reference Network)
.