On April 27, Sifang New Material released its performance report for 2022. The
report shows that in 2022, the operating income of Sifang New Material was 1.653 billion yuan, an increase of 22.46% over the previous year; the net profit attributable to shareholders of listed companies was -97.494 million yuan, a decrease of 172.83% over the previous year. The
report explains that the main reasons include: first, affected by the continuing downturn in the real estate industry and the sharp decline in the new construction area of real estate in Chongqing, the fierce competition in the commercial concrete market and the continued low price have led to a year-on-year decline in the gross profit rate of the company's commercial concrete. The operating results of the subsidiaries acquired by the Company did not meet the expectation, resulting in a large amount of provision for impairment of goodwill made by the Company and a significant increase in asset impairment losses during the year. Thirdly, due to the lack of liquidity of funds of downstream enterprises in the industrial chain and other factors, the risk of recovery of accounts receivable of the Company increased, and it is expected that the credit impairment losses will increase year-on-year.
In 2022, the main sales market of the company's commercial concrete was Chongqing, with a production of 4.2641 million cubic meters, an increase of 30.75% over the same period last year. Affected by the overall downturn of the real estate industry, the new construction area of real estate in Chongqing in 2022 decreased by 54.4% compared with the same period last year. Affected by factors such as high temperature, power limitation and shutdown, the production and sales of commercial concrete in Chongqing in 2022 were only 57.3367 million cubic meters, down 29.59% compared with the same period last year. In 2022, the company expanded its production and operation scale through mergers and acquisitions, and its market share increased to 7.44%, but the decline in market demand made the company's overall sales less than expected. The decline in demand for commercial concrete has led to intensified competition in the industry, which has led to a significant decline in the price of commercial concrete compared with last year. According to the data of Chongqing Construction Cost Information Network, the average unit price of commercial concrete (C30 specification) including tax in 2022 is 389.58 yuan/cubic meter, which is 42.09 yuan/cubic meter lower than that of the previous year. At the same time, the rising price of diesel oil has increased transportation costs, further reduced profit margins, and adversely affected the company's gross profit margin and net profit in 2022.
As at the end of the reporting period, the Company had 4 commercial concrete production bases with a total designed production capacity of about 15.5 million cubic meters per year, and 2 mortar production lines with an annual designed production capacity of 1.2 million cubic meters per year.
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