JOINTAS(SZ:002909)2022-11-17 14:18Group 1: Company Overview and Market Entry - In 2019, the company entered the electronic adhesive market by acquiring Zhao Shun Technology, focusing on products for LED lighting, new energy vehicles, and photovoltaic components [2] - By 2021, the company had an annual production capacity of 51,800 tons of electronic adhesives, including 28,800 tons for photovoltaic adhesives [2] Group 2: Market Growth and Demand - In 2021, China's photovoltaic installed capacity reached 54.88 GW, marking a historical high, with a year-on-year growth of 47.0% [3] - The company anticipates that by 2025, China's new photovoltaic installed capacity could reach 110 GW under optimistic conditions, representing a CAGR of 18% [3] Group 3: Competitive Landscape - Major competitors in the photovoltaic adhesive market include companies like Huitian New Materials and Silicon Treasure Technology [3] - The market is characterized by strict supplier qualification processes, with a focus on large listed companies as clients [3] Group 4: Business Growth Strategies - The company aims for balanced development, maintaining leadership in traditional sectors while expanding into new markets such as electronic adhesives and photovoltaic adhesives [4] - In 2021, the company achieved sales revenue of 16.22 million yuan from prefabricated building sealants, a year-on-year increase of 75.05% [4] Group 5: Financial Management and Risk Control - The company has a robust accounts receivable management system, with a credit impairment loss of 13.57 million yuan in 2021, accounting for only 3.16% of accounts receivable [4] - The company has established strategic partnerships with major real estate firms, including a procurement agreement with China Overseas Property Group for 2021-2023 [5] Group 6: Product Pricing and Production Capacity - The company adjusts product prices based on raw material cost fluctuations, with a focus on maintaining supply-demand balance [5] - The company has a production capacity of 30,000 tons for other sealants, which includes products like grout and expansion adhesives [5]