5carddrawvideopoker| Xinan Technology plans to build a US$68 million overseas factory focusing on automobile lightweight, net profit increased by 35% in the first quarter

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Source: Changjiang Business Daily

Zhang Lu, a reporter from Changjiang Business Daily.

In order to speed up overseas expansion, Sinan Technology (301170)5carddrawvideopoker.SZ) plans to invest and build a factory in Thailand to enhance its competitiveness.

On May 6th, Sinan Science and Technology announced that the company and Wuxi Castin Materials Co., Ltd., a wholly-owned subsidiary, signed a joint venture agreement to invest in the construction of a Thai factory with a total investment of US $68 million.

Sinan Science and Technology said that this investment in the construction of a factory in Thailand is an important measure to improve the overseas layout strategy based on the needs of business development.

Changjiang Business Daily reporter noted that Sinan Technology focuses on the R & D, production and sales of aluminum alloy parts in the field of automotive lightweight, and its products are widely used in Volkswagen, Audi, Mercedes-Benz, BMW, Toyota and other global mainstream automobile brands.

In 2023, the company achieved a good result of double growth in revenue and net profit. In 2024, Sinan Science and Technology took advantage of the victory and achieved revenue of 2% in the first quarter.5carddrawvideopoker.63 billion yuan, up 8.53 percent over the same period last year, and net profit 28.1709 million yuan, up 35.28 percent over the same period last year.

It is proposed to invest 68 million US dollars to build a factory in Thailand.

Recently, Sinan Technology announced that based on the needs of business development and improving the overseas layout strategy, the company and the wholly-owned subsidiary Wuxi Castin Materials Co., Ltd. jointly signed the "Joint Venture Agreement on Sinan Technology (Thailand) Co., Ltd.".

According to the announcement, the target of the investment is Sinan Technology (Thailand) Co., Ltd., with a registered capital of 5 million baht, 99.9% of Sinan Technology and 0.1% of Wuxi Castin Materials Co., Ltd. The new company will be responsible for investing in the construction of Thai factories with a total investment of US $68 million (or foreign currency equivalent).

Sinan Technology said that the company's investment in building a factory in Thailand is an important measure based on the needs of business development and improving the overseas layout strategy, which is conducive to the company's further development of overseas markets and meet the needs of international customers. improve the supply capacity of products in the global market.

In 2023, the overseas market of Sinan Technology achieved 449 million yuan in revenue, accounting for 44.41% of the revenue, and the gross profit margin reached 26.64%, which is higher than the gross profit margin of 14.36% in the domestic market, which may also be one of the reasons why Sinan Technology wants to expand its overseas distribution.

Steady performance increases customers all over the automobile giant

Founded in February 2005, Sinan Technology is mainly engaged in the R & D, production and sales of aluminum alloy parts in the field of automotive lightweight, the core product is the turbocharger precision compressor shell, and the company is listed on the gem of Shenzhen Stock Exchange in June 2023.

In terms of performance, from 2020 to 2022, the operating income of Sinan Science and Technology was 681 million yuan, 759 million yuan and 875 million yuan respectively, and the net profit was 117 million yuan, 80 million yuan and 92 million yuan respectively.

In 2023, Sinan Technology achieved revenue of 1.011 billion yuan, an increase of 15.56 percent over the same period last year, and a net profit of 93.1592 million yuan, an increase of 1.67 percent over the same period last year. Last year, the company produced about 8.5827 million precision compressor shell components and sold 8.2121 million units, an increase of 16.05 percent over 2022. The revenue of this product reached 883 million yuan last year, and the sales scale is in the leading level in the industry.

In the first quarter of 2024, the performance of Sinan science and technology continued to grow steadily, with revenue of 263 million yuan, an increase of 8.53% over the same period last year, net profit of 28.1709 million yuan, an increase of 35.28% over the same period last year, and non-net profit of 22.8002 million yuan, an increase of 15.80%.

In recent years, Sinan Science and Technology has closely followed the market demand in the research and development of new products, spending 44.8378 million yuan on R & D in 2023, an increase of 20.35% over the same period last year. As of December 31, 2023, the company has granted 175 valid patents.

Up to now, the engines of Sinan technology products are widely used in Daimler, Audi, BMW, General Motors, Volkswagen, Ford, Toyota, Honda and other global mainstream automobile brands.

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