“Science and Technology Innovation Board Daily”, August 7 (Reporter Qiu Siyu) After the market today (August 7), Shangwei New Materials disclosed its 2024 semi-annual report.

Shangwei New Materials achieved revenue of 0.697 billion yuan in the first half of the year, up 7.19% year on year; net profit was 44.5692 million yuan, up 39.26% year on year.

In terms of single-quarter performance, Shangwei New Materials achieved revenue of 0.363 billion yuan in the second quarter, up 10.36% year on year; net profit to mother was 26.12 million yuan, up 83.1% year on year. During the reporting period, the company achieved gross profit of 0.108 billion yuan, with a gross margin of 15.45%.

Regarding the performance situation, Shangwei Xincai said that in the first half of 2024, in the face of a severe macroeconomic environment and fierce industry competition, etc., the company broadened product application scenarios, etc., and expanded from the fields of energy saving and environmental protection and new energy to the fields of circular economy materials, low-altitude economy, energy storage, etc., to develop new customers and explore new markets. Although revenue was under pressure, the highlights of industrial transformation were also prominent.

Products related to the low-altitude field have been successfully applied

Shangwei New Materials's main business is R&D, production and sales of new material products such as environmentally friendly, high-performance corrosion-resistant materials, materials for wind power blades, and new composites. The company's main products include vinyl ester resins, injection resins for wind power blades, adhesives, pultrusion resins for wind power blade girders, wind power blades and marine injection HYVER resins, etc.

In the reporting period, by product, Shangwei Xincai increased its share of revenue from materials used in wind power blades. In the reporting period, this type of material accounted for 40.1% of revenue, compared to 33.31% in the same period last year; the revenue share of environmentally friendly, high-performance corrosion-resistant materials fell from 53.86% in the first half of last year to 47.2% in the first half of this year.

In terms of industrial transformation, taking the low-altitude economy as an example, Shangwei New Materials products have been successfully applied to small aircraft. Downstream customers include Suzhou Hydrogen Aviation Technology Co., Ltd.

According to reports, new general navigation led by drones and eVTOLs will become the main form of China's low-altitude economic development, and demand for new lightweight, high-strength materials has emerged.

A related article on the official public account of Shanghai Songjiang mentioned that Shangwei New Material's special epoxy resin has suitable viscosity, excellent mechanical properties, and good fiber infiltration. It has now been successfully applied to various airframe structural components such as aircraft and drone shells and wings. Furthermore, after curing, the special epoxy resin has good mechanical properties and excellent corrosion resistance, and is suitable for use in scenarios with certain corrosion resistance requirements, so it is also widely used in fuel ****ufacturing for aircraft, fuel tankers, etc.

In terms of circular economy materials, Shangwei New Materials circular economy materials are divided into recyclable thermosetting resin series, low carbon series, and physical recycling series. During the reporting period, the company signed a letter of intent to cooperate with Siemens Gamesa. The agreement agreed that from 2026, all resins supplied by the company to Siemens Gamesa will be recyclable system series products.

However, Shangwei New Materials also showed that although the company has made breakthroughs in the fields of circular economy materials and low-altitude economy, it will take some time for new materials and applications to be formed on a large scale.