PVTIME – Henan Hengxing Science & Technology Co., Ltd. (hereinafter referred to “Hengxing”) announced on the evening of August 20 that the company intends to expand the production capacity of its existing 6 million KM ultra-fine diamond wire project to 16 million KM through the purchase of some new equipment and the technical upgrading existing equipment.
The total investment of this project is estimated to be 223 million yuan, and the project construction period is 12 months. After the completion of the project, Hengxing is expected to increase its annual sales revenue of 389 million yuan and generate annual profits and taxes of 176 million yuan.
The diamond wire market is closely related to the development of the photovoltaic industry, with the rapid growth of photovoltaic installations, the market demand for diamond wires too shall grow. In this regard, Henan Hengxing stated that the rapid increase in the cost advantage of photovoltaic power generation will open up a new market space for the development of the photovoltaic industry and boost demand for diamond wire as well. demand for diamond wire.
In terms of operation, according to the company’s 2021 semi-annual report disclosed on August 14, during the reporting period, Hengxing achieved operating income of approximately 1.7 billion yuan, an increase of 30.61% year-on-year; net profit attributable to shareholders of listed companies was approximately 102 million yuan, a year-on-year increase of 129.39%.
According to its official site, Hengxing mainly produces steel cords for radial tire use, hose wire, ultra-fine steel wire, diamond wire saw, galvanized steel wire and alloy coated steel wire, steel strand, and PC strand. Those products are widely used in automobile tires, rubber hoses, power cables, overhead power lines, high-speed railways, ports, and photovoltaic solar silicon wafer cutting and other industries, which are a part of new material field in the seven strategic new industries. The company currently has eight advanced steel cord production lines, 20 galvanized steel wire and steel strand production lines and six PC steel strand production lines, producing more than 40 varieties of products in six categories, with an annual special steel wire products output of 400,000 tons and to be a leading enterprise in domestic metal products segment.
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