On the evening of April 27, 2022, Zhongzi Technology (688737. SH) released its 2021 performance report, in 2021, the company's operating income reached 962 million yuan, the net profit attributable to the shareholders of the listed company was 10.4092 million yuan, and the R&D investment reached 95.2253 million yuan, an increase of 23.29% year-on-year; in 2021, the proportion of R&D investment expenses to revenue reached 9.90%, an increase of 6.90% year-on-year.
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Revenue structure continues to optimize and adjust Multi-angle development performance growth points
In 2021, due to the repeated impact of the new crown epidemic and many other factors, the consumer confidence in the mainland market is insufficient, the domestic economy is saddled with greater downward pressure, and the sales volume of natural gas heavy trucks has fallen sharply, which has a greater impact on the company's revenue.
In the face of the dilemma of a sharp decline in domestic natural gas heavy-duty truck sales, Zhongzi Technology actively stabilizes the natural gas heavy-duty truck business at the same time, in the fields of diesel vehicles and gasoline vehicles, by continuously exerting its own subjective initiative and fully releasing the company's scientific and technological research and development strength, so that the company's products continue to take technological innovation as the iterative driving force, so as to expand the breadth and depth of customers in various product markets, the product performance in the fields of diesel vehicles and gasoline vehicles has been greatly improved, and the company's own revenue structure and business structure have been optimized in an all-round way.
According to the data disclosed in its annual report, in 2021, the sales revenue of diesel vehicle products in China From Technology reached 219 million yuan, an increase of 44.60% year-on-year; the sales revenue of gasoline vehicle products reached 152 million yuan, an increase of 15.98% year-on-year; and the sales revenue of motorcycle products was 104 million yuan, an increase of 26.71% year-on-year.
It is worth noting that In 2021, Zhongzi Technology will continue to adjust and optimize its own revenue structure, combined with the advanced and reliable nature of its product technology, Zhongzi Technology will make another effort in the field of catalysts for motor vehicles and passenger vehicles. According to the information disclosed by Zhongzi Technology in the first quarterly report, its holding subsidiary Chengdu Zhongzi Guangming Catalytic Technology Co., Ltd. recently received a notice from Chongqing Changan Automobile Co., Ltd. through a special system, and Zhongzi Guangming successfully obtained the designated notice letter of catalyst products for some models of Chongqing Changan through bidding, including C385-EVE, P201MCA1 gasoline project, MDS201-ICA1, F202MCA model 1.5T China VIRDE and other key projects. Among them are the C385 hybrid system models.
Since 2021 and the first quarter of 2022, domestic automobile sales have increased year-on-year, and the sales of self-owned brand models of Changan Automobile, the parent company of Chongqing Changan, are also in a strong cycle of product sales. In the first quarter of 2022, Changan Automobile's own brand sales reached 400,000 vehicles, up 40% from the previous quarter. In this case, as the exclusive designated supplier of catalyst products for a number of key model projects in Chongqing Chang'an, Zhongzi Technology is expected to have a high product supply, and the company's performance will be greatly boosted.
At the same time, Changan Automobile proposed in its 2021 annual report that it plans to achieve sales of 3 million self-owned brands by 2025, including 1.05 million new energy sales, accounting for 35%. With Changan Automobile gradually shifting the focus of development to its own brand and continuously accelerating its transformation process in the field of new energy, coupled with the continuous growth of its own brand and new energy model sales, and the continuous expansion of production-sales ratio, Changan Automobile's C385 model is expected to quickly seize the market share of the domestic automobile and new energy vehicle industry after its official listing in the middle of this year, and the catalyst products exclusively supplied by Zhongzi Technology will also continue to expand with the sales of Changan Automobile's own brands and new energy models. Thus simultaneously and steadily increasing its market share of domestic passenger car catalysts, the future in the industry market in the sustainable development of the space is huge, performance upside has been greatly increased.
The successful bidding of the subsidiary on some models of Chongqing Chang'an means that the catalyst products and related technologies that Zhongzi Technology itself continues to develop and iteratively update can be fully recognized and adopted by domestic downstream vehicle manufacturers in the mainland, and its technical research and development strength for catalyst products in the field of new energy has been fully confirmed. At the same time, C385, as a new model of a new energy compact family car independently developed by Changan Automobile, the parent company of Chongqing Changan, is equipped with three power forms: pure electricity, extended range and hydrogen energy. Then, after Zhongzi Technology subsidiary obtains the exclusive fixed-point notification letter for Chongqing Changan's catalyst products in the C385 extended range model, with the continuous growth of sales of the corresponding models, Changan Automobile's recognition of the technical attributes of Zhongzi Technology catalyst products will continue to increase, which will inevitably make the supply and demand demands of Zhongzi Technology and Changan Automobile continue to be deeply bound and expand, and the follow-up will be the exclusive provision of catalyst products for other models of C385 models (such as hydrogen energy) and other more series of Changan models. Therefore, the successful bidding of the catalyst products of some models of Chang'an in Chongqing by the subsidiary of Zhongzi Technology has played a resounding word of mouth and technical image for its subsequent development of the domestic independent brand passenger car catalyst market in the mainland, and has also played a positive role in the subsequent expansion of the market share of catalyst products in the field of new energy vehicles.
Continue to increase investment in research and development to scientific research and innovation as the internal driving force for the company's development
Throughout 2021, while promoting the company's overall development for good and good, Zhongzi Technology always adheres to the development tone of technological innovation, focuses on the accumulation of core technical capabilities and new product development, continuously increases R&D expenses and investment in R&D resources to enhance its own scientific research strength, and promotes the mass production of related new technologies and new products.
In 2021, The R&D investment of Zhongzi Science and Technology reached 95.2253 million yuan, an increase of 23.29% year-on-year. It is understood that in terms of talent team, in 2021, the number of scientific and technological research and development personnel has expanded to 167, accounting for 30.93% of the total number of employees; its research and development talent team has been continuously consolidated, the scale has continued to expand, and the research and development strength has been significantly enhanced. In terms of intellectual property rights, in the whole year of 2021, around the direction of rare earth materials, precious metal materials and other catalytic materials, the company has applied for a total of 22 new domestic patents and international PCT invention patents, including 19 domestic invention patents, 2 utility model patents, and 1 international PCT invention patent; 20 patents have been authorized, of which 15 domestic invention patents have been authorized, 4 utility model patents have been authorized, and 1 European invention patent has been authorized; as of the end of the reporting period, The company has applied for a total of 152 domestic patents and international PCT invention patents, including 105 domestic invention patents, 26 utility model patents and 21 international PCT invention patents, and has obtained 62 domestic invention patents, 25 utility model patents, 2 American invention patents and 1 European invention patent.
Not only that, on March 1, 2022, the Tianjin Municipal People's Government issued the "Decision on promulgating the 2021 Tianjin Science and Technology Award", and the project of "R&D and Industrialization Application of Key Technologies for Diesel Vehicle Emission Aftertreatment to Meet the National VI Standards" participated in by Zhongzi Technology won the first prize of Tianjin Science and Technology Progress Award, which fully demonstrated the strong innovation and research and development strength of Zhongzi Technology and its outstanding technology application ability.
New emission regulations promote the continued development of the industry market The incremental space for traditional businesses is huge
Looking at the downstream terminals of the overall industrial chain of the exhaust gas treatment catalyst, with the continuous economic growth of the mainland, the vigorous improvement of infrastructure and the continuous release of domestic demand in the post-epidemic period, in recent years, the production and sales of automobiles in the mainland have remained stable at more than 25 million units, maintaining the first place in global automobile production and sales for 13 consecutive years. Among them, the output of mainland buses in 2021 was 508,000 units, an increase of 12.2% year-on-year; the market share of mainland self-owned brand passenger cars reached 44.4%, up 6 percentage points over the same period last year; and the mainland motorcycle, non-road mobile machinery and other markets also developed steadily.
At the same time, with the mainland motor vehicles fully entering the national six exhaust emission standard stage, the exhaust gas treatment scheme of related vehicles has become more complex and the demand for technical indicators has been higher. According to The report of Tianfeng Securities "The market space for exhaust gas aftertreatment is greatly expanded, and domestic substitution is expected to accelerate", after the full implementation of the National VI emission standards, the average unit price of the vehicle exhaust treatment catalyst in mainland China is expected to increase by 105.72%, and the market space of the exhaust gas treatment catalyst will reach 93.780 billion yuan, a substantial increase of 156% over the market size under the original China V emission standards, and the industry market size will increase significantly.
In addition, coupled with the fact that the above calculations do not include heavy-duty natural gas vehicles, motorcycles and non-road mobile machinery, ships and other mobile pollution source markets, even in the case of conservative estimates, the foreseeable market space of the exhaust gas treatment industry in which Zhongzi Technology is located will still be more than 100 billion yuan, and the application space and market scale of its various types of exhaust gas treatment catalyst products in the downstream will also be broader, and the incremental space for performance development provided by Zhongzi Technology will also rise.
Achievements in the field of hydrogen energy are about to be transformed into advantages and actively layout solid-state battery tracks in the field of lithium batteries
Under the guidance of the double carbon strategy, in recent years, the state has introduced a series of policies to encourage the development of hydrogen energy, promoting the rapid development of the hydrogen energy industry, and Zhongzi Technology has quickly laid out and cut into the hydrogen energy product track with years of technical experience.
In 2021, the company gave full play to its rich technical research and development and experience advantages in the field of environmental protection catalysts for exhaust gas treatment, and successfully developed a hydrogen fuel cell electrocatalyst based on the technical accumulation of precious metal catalytic materials, and the platinum carbon catalyst for hydrogen fuel cells has achieved 100 grams of preparation process technology development, and will form a kilogram batch production capacity in 2022; at the same time, the "13th Five-Year Plan" national key research and development plan "high performance / Synthesis technology and batch preparation of fuel cell catalysts for anti-poisoning vehicles" Alloy catalysts will also form a 100-gram pilot production capacity in 2022 and a kilogram-level mass production capacity in 2023. In addition, Zhongzi Technology will also complete the construction of a solid-state oxide fuel cell (SOFC) single-cell pilot production line in 2023.
For Zhongzi Science and Technology, technological innovation is a gene engraved in the bones, and it is also an inexhaustible driving force to continuously promote its development towards good and positive pioneering. It is precisely because of the enterprising spirit of Zhongzi Technology in technological innovation that the company has expanded its business in the field of new energy again, and its business layout has been expanding.
On the evening of April 27, Zhongzi Technology disclosed the announcement on the establishment of subsidiaries and new business for overseas investment. In the content of the announcement, Zhongzi Technology said that it intends to use 30 million yuan of its own funds to set up a wholly-owned subsidiary "Zhongzi Technology Huzhou New Energy Industry Research Institute Co., Ltd." The subsidiary will also rely on Huzhou's advantages in the new energy vehicle and power battery industry agglomeration, make full use of the experience of Zhongzi Technology in the field of new materials and new energy technology and the engineering industrialization of scientific research achievements, and carry out the research and development of solid-state batteries and their core materials and industrialization technology development through cooperation with the R&D teams of domestic universities.
Solid-state batteries For new energy vehicles with traditional lithium batteries as the core energy source, solid-state batteries have irreplaceable advantages and performance improvements in terms of energy density and safety. Compared with traditional electrolyte lithium batteries, solid-state batteries have the characteristics of non-flammable, high temperature resistance, no corrosion and no volatilization, and their outstanding advantages are strong safety and high energy density. At present, when the solid-state battery technology is still in the research and development stage, Zhongzi Technology once again keenly grasps the development trend of the industry market and actively releases the relevant fields of the bureau first, then with the continuous research and development and innovation of solid-state battery technology in the follow-up, it will also become one of the leading enterprises in the mainland to master the core technology of solid-state batteries.
In the foreseeable future, new energy vehicles with hydrogen fuel cells as the core energy source and lithium batteries as the core power will continue to improve the technical content of related products with the strong support of the mainland government and continuously promote the gradual expansion of their market share. However, traditional internal combustion engine vehicles cannot be completely replaced in the short term. Therefore, traditional internal combustion engine vehicles and new energy vehicles will show synchronous development in mainland China, and the prospect of market increment will gradually expand, and they will also play their respective advantages side by side. As a leading national environmental protection catalyst enterprise, Zhongzi Technology will further accelerate its own comprehensive domestic substitution process in the field of traditional exhaust gas treatment catalysts, while persistently developing and innovating its own hydrogen energy products and related technologies, while carrying out technological pioneering and product development and mass production of solid-state battery technology, and continuously promoting the updating and iteration of related products and technical levels; so as to truly realize the sustainable incremental development of traditional business, hydrogen energy and solid-state battery business from scratch, from existence to excellence, A good pattern of common development of multi-plate tracks from excellent to fine!
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