PVTIME – Ningbo Boway Alloy Material Co.,Ltd. (Boway, 601137.SH), a subsidiary of Boway Group, which is mainly engaged in the development and production of new energy equipment, new materials, precision EDM wires, precision machine parts and high-end sanitary hardware, released its performance forecast on 9 January 2023.
According to the announcement, it is expected to achieve a net profit attributable to shareholders of the listed company of 1.080 billion to 1.23 billion yuan ($150.876 million to $171.831 million) in 2023, an increase of 542,933,100 to 692,933,100 yuan ($75,847,754.07 to $96,802,754.07), a year-on-year increase of 101.09% to 129.02%, compared with the data of the same period of 2022.
Boway stated that the growth in performance was mainly due to its differentiated services, maintaining its unique competitive advantage in the US market, that it has developed a long-term and deep relationship with customers with stable and reliable services in the US. Meanwhile, its expansion programme with production capacity of 1GW of solar cells was put into operation in the second quarter of 2023, which generated sufficient products to support sales, and then the sales volume increased dramatically year on year, resulting in good operating performance.
In addition, during the period under review, its operating results declined slightly as some of its production projects were put into operation, including a special alloy strip production project with a production capacity of 50,000 tonnes, which was gradually put into operation. However, Boway expected to achieve a significant improvement in sales volume and profitability compared to the precious year, as its production and sales increased quarter by quarter in 2023.
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