PVTIME – On 11 April 2024, Hangzhou First Applied Material Co., Ltd. (First Applied Material, 603806.SH), a company focused on the research, development and production of new materials, solar power station, international trade and intelligent equipment, released a serious of announcement on its overseas investment, PV film project suspension and its 2023 financial results.
First Applied Material announced that it intends to invest in Singapore to establish a wholly-owned subsidiary FuXin International Trade Co., Ltd. with a total investment of US$5 million. Meanwhile, Hangzhou First, a holding company of First Applied Material, plans to establish a wholly-owned subsidiary, Thailand First Electronic Materials Co., Ltd. in Thailand with a total investment of US$5 million. The new subsidiaries are expected to expand its overseas investment and sales volume, and promote its sustainable development globally.
In addition, the operation of its PV film production project with an investment of 549 million yuan will be delayed until the end of 2025. This flexible copper-clad laminate material production project was initiated by First Applied Material with a planned annual output of 250 million square metres of adhesive film for high-efficiency solar cell encapsulation. It has been postponed due to global market conditions. First Applied Material stated that the project will continue, which will not affect the company’s daily operations and management. The decision was made in line with the company’s development strategy and does not harm the interests of the company and its shareholders.
Furthermore, according to First Applied Material, its operating income in 2023 was 22.589 billion yuan, up 19.66% year on year. Net profit attributable to parent company was 1.850 billion yuan, up 17.20% year on year, while basic earnings per share was 0.99 yuan, up 16.47% year on year. During the period under review, First Applied Material’s sales volume of adhesive film was 224,884,400 square metres, up by 70.22% year on year, and its revenue was 20.481 billion yuan, up by 21.53%. Meanwhile, its sales volume of photovoltaic backsheet reached 15,121.00 million square metres, up by 22.70% year on year, with income of 1.327 billion yuan, down by 1.08% year on year.
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