First Applied Materials Posts Q1 2021 Financials

PVTIME – On April 20, Hangzhou First Applied Material Co., Ltd. (hereafter referred to as “First” or the “Company”) released its first-quarter performance report for 2011.

During the reporting period, the solar module encapsulation material world leader posted an operating income of 2.814 billion yuan, a year-on-year increase of 86.51%. The company generated an operating income of 2.56 billion yuan from the sales of 221.5 million square meters of solar film and 146 million yuan from the sales of 14.97 million square meters of solar backsheets.

In December of 2020, First announced its plan of expanding its EVA film production capacity by 500 million spare meters for 300 million yuan but did not provide a timeline at the time. First’s report mentioned that its “construction in progress” has increased by 186.0314 million yuan compared with the beginning of the period, and attributed it to the investment of the aforementioned project in Chuzhou, signaling that its construction is underway.

First’s main products are EVA film for PV modules and solar backsheets, having developed deep relations and cooperated with numerous renowned PV enterprises, its global market share of solar EVA film is greater than 50%.