Akely’s profit in the first three quarters increased by more than 50%. Break down the market size of polyetheramine

Latest News: On October 29, Wuxi Akely, a domestic polyetheramine supplier, released its financial report for the third quarter of 2022. In the third quarter, Akeli achieved an operating income of 168 million yuan, a year-on-year decrease of 24.87%, a net profit attributable to the parent of 29.64 million yuan, a year-on-year increase of 67.92%, and a non-returned net profit of 28.66 million yuan, a year-on-year increase of 68.76%; In September, Akeli achieved a cumulative operating income of 577 million yuan in the first three quarters, a year-on-year decrease of 9.73%, a net profit attributable to the parent of 104 million yuan, a year-on-year increase of 52.05%, and a non-returned net profit of 102 million yuan, a year-on-year increase of 53.19%. In the other 1-3 quarters, the cash flow generated by Akeli’s operating activities was 139 million yuan, an increase of 17.31% over the same period last year.

The main reason for the decline in operating income is that during the epidemic, road transportation was not smooth, resulting in a slight decline in product sales. The increase in net profit was mainly due to the decrease in raw material prices and the increase in net profit brought about by the increase in profit margins.

Akeli’s main operating income comes from aliphatic amines and optical materials. The application field of etheramines is expanding rapidly. In recent years, benefiting from the rapid development of polyetheramine downstream industries such as wind power, construction, adhesives, and oil and gas exploration in my country, the demand scale of my country’s polyetheramine industry has continued to grow, from 44,000 tons in 2017 to 8.26 million tons in 2021. tons.

The segmented market of polyetheramine industry mainly includes polyetheramine for wind power, used as curing agent for epoxy resin; polyetheramine for construction is used to produce floor curing agent,
Products such as water-based coatings, polyurea waterproofing materials, and beautifying agents; and polyetheramines for adhesives are widely used in many fields in the adhesive market, including adhesives for accessories, and adhesives for electronic and auto parts.

Polyetheramine for wind power

In 2020, my country’s wind power industry will see a “rush to install wind power”, and finally the new installed capacity of wind power in the country will be 71.67GW in 2020. Affected by this, the sales of polyetheramine in the wind power industry will increase significantly in 2020. In 2021, the new installed capacity of wind power in the country will be 47.57GW, which will return to normal. Therefore, the sales volume of polyetheramine for wind power in 2021 will decline year-on-year. But overall, the demand for polyetheramines for wind power in my country has increased from 14,500 tons in 2017 to 38,300 tons in 2021.

Benefiting from the rapid development of the wind power industry, the market size of polyetheramine for wind power in my country has grown from 305 million yuan in 2017 to 1.120 billion yuan in 2021, with a compound annual growth rate of 38.43%, exceeding the average growth rate of the polyetheramine industry.

Construction Polyetheramine

With the development of the construction and coating industry (especially the environmental protection coating industry), the demand for polyetheramine for construction has increased from 14,300 tons in 2017 to 29,600 tons in 2021, maintaining a compound annual growth rate of 20%. Benefiting from the huge demand for floor curing agents, water-based coatings and beauty joints in China’s huge construction industry, the market size of polyetheramines for construction has grown from 307 million yuan in 2017 to 850 million yuan in 2021.

Polyetheramine for adhesives

The demand for polyetheramine in the domestic adhesive industry is mainly driven by the increase in demand for jewelry adhesives in international markets such as India and Southeast Asia. The new crown epidemic that started at the end of 2019 has led to shrinking foreign trade, and the demand for polyetheramine for adhesives has declined. Therefore, the demand for polyetheramine for adhesives in 2021 is only 5,200 tons. Affected by the new crown epidemic, the current market size of polyetheramine for adhesives is only 153 million yuan, far smaller than the market size of polyetheramine for wind power and construction.

On the whole, the growth rate of supply and demand in the polyetheramine industry has remained balanced, and the supply and demand relationship of polyetheramine in my country has remained stable as a whole.