The strategic transformation of Tongyi Aerospace is completed: the polyurethane protective film business has become the largest business in two years

Tongyi Aerospace's 2022 annual report was released recently, achieving revenue of 188 million, a year-on-year increase of 80%; net profit of 28.7913 million, a year-on-year increase of 31%.

It is worth noting that the polyurethane protective film business launched by Tongyi Aerospace in 2021 has become the company's absolute largest business, with sales of 135 million last year, accounting for 71.8% of total revenue.

Although the public information does not show that Tongyi Aerospace will enter the polyurethane protective film business as a strategic transformation, but from the actual effect, the polyurethane protective film business has become the company's first pillar business, which is the last major transformation of the company's strategy, and the transformation Initially completed.

However, this transformation has brought about new problems, with rapid revenue growth and a certain degree of decline in net profit. According to data from the Kubei Research Institute, Tongyi Aerospace’s revenue has basically doubled in just two years, from 94.1941 million yuan in 2020 to 188 million yuan last year. Compared with the 36.8449 million yuan in 2020, the net profit has decreased by 33.3%.

The decline in net profit was mainly due to the rapid decline in the company's comprehensive gross profit margin. In 2020, the company's gross profit margin was as high as 77.74%, which decreased to 33.96% last year.