The net profit of Chujiang new materials increased greatly in the first quarter compared with the same period last year, and the benefit of the copper alloy strip project gradually appeared.

Chujiang New Materials (SZ 002171) issued a first-quarter results announcement on the evening of April 23, saying that revenue in the first quarter of 2021 was about 7.338 billion yuan, an increase of 88.09 percent over the same period last year; net profit was about 120 million yuan, a year-on-year return to profit, an increase of 227.75 percent; and basic earnings per share of 0.09 yuan.

During the reporting period, basic material capacity expansion projects have been put into production and gradually reached production, conductor projects and military products projects have also been carried out in an orderly manner as expected. Among them, the "copper alloy plate and strip product upgrading, capacity replacement and intelligent transformation project" has been completed and reached production capacity, with an additional production capacity of 75000 tons per year. In the first quarter of 2021, the company's production and sales scale of copper plate and strip exceeded 68100 tons, an increase of more than 61.17% over the same period last year. The first phase of the "copper conductor material project with an annual output of 120000 tons" was put into production in June 2020, and the second phase of the project is scheduled to be completed and put into production this year. The infrastructure and main project construction of the "aircraft carbon brake preform technical transformation project" and the "carbon fiber thermal field preform industrialization project" have been steadily advanced, and are nearly 80 per cent of the progress, and are expected to be completed and put into production this year. "annual output of 50, 000 tons of high-precision copper alloy strip and foil project", "annual output of 60, 000 tons of high-precision copper alloy calender belt reconstruction and expansion project (phase 2 and 3)", "annual output of 300000 tons of green intelligent manufacturing of high-precision and high-conductivity copper-based materials project (phase I)" and "annual output of 20, 000 tons of high-precision copper alloy wire project" and other projects have completed the preliminary design work and started construction one after another.