On April 25, Sitong New Materials announced that the company intends to change its full Chinese name from "Hebei Sitong New Metal material Co., Ltd." to "Lizhong Sitong Light Alloy Group Co., Ltd.". The securities abbreviation has been changed from "Sitong New Materials" to "Lizhong Group", and the company's securities code "300428" remains unchanged.
According to the company announcement, in recent years, Sitong New Materials has actively promoted the integration and upgrading of the assets of the actual controllers. The company has now completed the acquisition of Tianjin Lizhong Wheel Industrial Group Co., Ltd., Tianjin Xinlizhong Alloy Group Co., Ltd., and Hebei Xinlizhong Nonferrous Metals Group Co., Ltd., gradually from the main functional intermediate alloy new materials business. It has been transformed into a group company with three major businesses: new functional intermediate alloy materials, cast aluminum alloy materials and lightweight aluminum alloy wheels, and has a large-scale and complete industrial chain.
Behind the renaming of Sitong new materials is the improvement and expansion of the company's main business. With the sustained and rapid development of the company's business scale and the integration and upgrading of the industrial sector, the new company name, Lizhong Group, can better reflect the company's main business and strengthen the company's brand image.
Looking back in 2020, Sitong Xincai completed the equity acquisition of Lizhong Alloy, one of the largest recycled cast aluminum alloy manufacturers in China. Through the collaborative layout of endogenous extension development and resource integration in recent years, Sitong New Materials has achieved the three main industries going hand in hand, the business scale and profitability have been greatly improved, and the anti-risk ability has been enhanced rapidly.
It is worth noting that the three major business sectors of Sitong New Materials are all industry leaders, which will help the company to obtain more high-quality customer groups, achieve large-scale production and enhance business competitiveness.
In terms of functional intermediate alloy new materials business, Sitong New Materials is one of the largest enterprises with a full range of products in the global functional intermediate alloy new materials industry. The company's main products include aluminum-based alloy, copper-based alloy, zinc-based alloy, magnesium-based alloy and aerospace grade special master alloy and other five series of products. Among them, some of the company's products have reached the international leading level in technical indicators, achieved a higher market share, and have achieved the goal of replacing some imported high-end products.
In terms of casting aluminum alloy material business plate, Lizhong Alloy under Sitong New material is one of the largest recycled cast aluminum alloy production enterprises in China, with a leading business scale and a leading market share. The output of cast aluminum alloy in 2019 and 2020 was 714800 tons and 745400 tons respectively, of which the output of recycled aluminum alloy was 432000 tons and 461600 tons respectively. According to the relevant data publicly disclosed by the recycled Metals Branch of China Nonferrous Metals Industry Association and companies in the same industry, its recycled aluminum business is the industry leader.
In terms of aluminum alloy wheel business plate, Sitong New material is one of the largest manufacturers of aluminum alloy wheels in China, now has its own production capacity of 18 million aluminum alloy wheels, wheel mold production capacity of 1200 sets, wheel assembly capacity of 3 million sets. As the automobile manufacturing industry has the characteristics of high industry concentration and large procurement scale, it needs more powerful and stable suppliers. Sitong new materials has a strong scale, can provide quality and professional services for world-famous vehicle manufacturers, customers all over the world, and has strong international competitiveness and broad development prospects. It is reported that Sitong New Materials, which actively layout the lightweight market of new energy vehicles, has supplied goods to many leading new energy vehicle companies.
To sum up, Sitong New Materials has developed into the only company in the industry with R & D and manufacturing of melting equipment, R & D and manufacturing of cast aluminum alloy, R & D and manufacturing of functional master alloys, R & D and manufacturing of wheel moulds, wheel product design and production technology research and manufacturing. changing the name of the company to "Lizhong Group" can better strengthen its business layout after endogenous and epitaxial development. It also indicates that the company begins to enter a new stage of development.
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