Shuangyi Technology (300690) issued an announcement on March 26, 2024 to clarify abnormal stock price fluctuations. The company stated that there have been no major changes in current operating conditions and internal and external operating environments, and that there has been no violation of fair information disclosure regulations. At the same time, Shuangyi Technology admitted in the announcement that the company does currently provide mold products for the flying car project to some customers, but the revenue from this part of the product is relatively small.
As early as March 13, in response to investors' questions, Shuangyi Technology stated that the company's composite products have the advantages of high strength, light weight, corrosion resistance, etc., and can indeed be used to produce molds and casings for flying cars. Since then, Shuangyi Technology further revealed on the interactive platform that in terms of the flying car project, the company’s currently supplied products are the outer skin and built-in molds of the flying car. ***When calling reporters on March 22, relevant staff from Shuangyi Technology once again admitted that the company’s composite products include molds and shells for drones.
It is worth noting that as of June 2023, Shuangyi Technology’s operating income consists of: wind power supporting products accounting for 46.48%, non-metal molds accounting for 33.99%, engineering vehicle covers accounting for 14.82%, and others accounting for 2.47% %, and the yacht business accounted for 2.24%. It is not difficult to find that Shuangyi Technology’s overall revenue structure currently accounts for a large proportion of wind power supporting products and other non-metal mold products, while flying car-related supply business accounts for a small proportion.
Public information shows that Shandong Shuangyi Technology Co., Ltd. was established in 2000 and listed on the GEM on August 8, 2017. Shuangyi Technology is deeply engaged in the integrated business of R&D, design, production, sales and service of advanced composite material products. It is a modern high-tech enterprise.
In terms of operations, Shuangyi Technology’s operating performance has fluctuated in recent years. Data shows that Shuangyi Technology's total operating revenue remained at 1 billion yuan in 2021 and 2022, but the net profit attributable to the parent company was only 150 million yuan and 81.93 million yuan respectively, with year-on-year decreases of 53.3% and 45.55% respectively. The first report in 2023 shows that Shuangyi Technology's operations have improved to a certain extent. As of the third quarter, it has achieved a net profit attributable to the parent company of 69.4 million yuan, a year-on-year increase of 67.9%.
As for the reasons for the decline in performance, Shuangyi Technology believes that it is mainly affected by the decline in global wind power installed capacity and the decline in winning bid prices in the wind power industry. Relevant data show that in 2022 alone, the global newly installed wind power capacity will drop by 15% compared with last year. Among them, onshore wind power installed capacity fell by 9% year-on-year; offshore wind power installed capacity dropped by 46% year-on-year. Domestic new wind power hoisting capacity in 2022 will also decrease by approximately 10.9% year-on-year.
In terms of stock price, affected by the low-level economic boom, Shuangyi Technology has increased by 33.50% in the past three days, ranking first on the increase list yesterday.
Previously, the market may have had a strong willingness to do more, but because the stock price has temporarily reached a stage high, Double One Technology's stock price did not maintain its upward trend when it opened on March 26. As of the close of this article, the share price of Double One Technology was reported at 24.37 yuan per share, a decrease of 0.41%.