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05
Annual Report 2011
The main drivers for our growth are attributed to the two
business segments: Heat Exchangers and Pressure Vessels
as well as Pipe Supports. The performance of the Heat
Exchangers and Pressure Vessels segment was excellent,
with revenue increased by 45.7% yoy reaching RMB862.7
million; revenue from the Pipe Supports segment increased
by 50.8% yoy to hit RMB85.2 million. Our growth was also
attributed to our effective management, an increase in EPC
(Engineering, Procurement and Construction) capacity
and the reputation of our corporate brand. In FY2011,
we made effcient use of our overall resources to secure
larger contracts in order to sustain our growth rate in the
competitive market.
Within our Heat Exchangers and Pressure Vessels segment,
in FY2011, we secured a contract with CTCI Corporation,
one of the largest EPC companies in Taiwan to supply core
equipment to Arabian Industrial Fiber Company which is a
subsidiary of Saudi Basic Industry Corporation. We also
penetrated the Middle East markets, again cooperating
with Alcoa Inc. (US aluminum giant) by supplying 72 heat
exchangers to Ma’dden Bauxite and Alumina Company, a
joint venture of Saudi Arabian Mining Company, Ma’aden
and Alcoa Inc. At the end of 2011, the Group completed a
contract to supply energy effcient core equipment for the
Heng Li Petrochemical‘s Purifed Terephthalic Acid (PTA)
project, which included a pressure vessel with a diameter
of 8.8m. This pressure vessel is the largest in diameter that
the Group has ever built to date.
In 2011, we achieved signifcant breakthroughs in our
research and development efforts. For instance, the Group
has set the national standards for heat pipes and also
participated in drafting the national standards for core
and coreless heat pipes where it was eventually approved
and promulgated. So far, the Company has achieved a
total of 76 patents. Such outstanding achievements have
strengthened the Company’s technological leadership and
enhanced the Company’s core competitiveness.
Currently, the Chinese government is implementing the
12th Five-Year energy-saving and environmental protection
development plan where the investment in this industry
is expected to reach RMB3.1 trillion from 2011 to 2015.