Download - Swancor Advanced Materials Co., Ltd
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618
358 20 2004
2020 7
48.69%
2020 2021
2020 2021
15.03GW
97.21%
1.88%2.78% 1.02%
14.3-18.31 /
17.55%7.52% 14.13%
2019
38,411.17 43,868.26 32.89%38.78%
40.00%
2015 2018 2,848.77
760.97 2019
497.35 70.28
23.58%
2019 12 31 2020
3 31 2020
2000719
1,280.97 58.09%2020
935.42 62.16%
2020
9.36% 4,286.60 3.97%
4,700.68 0.45% 2020
“
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”
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Strategic Strategic Capital Holding LimitedSamoa
Swancor IndMSDN. BHD.
SHANG-WEI INVESTMENT CO., LTDSeychelles
A 1
(kW)(MW)
(GW)
1GW=1,000MW=1,000,000kW
Swancor Advanced Materials
360,000,000
618
28.94 22.24 42.70
“3 ”“3.3 ”“3.3.1
”“3.3.1.3 ”
”“3.5.2.1 ”,
2019
58 1 19
39 11
2
CNAS
88.68%
5,00010
2004
021-52341668
021-52433320
010-85085000
010-85185111
010-85085000
010-85185111
021-63767768
021-63788398
021-58708888
021-58899400
48.69%
2020 2021
2020 2021
15.03GW
97.21%
5% 3.63%
1.88%2.78% 1.02%
14.3-18.31 /
7,381.55 4,245.05
3,557.23 867.12 580.32
135.86 80.68
-AOC
11.26%10.82%10.90%9.71% 26.60%
25.45%25.57%23.01%
2017 2018 2019
26.91%31.65% 46.68%
7.65%15.75% 21.21%
17.55%7.52% 14.13%
2019
40.00%
2015 2018 2,848.77
760.97 2019
497.35 70.28
37,074.90 36,895.26 5,180.31
5,991.61 1,799.10
-32.29 148.84
-118.07
-902.99
15%
846.82 1,438.58 1,459.05
6,199.35 56.88%39.96% 54.32%
SWANCOR
SWANCOR
23.58%
36,000
2000 10 25 2017 8 17
618
“20001510 ”
2000 10 25
“ 027713 ”
102
-117 “
”
2000 11 17 2000060
2000 11 10 159,988.00
15.69%2000 11 29
2001 5 30 2001037
2001529102 2001
102.00 102.00 100.00
2017 6 16
1702576 2017 4 30 674,957,323.03
674,449,846.23 360,000,000.00
314,449,846.23
2017 6 19 2017 1428
2017 4 30
793,125,433.51
201700572
7
3 36,000,000 10.00
4 3,393,570 0.94
5 383,259 0.11
6 391,939 0.11
7 314,110 0.09
360,000,000 100.00
9131000060742212X5“
”
2018 6 12 1800315
2017 12 21
360,000,000 100%
%
1 SWANCOR 175,517,794.05 71.73
2 Strategic 41,657,098.03 17.02
3 24,469,099.00 10.00
4 2,306,600.00 0.94
5 260,500.00 0.11
6 266,400.00 0.11
7 213,500.00 0.09
244,690,991.08 100.00
2017 6 19
2017 6 16
1702576 2017 4 30 674,957,323.03
674,449,846.23 360,000,000
314,449,846.23
3 36,000,000 10.00
4 3,393,570 0.94
5 383,259 0.11
6 391,939 0.11
7 314,110 0.09
360,000,000 100.00
175,517,794.05
2015 11 24 Strategic
528 217,174,892.08
175,517,794.05 SWANCOR 100%
175,517,794.05
2015 11 24
1502829 2015 8 31
175,517,794.05
2015 12 3
2015 1713
2015 8 31
181,556,282.87
2015
2015 12 29
20154605
2
12 31 554,897
19.18%
Strategic
SWANCOR
554,897 100%
2016 3 8 554,897
100%
2016 3 25
201653
2016 3 30
N3100201600306
2015
12 31
2014 4
2015 12 31
3
2014 7 6
5
12%5
100%
2016 6 8
1 76,875,000 62.80
2 38,475,000 31.40
3 7,150,000 5.80
2016 4 30
2
97,895,766
38,475,000
7,492,873.82
2016 6 8
1602827 2016 4 30
97,898,966.75
2016 6 15
2016 1481 2016 4 30
149,121,436.45
2016 6 17
20165
4
2016 3 29
2016
712
2016 9 23
9
“
2017 1 1
2017 1
11,699.20 2,507.14 2016
12 31
2016 12 26 2017 1 13
2017 2 27
2017 1472 2016 10 31
73,800 73,728
6,500 6,430
15,070,000 15,065,798
546,090 516,310
1,447,890 1,371,680
621,240 586,180
> 3
2019 12 31 “
”
2
100% 100%100%
51,046,754.76
51,046,754.76
1,2-1,3-[
]2-2-N,N-
[51%≤100%,≤48%]
1,6-2--1-[
]
[4%]2-
[≤60]
[
2019 12 31 /2019 2018 12 31 /2018
65,067.45 41,213.92
25,425.96 22,228.39
3,013.64 136.74
12,250.00
12,250.00
27 A
LED 1.6%
2019 12 31 /2019 2018 12 31 /2018
16,791.14 23,971.30
1-1-52
2019 12 31 /2019 2018 12 31 /2018
15,912.24 16,096.27
-336.20 -562.59
35,650,000
2019 12 31 /2019 2018 12 31 /2018
10,330.44 10,277.15
10,330.47 10,277.14
-7.13 -9.91
2013 10 11
32,656,957
No.41-01, Jalan Mutiara Emas 10/2, Taman Mount Austin, 81100 Johor
Bahru, Johor.
2019 12 31 /2019 2018 12 31 /2018
4,940.25 3,392.89
4,605.05 2,602.11
-406.36 -279.04
220,000,000
219,170,000
2019 12 31 /2019 2018 12 31 /2018
19,123.40 14,973.83
8,983.75 6,520.94
1-1-54
2019 12 31 /2019 2018 12 31 /2018
2,093.29 27.95
10,000,000
7,100,000
2019 12 31 /2019 2018 12 31 /2018
7,278,381 7,278,504
7,278,381 7,205,651
1,689,584 3,692,887
Strategic
2003 12 1
20,000,000
12,510,000
2019 12 31 /2019 2018 12 31 /2018
108,214,676.78 100,913,056.27
108,211,693.58 100,910,073.07
10,268,981.60 591,740.31
2016 8 31 2016 8 31
3708.TW
3,710,206 3.97%
2,862,727 3.06%
2,649,839 2.83%
2,596,149 2.78%
1,170,000 1.25%
2019 12 31 /2019 2018 12 31 /2018
9,683,933 8,697,614
5,572,269 5,284,938
853,777 59,875
0
20
40
60
80
100
120
140
160
180
200
2,000,000,000
908,336,700
2019 12 31 /2019 2018 12 31 /2018
4,314,320 4,565,100
3,562,619 3,557,146
619,260 -96,571
88.75%
3708.TW
2020 3 30 36.44%
1,000,001 12 36,596,144 39.14%
18,707 93,504,604 100.00%
2020 3 30 13.23%
0.00% - 0.00%
0.22% - 0.22%
0.02% - 0.02%
0.72% - 0.72%
22.59% 0.99% 23.58% -
59.92%51.99%58.63%60.77% 60.80%
-
2016.10.19-2019.5.30 2
2016 5 31 2016 10 18
2
Strategic
100,000
100,000
“1
2
5
2019 12 31 /2019 2018 12 31 /2018
2,712,953,100.26 1,914,688,483.61
FRIENDLY
FRIENDLY
2015 11 24
19,167,117
Rm. 2401, 24/F., 101 King’s Road, Fortress Hill, Hong Kong
2019 12 31/2019 2018 12 31 /2018
23,655,007.03 23,518,511.95
23,627,462.17 23,490,967.09
136,495.08 306,412.77
2016 2 25 2036 2 24
1 70,704 2.76
2 2,231,104 87.22
3 88,380 3.45
4 44,190 1.73
5 44,190 1.73
6 26,514 1.04
7 26,514 1.04
8 26,514 1.04
2,558,110 100.00
2019 12 31/2019 2018 12 31 /2018
2,706,844.52 2,688,410.73
2,696,044.52 2,677,610.73
18,433.79 41,847.80
2016 2 29 2036 2 28
1 133,552 5.11
2 2,021,938 77.29
3 107,038 4.09
4 88,380 3.38
5 44,190 1.69
6 44,190 1.69
7 44,190 1.69
8 44,190 1.69
9 29,460 1.13
10 29,460 1.13
11 29,460 1.13
2,616,048 100.00
2019 12 31 /2019 2018 12 31 /2018
2,764,596.20 2,746,162.99
2,753,996.20 2,735,562.99
18,433.21 41,847.23
2016 2 24 2036 2 23
1 312,276 14.89
2 543,046 25.90
3 177,742 8.48
4 177,742 8.48
5 177,742 8.48
6 177,742 8.48
7 88,380 4.22
8 88,380 4.22
9 88,380 4.22
10 88,380 4.22
11 44,190 2.11
12 39,373 1.88
13 29,320 1.40
14 26,514 1.26
15 19,687 0.94
16 17,676 0.84
2,096,570 100.00
2019 12 31/2019 2018 12 31 /2018
2,219,484.62 2,204,580.42
2,208,884.62 2,193,980.42
14,904.20 34,114.79
5,000,000
2,306,600
1 509,100 22.07
2 447,600 19.41
3 224,000 9.71
4 101,800 4.41
5 92,900 4.03
6 92,900 4.03
7 63,600 2.76
8 63,600 2.76
9 61,000 2.64
10 56,000 2.43
11 56,000 2.43
12 56,000 2.43
13 50,800 2.20
14 40,600 1.76
15 40,600 1.76
16 40,600 1.76
17 35,400 1.53
18 33,100 1.44
19 30,400 1.32
20 24,200 1.05
21 22,400 0.97
22 20,200 0.88
23 20,200 0.88
24 20,200 0.88
25 20,200 0.88
26 18,200 0.79
27 16,800 0.73
28 15,200 0.66
29 12,000 0.52
30 7,000 0.30
31 6,000 0.26
32 4,000 0.17
33 4,000 0.17
2019 12 31/2019 2018 12 31/2018
23,667,117.59 23,537,594.65
23,513,091.40 23,383,568.46
129,522.94 824,269.98
150
150
2019 12 31/2019 2018 12 31 /2018
4,947,423.10 4,947,678.13
1,497,423.10 1,497,678.13
-255.03 -849.31
1,900
1,900
295,000,000
50,000,000
36,000,000 10.00 36,000,000 8.93
3,393,570 0.94 3,393,570 0.84
383,259 0.11 383,259 0.10
391,939 0.11 391,939 0.10
314,110 0.09 314,110 0.08
- - 43,200,000 10.71
3 36,000,000 10.00%
4 3,393,570 0.94%
5 383,259 0.11%
6 391,939 0.11%
7 314,110 0.09%
3 3,393,570 0.94%
322,910,692 89.69% -
20001510
87.22%77.29%25.90%
3 383,259 0.11
4 391,939 0.11
5 314,110 0.09
1
2019.10.14-2020.07.03
2017.09.18-2020.07.03
2017.07.04-2020.07.03
2017.09.18-2020.07.03
1960 11 1987
6 1992 3 2020 4
1992 3 2019 11 2000 10 2017
7 2017 7 2018 11
1964 9
1984
2007 1984 2004 4
2004 4 2007 5
2007 5
1971 3 1994
2008 1996
6 2000 8 2000 8 2009 4
2009 2 2011 7
2011 8 2014 3
2014 6 2016 6
2016 6 2016 8 2016 9 2019
9 2019 10 2018
11
1981 12
2004 12 2001 7
2004 3 2004 5 2005 6
2017 7 2018 3
1970 5 2000
7 2000 8
2008 6 2010 6 2012 8
2012 6
2017 7
1960 6 1989 9
1994 4 2004 6 Saint-Gobain
Vetrotex (Thailand) Co19991120063Saint-Gobain RF Pty Ltd
2004 11 2006 3
2006 3 2007 6
2007 7 2008 8 Nidec-Brilliant Manufacturing Limited
2008 1 2013 6 2008 8 JN Technologies
Pte Ltd 2008 8 Newtex Asia Pacific Pte Ltd
2010 2 Jushi Singapore Pte Ltd 2017 9
1976 4
2003 7 1998 9 2000 7
2003 7 2003 12
2003 12 2005 6
2006 1 2008 8
2008 12 2011 3 2011
3 2019 4 2019 4
2017 9
1
.07.03
1965 10 2005
6 1990 9 1994 5
1994 6 1997 9
1997 10 2000 8 2000
9 2005 5 2005 5 2016 8
2016 8
2017 7
1980 6
2018 7 2002 7 2004 6
2004 7 2006 12
2007 1 2010 6 2010
7 2011 4 2011 4
2017 7
1980 5
2006 6 2006 7
2007 9 2007 9 2017
8 2017
7 2019 5
1973 2 2001
6 2001 7 2006 6
2006 8 2007 3
2007 3 2008 4
2008 4 2016 12
2017 7 2019 8 2017
7
1977 11 1999 6
2000 1 2008 9
KPMG2009 5 2012 5
2012 5 2013 12
2014 11 2015 10
2015 12 2016 5 2016 5
2017 7 2017 7
2019 8
1982 12 2005
2008 2008
7 2009 5 2009 6 2016
12 2017 1
1976 9
2006 3 2000 7
2003 9 2006 5 2006 9
2006 10 2017 7
2017 7
4
JN Technologies Pte
7
2017
200 25% -
FRIENDLY 56,000 2.43%
SWANCOR
IND.CO.,LTD.
FRIENDLY CAPITAL
FRIENDLY
0.88% 0.94% 0.008%
619.21 477.11 477.80
10,017.04 2,878.42 6,854.10
6.18% 16.58% 6.97%
182.52
5 98.45
6 12.00
7 12.00
8 12.00
9 6.00
10 6.00
11 40.23
12 119.40
13 40.98
14 46.07
15 31.55
1 2019 10 2 2019 10
Capital Co., Ltd. ()
() ()4
2020 7 5 SWANCOR
2017 12
31 2018 12 31 2019 6 30
190.25 254.08 349.82
2
“”
2019 12 31
1
8,704,128.47 9,310,642.44 9,518,185.51
3,452,200.00 3,472,818.00 3,473,489.00
1 9
2019 7 24 2020 1 10
2019 7 10 2020 1 14
2020 1 14
3
2019 7 4 2020 1 15
2019 7 4 2020 4 2
4 2
UL1316UL1746
2
55,122.82 40.88% 69,165.65 55.87% 57,579.01 56.25%
65,667.23 48.70% 41,892.20 33.84% 29,945.59 29.26%
4,570.51 3.39% 3,196.78 2.58% 2,734.30 2.67%
9,493.02 7.04% 9,543.12 7.71% 12,098.66 11.82%
134,853.58 100% 123,797.76 100% 102,357.57 100%
114,254.63 125,360.56 88.18%92.29%
92.96%
ISO 9001:2015/GB/T 19001-2016 ISO 14001:2015 OHSAS 18001
2007
-
A
2006 A SWANCOR901
SWANCOR CHEMPULSE 901
PM2.5
PM2.5
A
TG
500
SW901-352013
VOC
901-LSE SF901
SF905
90
2015-2016
2017
SWANCOR 9601
UL 1316 UL 1746 ZCL
2018
VOC
4
3.6
2018
SWANCOR 8511
2018
3
GB12348-90
(mg/L) 129 300
(mg/L) 196 400
(mg/L) 2.84 8
(mg/L) 52.2 70
(mg/L) 86 300
(mg/L) 63 400
(mg/L) 1.82 8
mg/m³ 174 /
mg/m³ 0.08 80
dB dB
PARTNERS
900-041-49”
SACHDEV, MOHAMMAD RADZI & PARTNERS
4 + 1 70000m 3 /h
5 + 1 30000m 3 /h
27
540.50 662.17 577.84
517.59 483.74 229.33
1,058.08 1,145.91 807.17
2019 8 15
2016 1 1 2019 6 30
2020 3 24 2019
7 1 2019 12 31
2019 7 2
2016 1 1
2020
3 2 2019 7 1 2019 12 31
2017 1 1
PARTNERS
“”“C26”
GB/T 4754-2017“--
”“”
”“3.3.1.3 ”
1
3
1
2019 “”“
”“
2016
ABS HIPS
1-1-118
2017 1 23
“ 5MW ”
“
2020
2016 10 18 2016—2020
2015 5 8 2025
[2012]28 “/
”“
”
2012 1 4 “”
“”
“
”“
”
≥120 MPa≥70
2019 2 14 2019
2019 5 28 2019
[2019]49 12
34
2019
2018
2020 2019 I
0.34 0.39 0.43 0.52 2020
0.29 0.34 0.38 0.47 2021
2018
2021
2022 2019
0.8 2020
0.75
2018-2020 [2018]1575 2018
2020
2018 88% 90%
12% 10%)2019
90% 92% 10%( 8%)2020
95%
5%
[2017]1942
2017 7 19 “”
([2017]31 )1
23
67
8 2019
2016 12 26
2018 1 1
2018 2
2018
2018 2018 2018 1 1
2018
2016 11 16 “”
[2016]314 2020
2.1 500
4200 6%1
2“”
3(
)4
2
Epocrygl
AOC
1963-1970
1970-1980
1995
2008
3.3%
6.62 Lucintel 2019
2024
839.9 874.7
908.6 945
980.1 1016.2
1052.8
0
200
400
600
800
1000
1200
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2018 4.407 2024
5.54
5.54 2018
564.6 586.5 588.5 593.9 630 661.9 689.3 715.9 744.6 772.2 800.7 829.5
81.8 84 85.4 87.5 92
97 101.4 105.8 110.4 114.9 119.6 124.4
67.6 69.6 70.9 72.9 77.4
81 84
86.9 90
92.9 95.9
98.9
2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4
172.6 182.2 178.9 174 192.9 203.3 212 220.1 229 237.6 246.9 256.3
102.2 104.6 105 106.2 108 109.8 113.6 117.5 121.5 125.4 129.5 133.6
364.7 375.8 382.6 396 416.1 440.7 459.5 477.8 497.5 515.9 534.9 554 74.5 77.6 78.3 77.9 82.4
86.1 89.6 93.2 97.1 101.1
105 108.9
0
200
400
600
800
1000
1200
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
3.951
22%
1%
-3%
7%
261.8
MW
10-20GW
“——
50MW 70% 94%
80%17%
51% 11%
“”
100
→→
;
1 [J]2017 2 Vol.45 No.2.
2 [J]/1003
0999( 2011) 06 0068 05.
2~5
Tg Tg
50GW2018
591GW 2017 9%2018
51.3GW 2017 4%
2012 2018 13%
2018 211.39GW
35.72%
44.83%
159 198
238 283
319 370
433 488
540 591
6.5 7.3 8.1 8.2 11.5 14.7 20.3 26.9 38.5 39.1 40.6 45 36 51.7 63.8 54.9 53.5 51.3
0
100
200
300
400
500
600
700
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2.7% 55GW
20GW
9.7%2018 3,660
5.23%
591.70 657.10
723.90 785.30
850.40 909.10
-
2,1 4,200
6%“”
2018 30%
977-S
1 1 0.5%
VOC VOC
SF905
6
2024 2,460 3.8%
8MW
8MW
Lucintel 2024
3,520 3.5%
PCB PCB
75.9%
11.9%
4 Swancor 11.9%
5 Showa Denko 10.1%
LucintelGrowth Opportunities in the Global Vinyl Ester Resin Market
2019-2024:Trends,Forecast,and Opportunity Analysis
Polynt Reichhold 22.60% 22.28% 22.29% 21.42%
INEOS Enterprises 20.37% 20.17% 20.08% 21.67%
AOC Aliancys 13.72% 13.61% 13.69% 13.36%
Swancor 9.71% 10.90% 10.82% 11.26%
5.16% 5.11% 5.23% 5.15%
71.56% 72.07% 72.11% 72.86%
2016 -2019
Swancor 23.01% 25.57% 25.45% 26.60%
12.31% 11.99% 12.30% 12.16%
INEOS Enterprises 8.87% 8.66% 8.49% 8.99%
Polynt Reichhold 6.92% 6.69% 6.85% 6.60%
6.85% 6.57% 6.50% 6.20%
57.96% 59.48% 59.59% 60.55%
2020
23.67% 23.08% 25.79% 26.72%
20.07% 20.51% 20.86% 20.12%
8.51% 7.77% 5.51% 3.53%
7.88% 7.35% 5.59% 7.75%
6.30% 7.37% 7.82% 8.24%
4.23% 4.14% 3.61% 3.61%
70.66% 70.22% 69.18% 69.97%
2016 -2019
18.02% 16.01% 20.94% 23.75%
14.45% 13.99% 10.69% 6.27%
13.40% 13.23% 10.84% 13.75%
9.79% 9.15% 8.95% 9.60%
7.19% 7.45% 7.00% 6.41%
4.20% 5.64% 5.50% 6.30%
67.05% 65.47% 63.92% 66.08%
2020
961963900907977-S905-2
160
250
≥35 35-38 ≥40 40-46 ≥35 35-40
(1.82MPa) 100±5 101±1 125±5 150±3 105±5 105±3
- - FH-1FV-0 UL-VO
SW2532SW2535
/cps
-1 175 - 174 - 200 -
100 30±2 100 30±2 100 28±2
10030999(2018) 04007406.
[J]/10030999(2018) 04007406.
25,1000g( 60 mins - 293
60
Showa Denko K.K.
HexionOlinHuntsman
1
1-Polynt Reichhold
Polynt Reichhold 2017 44
Ineos Enterprises
3AOC Aliancys
4Showa Denko K.K.
27
Compound 2002 VEVinylester Resin
2003 EM,Synthetic resin emulsion
BMC
6
(Borden Chemical, Inc.) (Bakelite AG)
RPP, RSM
7,000
2Olin
2015
Olin
12,000
2015
HP-RTM
12
14001:2015
A
17,500 /
A
2015 -2016 2018
28,250/12,100/
2016 10,000 /2016
2018 4 24,775 / 148%
15 7,000-11,000 /
0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00
2016
0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
30,000.00
Lucintel 2019 2024
3.3% 2024 402 2024
1,147
23%
52%31% 17%
,
1000
GE TPI LM LM 2017 GE
2011 10% 2018 50% 2018
2018 5,587MW 2MW
93% 33.8 25%
22 2114
671 31.7%
5
2013 54.1%
2018 75% 20.9%
2013 77.8% 2018 90% 12.2%
2018
CWEA
31.70%
19.80%
12.40%
3.80%
2.60%
Vestas 2.60%
1.80%
1.40%
1.40%
1.30%
1,000 68%
4,900 24.34%
9.31%
2018
3
2
3
VOCs
VOCs 2019 3
GB37824-2019 2019 7 1 2019 2
“
3000
Polynt-Reichhold
2019
AOC
(Borden
12
-
648,021.00 517,015.00
5,809,101.10 6,140,032.06 4,517,114.07
939,656.18 875,529.13 912,878.04
134,872.21 123,807.56 102,363.03
2,353,769.88 2,605,957.04 2,346,431.22
4,262,458.20 4,767,247.35 4,095,897.93
4,741,723.14 6,436,995.28 5,461,284.36
54,943.44 44,666.37 35,816.21
134,872.21 123,807.56 102,363.03
ASH.N2019830
ASH.N101930
5
4 Swancor 11.9%
5 Showa Denko 10.1%
Lucintel Growth Opportunities in the Global Vinyl Ester Resin Market
2019-2024:Trends,Forecast,and Opportunity Analysis
Polynt Reichhold 22.60% 22.28% 22.29% 21.42%
INEOS Enterprises 20.37% 20.17% 20.08% 21.67%
AOC Aliancys 13.72% 13.61% 13.69% 13.36%
Swancor 9.71% 10.90% 10.82% 11.26%
5.16% 5.11% 5.23% 5.15%
71.56% 72.07% 72.11% 72.86%
2016 -2019
12.31% 11.99% 12.30% 12.16%
INEOS Enterprises 8.87% 8.66% 8.49% 8.99%
Polynt Reichhold 6.92% 6.69% 6.85% 6.60%
6.85% 6.57% 6.50% 6.20%
57.96% 59.48% 59.59% 60.55%
2020
Hexion 23.67% 23.08% 25.79% 26.72%
Olin 20.07% 20.51% 20.86% 20.12%
8.51% 7.77% 5.51% 3.53%
Swancor 7.88% 7.35% 5.59% 7.75%
Huntsman 6.30% 7.37% 7.82% 8.24%
4.23% 4.14% 3.61% 3.61%
70.66% 70.22% 69.18% 69.97%
2016 -2019
Hexion 18.02% 16.01% 20.94% 23.75%
14.45% 13.99% 10.69% 6.27%
Swancor 13.40% 13.23% 10.84% 13.75%
Olin 9.79% 9.15% 8.95% 9.60%
7.19% 7.45% 7.00% 6.41%
67.05% 65.47% 63.92% 66.08%
2020
2019 12 31 30 20
10
400
58 19 39
2018 12 31 750
1-1-175
2019 12 31 2830
2019 12 31 52 10
42
2019 12 31 22 6
16
58 19 39
12
20 10
6 19
1Wind2-
AOC
112,490.37 102,363.03 123,807.56
134,872.21 2016 -2019 34,588.36
35,816.21 44,666.37 54,943.44
3
4
-
28.72 27.24
25.96 28.94 22.76
19.47 16.81 17.90
22.72 24.82 22.63
26.55 20.00 22.23
16.69 15.04 14.01
10.98 16.18 11.63
20.33 21.59 21.68
21.15 19.25 27.50
17.29 18.02 18.71
14.13 7.52 17.55
-
3.05 0.86
7.82 10.71 3.99
6.02 3.45 4.49
6.92 5.74 3.11
5.80 1.97 5.04
-0.18 4.72 8.77
-
3.35 0.03
15.46 28.07 10.38
11.63 7.47 9.27
13.55 12.96 6.56
9.5 3.1 6
-0.43 11.74 21.86
21.59 13.11 32.56
4.98 1.81 4.57
8.71 8.89 19.66
9.5 3.1 6
-
429.15 332.87
537.23 586.10 415.79
183.47 189.71
588.44 651.49 545.68
655.76 733.42 639.98
474.17 643.70 546.13
203.49 154.55 108.53
480.47 545.79 460.08
426.81 357.83 259.15
-
5.79 4.33
4.87 5.28 4.93
2.68 2.91 2.98
3.78 4.66 4.08
3.01 3.18 2.62
7.95 9.2 8.9
6.11 7.34 6.15
1.94 1.65 1.79
5.33 6.06 5.61
3.01 3.18 2.62
4.11 5.27 5.84
4.31 4.58 4.73
4.21 4.65 4.74
10.14 9.91 8.78
7.73 8.35 8.44
5.29 6.66 5.42
8.77 8.26 6.88
7.26 7.76 6.91
10.14 9.91 8.78
ASH.N2019830
ASH.N1019303Olin
1112314
6-AOC
2
106,687.68 79.11% 92,998.49 75.12% 77,143.25 75.37%
10,835.13 8.03% 11,635.62 9.40% 13,212.65 12.91%
17,330.77 12.85% 19,163.65 15.48% 12,001.66 11.72%
134,853.58 100% 123,797.76 100% 102,357.57 100%
3
99,003.48 73.42% 87,300.95 70.52% 71,171.27 69.53%
35,850.11 26.58% 36,496.81 29.48% 31,186.30 30.47%
134,853.58 100% 123,797.76 100% 102,357.57 100%
2019
17,219.81 13.74% 3,833.14 14.95% 22.26%
15,491.17 12.36% 3,282.22 12.80% 21.19%
125,360.56 100.00% 25,642.80 100.00
%
14,645.70 12.82% 2,725.51 15.35% 18.61%
18,219.93 15.95% 4,210.29 23.72% 23.11%
114,254.64 100.00% 17,752.25 100.00
%
12,596.04 13.96% 2,271.45 12.06% 18.03%
13,169.89 14.59% 2,471.83 13.13% 18.77%
90,258.90 100.00% 18,826.82 100.00
%
2
2
20.00% 13.29% 21.84%
21.75% 21.10% 18.41%
21.19% 23.11% 18.77%
20.46% 15.54% 20.86%
2017
2018 2019
2017
2018
6.58% 6.62% 22.19%
2018
2019
74,201.50 85,509.00 79,090.80
61,339.02 57,924.83 50,264.96
60,600.12 54,443.62 48,431.67
82.67% 67.74% 63.55%
98.80% 93.99% 96.35%
2017 8 2017 8
9 5 2018 2
10 2019 3 3 5
4,436.70 19,965.00 6,098.40
3,792.60 12,892.56 4,030.81
85.48% 64.58% 66.10%
1
2017 8 2017 8
9 ,2017 5
2018 2 2018 10 2019 3 2019
3
2 14,085.13 10.44%
3 9,262.14 6.87%
4 6,613.28 4.90%
5 4,420.86 3.28%
5%
62,957.00 46.68%
4
41,820.07 33.78%
4
/KG 16.37 18.31 14.30
31,781.35 23,845.46 25,709.48
/KG 7.34 9.49 8.89
11,466.67 12,719.46 12,168.40
/KG 22.98 23.15 24.37
6,811.35 4,069.16 2,995.64
/KG 13.95 23.06 19.73
2,337.08 2,681.79 2,553.85
16.37 -10.61% 18.31 28.04% 14.3 36.84%
7.34 -22.64% 9.49 6.75% 8.89 18.22%
13.95 -39.50% 23.06 16.88% 19.73 59.11%
22.98 -0.73% 23.15 -5.01% 24.37 -9.10%
A
A
2
3,
1,635,597,484.38 1,802,049,651.33 1,235,686,758.10
92,669.64 96,159.54 78,021.03
/ 17,649.77 18,740.21 15,837.87
/KG 17.65 18.74 15.84
16.37 18.31 14.3
+ 225.24 333.63 284.92
365.93 345.74 348.21
2019
2019
2019
5
3
5
3
50%
4
2019 12 31 50
2
1 2009
3
1
39
4
2011 4
6
9
2016 8
3
15
2012 1
18
10
2016 6
8
7
2017 5
24
30
2018 7
24
30
10
2020 3
31
1
1
12 20
2
12 20
3
12 20
4
12 20
5
06 27
6
06 27
7
06 27
8
08 13
9
06 27
10
06 27
11
06 27
12
08 14
13
02 13
14
02 13
15
02 13
16
01 20
17
01 20
18
12 27
19
12 27
20
11 20
21
11 20
22
12 20
23
12 20
24
03 20
25
03 20
26
03 20
27
03 06
28
03 20
29
03 20
30
03 06
31
03 06
32
11 27
33
11 27
34
04 13
35
03 06
36
02 20
13
1
12
2015 7 8
1
[2017]0088
[J00482]
2017.08.04-20
20.08.03
/
1
2017.07.22-202
0.07.22
3
2019.04.04-202
2.04
2016.12.30-201
9.12*
2019.04.29-202
2.04
202013
1
3
4
1
2
9
11
119,603.38 110,377.42 89,474.97
134,872.21 123,807.56 102,363.03
88.68% 89.15% 87.41%
1
HG/T
1
2
3
-2019 12 31
2,543.93 2,588.65 2,242.54
134,872.21 123,807.56 102,363.03
1.89% 2.09% 2.19%
1
2019 12 31 48
15.19% 4
“ ”
4 :
SW901SW907SW909
“”“
” 9
“”“
CIPP
12
2
3
4
5 2010101074837
7
8 I421269
2016 “
2
3
5
6
7
4
34
56
7
1011
12
10%
50% 70%
12
30%
13
16
1/3 10%
2
2
2/3
1 2017 7 4
17
3 2018 2 27 2018
2018
6
4 2018 5 10 2017 < 2017 >
6
2019
11
7 2019 5 10 2018 < 2018 >
7
2
20
10 2020 3 26 2019 2020
11
23
45
6
8
10
15
3 2017 11 8
6 2018 3 14
7 2018 3 19
14 2019 4 25
21 2020 4 29
1
1
23
8
9
3 2018 4 25
8 2019 4 25
15 2020 4 29
2017 7 4 2017 9
18 2017
3 4
2017 9 18 2017
2
2
5
6
9
2000064 2019 12 31
:
2020 4 8 10
[2020]20
2020 5 7
[2020]19
“” V-0801A
“
”GB2894
GB30077-2013
25,500
3
2019 3 14 0000852 2019
3 14 10 30 17 00 10
1-1-238
40 2019 2 25
0000844 2019 2 25 8 30 20 30
2019 2 25 8
“
1 3
”
2020 5 12
1 1
2018 11
2019 11
SWANCOR
1
2 Strategic 17.02%
SWANCOR 100%
2
3 5%
4
3 7.5%
4 100%
5
82% 18%
6
61.2%
30%
19 100%
20 100%
5%
9 12 12
1-7
1
2
3
4
5
2020 4
10
1
2013 7 2020 3 30
3.97%
7
- - - - 500.57 0.61%
2
- - - - 107.36 0.10%
- - - - 0.98 0.001%
/
438.45 0.40% 444.07 0.36% 434.86 0.42%
3.01 0.00% 2.93 0.003% - -
335.09 0.31% 359.98 0.29% 330.77 0.32%
4
2017 2018 2019 426.29
412.14 541.59
400 2017.02.20 2018.02.20
1%
16.89
Strategic
20172018 7.76 1.46
3
2017 1 25,071,392 2017 3
17,620,126
4
2019 10.7 2019 6 30
2018 7 3,127.45
2
97%
2017 1 1
2017 1
8%2017
2018 2019
10.64%8.60%7.14%2019
- - - - 107.36 0.10%
”2018
2017 107.36 2017 1
40.5 1,700
/
5-11 8,960
5 1,669,200 / 38.5 /
156 39 113.08
3 11,000 / 2,540 /
10,000 /
” 27.66 SAP
426.29 412.14 541.59
FRIENDLY 4
2017 2018 2019
49.38 42.14 47.43
9 4
FRIENDLY
“ ”“ 5%”“
”“5FRIENDLY ”
3
1
400 2017.02.20 2018.02.20
1%
16.89
Strategic
20172018 7.76 1.46
25,071,392
17,620,126
10.70 2019 6 30
3,127.45
2019 12 5 517.44
2019 12 20
2019 10531 2019 11 30
5 520.04
4
190.75 97.25 242.58
- 1.48 0.51
458.65 272.69 256.99
24.18 149.33 653.84
”
Strategic 5%
1/
”“”
2017 12
31 2018 12 31 2019 12 31 2017
2018 2019
2000014
1717.TW
134,872.21 123,807.56 102,363.03
108,432.11 105,584.13 82,601.71
401.03 336.32 325.85
6,445.21 6,822.36 5,437.41
5,426.14 5,414.89 5,352.44
2,543.93 2,588.65 2,242.54
393.86 -394.98 -258.41
119.49 439.91 472.74
(“-” -11.85 - -
36.67 14.13 38.56
(
- - -
3
689.52 1,839.30 677.55
63.05 32.00 46.51
82,491.44 76,420.26 77,110.61
-6,098.72 -6,184.00 -5,254.54
-4,642.13 -4,051.20 -4,016.47
-7,287.88 -8,571.96 -7,819.46
-78,082.67 -91,024.76 -56,643.98
/() 4,408.77 -14,604.50 20,466.62
10,956.81 12,645.69 4,236.21
-8,065.12 -10,973.47 -7,135.77
-1,750.93 -3,824.57 -7,210.22
-9,816.04 -14,798.04 -14,345.99
()/ 1,140.77 -2,152.34 -10,109.78
1
44,826.33 55,676.73 43,517.76
33,865.34 44,924.17 35,978.31
158.69 198.76 171.83
2,433.91 2,770.07 2,227.12
2,561.95 2,249.39 2,296.65
1,787.87 1,860.68 1,583.68
/( 25.98 -218.45 -352.64
94.25 338.77 375.32
30.95 32.00 41.46
- - 4,824.32
36.69 4.08 33.44
(). 3,561.45 3,137.75 6,098.63
3
34.70 32.00 41.46
25,673.39 28,330.02 31,739.06
-2,602.13 -2,807.16 -2,857.66
-1,583.84 -2,346.78 -1,282.46
-2,893.16 -3,152.23 -3,397.74
-23,379.03 -40,506.37 -26,234.07
5,000.00 22,000.00 47,200.00
2017 12
31 2018 12 31 2019 12 31
2017 2018 2019
2007 1 5
2
3
4 Swancor Ind M SDN
BHD
5 2016
2
3
1,023,630,324.46
1,238,075,584.57
1,348,722,081.22
2017 12 31 2018 12 31
2019 12 31
2017 12 31 2018 12
31 2019 12 31
421,396,246.97
475,903,894.18
37,284,540.52
37,221,307.00
22 ——
12 31
2017 12 31 2018 12 31
2017 12 31 2018 12 31
2019 1 1 2019 12 31
2017 12 31 2018
12 31 2019 12 31
2017 12 31 2018 12 31 2019 12 31
2017 2018 2019
23 —— 24 ——
37 ——(“”)
22 ——()
23 ——() 24 ——
”)
2017 1 1 2018 12 31
2019 1 1
A
1
6 -1 ( 1 ) 5%
1-2 20%
2-3 60%
3 100%
%
1 100%
6 1 ( 1 ) 50%
1 100%
12
1
3-5 0%-10% 18.00%-33.33%
5-8 1%-10% 11.25%-19.80%
2
3.
22 ——(20177 )
2019 1 1 22 ——
(20177 )
——
35.93 1.13 19.79
35.02 191.27 289.75
46.31 383.86 195.83
-1,210.55 46.36 -0.85
-1,093.29 622.62 504.51
195.25 -118.08 -123.79
-898.04 504.54 380.72
7,826.80 2,437.59 5,161.35
-11.47% 20.70% 7.38%
8,724.84 1,933.05 4,780.63
380.72 504.54 -898.04
7.38%20.70%-11.47%
4,780.63 1,933.05 8,724.84
2018 11 2
GR201831000001
20%
-
- 6%
-
( 1 2) 13%/16%/17%
-
- 5%
- 3%
1[2018]32
1-1-294
2018 5 1 17% 11%
16%10%
2( 2019
39 2019 4 1
16% 13% 10% 9%
2
2019 5%
7%
3%
2% 2018 7 1 1%
2
1 25% 2018 11 2
15%
2018 5 1
17% 11% 16%10%
(
2019 39 2019 4 1
16% 13% 10%
9%
2018 1 18 2018
(1) 12
(2) 12
20% 2018
20% 2017 17% 2018
20%
[2015]119
50%
[2018]99
2018 1 1 2020 12
31 75%2018
75%
10,017.04 2,878.42 6,854.10
/
/ 3.01 3.18 2.62
/ 10.14 9.91 8.78
28.94 22.24 42.70
1.89% 2.09% 2.19%
++
2010
1
=P0/(E0NP÷2Ei×Mi÷M0–Ej×Mj÷M0±Ek×Mk÷M0)
P0
Ei
Mi Mj
Ek
Si
Mj
3
=P1/S0S1Si×Mi÷M0–Sj×Mj÷M0–Sk+
123,807.56 134,872.21
”
1
134,853.58 99.99% 123,797.76 99.99% 102,357.57 99.99%
18.62 0.01% 9.80 0.01% 5.46 0.01%
134,872.21 100% 123,807.56 100% 102,363.03 100%
2018 2017
20.95%
1
2017 2018 2019
88.18%92.28% 92.95%
56.25% 55.87%2019
48.50%
IBC 2017
2018 2019 11.82%7.71% 7.04%
1
2018 34,623.13 2019 29,474.36 14.87%
2018
6.54%
2017 1.755 / 1.998 /
13.82%2018 1,817.79 5.54%
2
2017
56.75%
2019 I
0.34 0.39 0.43 0.52 2020
0.29 0.34 0.38 0.47 2021
2018
2021
2022 2019
0.8 2020 0.75
2016
2018
CWEA
“”2021
27
35
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E
2007-2020 GW
2021
2020
300GW 2.7%
55GW 20GW
GWECGLOBAL WIND REPORT 2018
“ ”“
”“”“3”“3
”
2019
65,667.23 41,892.20 29,945.59
134,872.21 123,807.56 102,363.03
48.69% 33.84% 29.25%
29,123.30 18,209.40 14,150.00
9,275.66 3,151.03 5,256.87
26,440.10 18,223.43 19,761.32
35.08% 17.29% 26.60%
2018 56.75% 2015
“” 2017 “”“”1-2
SMC/BMC 2018
2018 2017 21.12%2019
2018 0.52%
113,593.24 106,658.69 104,020.69
34,908.95 36,696.89 33,156.30
108,028.24 94,101.70 76,643.79
88,066.08 79,976.59 61,717.19
6,181.79 2,707.96 3,934.98
19,123.40 14,973.83 15,514.97
10,139.65 8,452.89 9,169.48
34,213.53 34,973.14 27,190.03
27,705.08 30,857.64 22,355.39
2,093.29 27.95 1,399.19
106,706.30 79.12% 93,008.29 75.12% 77,148.72 75.37%
10,835.13 8.03% 11,635.62 9.40% 13,212.65 12.91%
5,950.43 4.41% 6,723.26 5.43% 5,540.41 5.41%
537.50 0.40% 442.92 0.36% 229.07 0.22%
2,752.94 2.04% 2,706.98 2.19% 1,564.72 1.53%
637.06 0.47% 538.18 0.43% 569.44 0.56%
42.53 0.03% 302.58 0.24% 206.37 0.20%
134,872.21 100.00% 123,807.56 100% 102,363.03 100%
75%2017
2018201977,148.7293,008.29
TPI
0.36% 0.40% 5.5%
99,003.48 73.42% 87,300.95 70.52% 71,171.27 69.53%
35,850.11 26.58% 36,496.81 29.48% 31,186.30 30.47%
134,853.58 100% 123,797.76 100% 102,357.57 100%
69.53%70.52% 73.42%
2
23,102.08 37,189.85 32,055.24
32,020.74 31,975.80 25,523.77
690.23 889.92 242.16
”
2,836.80 2.62% 2,427.60 2.30% 1,961.70 2.37%
8,714.34 8.04% 9,080.46 8.60% 11,168.85 13.52%
108,432.11 100.00% 105,582.85 100.00% 82,600.94 100.00%
0.00 0.00% 1.27 0.00% 0.78 0.00%
108,432.11 100.00% 105,584.13 100.00% 82,601.71 100.00%
2018 105,582.85 2017 22,981.91
27.82% 2017
28.69% 5.54%
17.08% 21.94%
2017 2018
2.7% 2019
105,406.85 97.21% 100,896.19 95.56% 79,454.58 96.19%
2017 2018
2019 96.19%95.56% 97.21%
96,688.45 96.96% 91,815.50 95.14% 68,277.89 95.59%
584.30 0.59% 813.73 0.84% 581.66 0.81%
2,439.10 2.45% 3,873.15 4.02% 2,572.54 3.60%
99,717.77 100.00% 96,502.38 100.00% 71,432.09 100.00%
9
3-4
38,971.05 96.25% 52,522.66 94.92% 42,784.41 95.54%
295.57 0.73% 520.14 0.94% 380.64 0.85%
1,222.78 3.02% 2,290.81 4.14% 1,616.62 3.61%
40,489.40 100.00% 55,333.61 100.00% 44,781.67 100.00%
55,105.84 97.72% 37,102.42 95.77% 23,817.21 96.47%
242.48 0.43% 244.07 0.63% 150.60 0.61%
1,037.60 1.84% 1,394.68 3.60% 720.91 2.92%
56,391.57 100.00% 38,741.17 100.00% 24,688.72 100.00%
2,611.56 92.06% 2,190.42 90.23% 1,676.27 85.45%
46.24 1.63% 49.52 2.04% 50.42 2.57%
178.72 6.30% 187.65 7.73% 235.01 11.98%
2,836.8 100.00% 2,427.6 100.00% 1,961.7 100.00%
100%
3
2017 2018
Wind
16.37 -10.61% 18.31 28.04% 14.3 36.84%
7.34 -22.64% 9.49 6.75% 8.89 18.22%
13.95 -39.50% 23.06 16.88% 19.73 59.11%
22.98 -0.73% 23.15 -5.01% 24.37 -9.10%
2 2019
5%
3
2019
9,275.66 35.08% 3,151.03 17.29% 5,256.87 26.60%
1,733.72 6.56% 769.18 4.22% 772.60 3.91%
778.68 2.95% 462.66 2.54% 929.81 4.71%
26,421.48 99.93% 18,214.91 99.95% 19,756.63 99.98%
18.62 0.07% 8.53 0.05% 4.69 0.02%
26,440.10 100.00% 18,223.43 100.00% 19,761.32 100.00%
2017 2018 2019 19,761.32 18,223.43
26,440.10 2018 7.78%2019 45.09%
12,797.34 13,832.03 14,633.42
64.76%75.90% 55.35%
2019 2018
2018 2017 1,034.69 8.09% 2018
3,151.03 9,275.66 26.60%17.29%
35.08%
2018 59.94% 2018
8.99%
2017 2018
2018
32017 2018 2019 772.60
769.18 1,733.72 3.91%4.22% 6.56%
42017 2018 2019 929.81 462.66
778.68 4.71%2.54% 2.95%
2
26.55% 20.00% 22.23%
14.13% 7.52% 17.55%
37.93% 24.06% 28.26%
8.20% 4.85% 7.69%
19.60% 14.72% 19.31%
20.00% 26.55%
2018 2017 2.23 2018
14.13%
2018 2017 10.03 2017 2018
2018
2019 2020 6 30
37.93%
2019
4
2017 2018 2019 7.69%4.85%
8.20%
002669.SZ
ASH.N
1717.TW 19.47% 16.81% 17.90%
832862.OC 21.15% 19.25% 27.50%
603002.SH 12.38% 8.86% 14.94%
ASH.N - 28.72% 27.24%
22.64% 20.45% 22.74%
19.60% 14.72% 19.31%
1. Wind 2. ASH.N
10 1 9 30 2018 2017 10 1 2018 9 30
2019 8 30
2019
832862.OC
21.15%* 16.80% 25.88%
14.13% 7.52% 17.55%
2019 74%
22,288.70 29,403.00 40,744.56 62.23%
65.83% 74.16% 29,945.59 41,892.20
65,667.23 29.25%33.84% 48.69%
832862.OC 1.94 1.65 1.79
3.01 3.18 2.62
2017 2018 2017
2018
2017 2018 2019 12,773.98
14,430.92 14,809.15 12.48%11.66%
10.98%
2,970.71 46.09% 2,820.10 41.34% 2,303.04 42.36%
426.63 6.62% 428.55 6.28% 286.79 5.27%
1,513.43 23.48% 1,355.81 19.87% 1,344.53 24.73%
352.10 5.46% 411.45 6.03% 463.26 8.52%
260.89 4.05% 520.24 7.63% 345.55 6.36%
129.65 2.01% 426.99 6.26% 184.39 3.39%
114.16 1.77% 181.06 2.65% 110.96 2.04%
677.64 10.51% 678.16 9.94% 398.89 7.34%
6,445.21 100.00% 6,822.36 100.00% 5,437.41 100.00%
2017 2018 2019
5,437.41 6,822.36 6,445.21
5.31%5.51% 4.78%2018 2017
1,384.94 25.47%2019 2018 377.15 5.53%
2018
2018
185.54
2019 2018 259.35
2018 242.60 131.57%
REACH 11,247,000.00
249.35 2019 2018 297.34
2019
1,864.10 34.35% 1,996.84 36.88% 2,041.89 38.15%
5,414.89 5,426.14 5.23%4.37%
4.02%
3
1
1,195.39 46.99% 1,293.99 49.99% 1,052.65 46.94%
2018 2019 2,242.54 2,588.65
2,543.93 2.19%2.09% 1.89%2018
15.43%
2019/1/1
2019/1/1
PVAc
SW2519-1A/BS
2017/9/14
2017/1/1
”
358.53 135.52 164.36
-119.49 -439.91 -472.74
118.07 -148.84 32.29
36.76 58.25 17.68
393.86 -394.98 -258.41
2019 2018
1
134,872.21 123,807.56 102,363.03
13.39% 16.22% 12.52%
5.00%
+(-)902.99 +(-)1,004.39 +(-)640.89
+(-)0.67% +(-)0.81% +(-)0.63%
108,432.11 105,584.13 82,601.71
5.05% 7.74% 7.73%
5%
+(-)274.00 +(-)408.53 +(-)319.08
+(-)0.25% +(-)0.39% +(-)0.39%
7,826.80 2,437.59 5,161.35
5%
+(-)581.13 +(-)522.23 +(-)326.53
+(-)7.42% +(-)21.42% +(-)6.33%
-167.72 -167.72
-20.32 -20.32
-25.48 -25.48
0.00 0.00
-213.51 -213.51
-284.04 -284.04
-46.48 -46.48
-10.61 -10.61
-8.09 -8.09
-277.18 -277.18
-12.60 -12.60
-1.91 -1.91
-3.93 -3.93
2019
/
5.52 4.73 6.19
4.78 5.51 5.31
002669.SZ 7.01 5.58 6.49
4.86 4.60 5.68
4.02 4.37 5.23
0.65 0.36 0.08
0.29 -0.32 -0.25
ASH.N - 2.27 2.55
4.32 3.55 4.20
1.89 2.09 2.19
ASH.N - 25.92 30.06
15.34 16.02 19.19
10.98 11.66 12.48
- - -
()
()
350,179.98 -
()
()
-
2017
1,912,682.06 -
()
()
()
()
2,897,451.76 -
1/
- 739.69 -29.56
2017
760.97
2019 11.85 2018 2018
2019
“”
2
- 19.68 1.00
381.36 - -
840.88 - -
” 611.46
2015 2016 6 1
2019 10 381.36
2019 3
840.88 2020 6
14
3
2,242.67 624.94 1,609.29
-80.13 -47.85 36.04
-76.96 -264.64 47.42
104.66 128.39 -
2,190.24 440.83 1,692.75
109,671.38 81.48% 99,048.21 80.00% 99,434.98 81.84%
24,925.78 18.52% 24,765.77 20.00% 22,071.31 18.16%
134,597.16 100% 123,813.97 100% 121,506.29 100%
81.84%80.00% 81.48%
%
15,051.57 13.72% 11,155.76 11.26% 13,240.85 13.32%
1,799.10 1.64% 37,074.90 37.43% 21,433.11 21.55%
43,868.26 40.00% 38,411.17 38.78% 32,701.83 32.89%
35,096.16 32.00% - - - -
2017 2018 2019
99.18%99.27% 99.43%
1
2017 3,175.88 25.18% 2018
2019 3,895.81 34.92%
2019 4,408.77
1,799.10 2.23% 37,074.90 49.11% 21,433.11 39.59%
43,868.26 54.32% 38,411.17 50.89% 32,701.83 60.41%
35,096.16 43.46% - - - -
1
- 31,083.29 16,252.81
2017 2018 21,433.11 37,074.90
21.55% 37.43%
2018
2019
2018 12 31 5,507.16 16,312.33
2017 12 31 16,520.40 11,767.90
2017 12 31 2018 12 31 165,203,963.24
55,071,586.63
2018 12 31 2017 12 31 55,071,586.63
165,203,963.24
30,650,000 0
2019 12 31
1,817.27 100% 18.17 100% 1,799.10
1,817.27 100% 18.17 100% 1,799.10
2017 12 31 2018 12 31
,
47,590.39 42,139.62 35,690.72
3,722.13 3,728.45 2,988.90
43,868.26 38,411.17 32,701.83
134,872.21 123,807.56 102,363.03
31.95% 31.02% 32.53%
2019 47,590.39 2018
5,450.77 12.94%, 2019 8.94%
2019 56.75%
2018 38,411.17 2017
5,709.34 17.46% 2018
2017 2017
3 2,866.28 6.02 2,848.77 6.76 - -
2017 2018 2019 1
1 90.81%92.79% 92.32%
2 1-6 ( 8,630.60 18.14% 7.16
6 -1 () 460.01 0.97% 0.38
3
4 3 2,848.77 5.99% 2,848.77
5 1-6 ( 2,743.29 5.76% 3.13
29,852.89 62.73% 2,875.41
2 1-6 () 6,575.60 15.60% -
3 3 2,848.77 6.76% 2,848.77
4
6 -1 () 170.53 0.40% 8.53
5 1-6 () 1,544.45 3.67% -
23,586.07 55.97% 2,857.30
2
4
5 1-6 () 1,583.21 4.44% -
15,218.15 42.64% 2,848.77
42.64%55.97% 62.73%
3 4
2019 12 31 2018 12 31 2017 12 31
2019
- 4 458.65 0.96% - - 458.65
47,590.39 100.00% 3,722.13 7.82% 43,868.26
43,522.01 112.39
2018 2017
* - - - - -
- 4 271.21 0.64% - - 271.21
38,494.86 91.35% 83.68 2.24% 38,411.17
42,139.62 100.00% 3,728.45 100.00% 38,411.17
* - - - - -
- 4 256.48 0.72% - 256.48
32,827.71 91.98% 125.89 4.21% 32,701.83
35,690.72 100.00% 2,988.90 100.00% 32,701.83
2017 2018
2,848.77 2,848.77 100.00% -
2018 12 31 2017 12 31
1-6 ( 6 ) 36,574.83 - 0.00% 31,352.37 - 0.00%
6 -1 ( 1 ) 1,640.52 82.03 5.00% 785.92 39.30 5.00%
1 38,215.35 82.03 0.21% 32,138.29 39.30 0.12%
1 2 8.29 1.66 20.00% 432.94 86.59 20.00%
2 3 - - - - - -
4
2018 12 31 2017 12 31
1
6 -1 ( 1 ) - - - - - -
1 271.21 - 0.00% 256.48 - 0.00%
1 2 - - - - - -
2 3 - - - - - -
c.
181-270 72.29% 50.00% 5.00%
271 100.00% 50.00%-100% 5.00%-100%
180
0-6 5% 0% 1% 0%
6 -1 5% 5% 5% 5%
1-2 10% 10% 10% 20%
2-3 20% 30% 30% 60%
3-4 30% 50% 50% 100%
4-5 50% 80% 70% 100%
5 100% 100% 100% 100%
0-6 6
47,590.39 42,139.62 35,690.72
2020 5 31 9,957.54 3,650.36 3,045.88
20.92% 8.66% 8.53%
3,609.74 3,609.74 3,045.88
2018
1 86.15%
2 53.38%
3 100%
4 0%
5 100%
2019 6 6,740.95
2019 12 23 65.46% 2020 1 31
2019 6 30
2,848.77 100%
760.97 100%
“”“
”
70.28 4.23% 0.77%
3
2019 12 31 2019 1 1 2018 12 31
35,096.16 31,083.29 -
35,096.16 31,083.29 -
35,096.16
35,096.16
9,135.91
9,051.54
9,051.54
2019 12 31 9,051.54
1 376.92 0.34% 586.79 0.59 671.37 0.68
376.92 0.34% 586.79 0.59 671.37 0.68
2017 2018 2019 671.37 586.79
376.92 0.68%0.59% 0.34%
3 Idemitsu SM (malaysia) sdn bhd 30.80 8.17%
4 30.27 8.03%
5 19.15 5.08%
149.92 39.78%
2018
2 39.67 6.76%
3 36.00 6.14%
4 25.20 4.29%
5 24.90 4.24%
435.36 74.19%
2017
423.83 63.13%
3.40 1-2 1.36%
GAS MALAYSIA BERHAD 15.82 1 6.31%
93.91 - 37.48%
102.52 - 69.68%
6,283.46 54.26% 84.12 50.20% 6,199.35 54.32%
99.32 0.86% 1.55 0.93% 97.77 0.86%
1,665.39 14.38% - - 1,665.39 14.59%
3,531.62 30.50% 81.89 48.87% 3,449.73 30.23%
11,579.79 100.00% 167.56 100.00% 11,412.24 100.00%
2018
3,905.06 39.84% 41.92 31.49% 3,863.14 39.96%
175.67 1.79% 0.35 0.26% 175.33 1.81%
1,620.42 16.53% - - 1,620.42 16.76%
4,100.01 41.83% 90.87 68.25% 4,009.14 41.47%
9,801.16 100.00% 133.14 100.00% 9,668.02 100.00%
2017
6,494.13 56.41% 108.22 37.97% 6,385.90 56.88%
894.14 7.77% - - 894.14 7.96%
3,988.07 34.64% 170.47 59.81% 3,817.60 34.00%
11,511.65 100.00% 285.03 100.00% 11,226.61 100.00%
1
2017
/ 10.14 9.91 8.78
2
10
b.
d.
2018 2017 726.28 2018
TPI
2019
0.35 1.20 - 1.55
2018
2018
6.34 - 5.99 0.35
2017
2017
- - - -
TPI
6,283.46 100% 3,905.06 100% 6,494.13 100%
99.32 100% 175.67 100% 135.32 100%
1,665.39 100% 1,620.42 100% 894.14 100%
3,531.62 100% 4,100.01 100% 3,988.07 100%
7
%
- - - - 17,500.00 87.44
66.18 3.64 89.00 4.41 - -
252.75 13.91 307.96 15.25 264.00 1.32
1,816.60 100.00 2,019.52 100.00 20,014.07 100.00
2017
2017 17,994.55 89.91%
19,542.45 78.40 17,467.89 70.53 16,494.99 74.73
394.73 1.58 2,763.02 11.16 1,146.46 5.19
3,197.79 12.83 3,338.45 13.48 3,498.09 15.85
1,273.37 5.11 1,196.41 4.83 931.76 4.22
517.44 2.08 - - - -
2017
2018 2019 95.78%95.17%
92.82%
78.40% 15,824.6116,554.76
18,521.72 95.94%94.77%
94.78%
1.2018 12 31 13,464.87 14,460.56 1,373.83 624.72 29,923.97
2. 2,221.28 1,550.90 427.01 42.34 4,241.52
1 128.06 650.41 342.50 - 1,120.97
2 2,093.22 900.49 84.51 42.34 3,120.55
3. - 17.27 1.33 71.18 89.78
4. 30.32 39.23 30.98 2.26 102.79
5.2019 12 31 15,716.47 16,033.42 1,830.49 598.13 34,178.51
1.2018 12 31 3,260.93 8,109.74 655.49 429.93 12,456.09
2.
3.
1 - 5.96 1.28 62.42 69.66
4. 1.00 12.34 11.09 0.64 25.07
5.2019 12 31 4,044.07 9,184.10 976.79 431.10 14,636.06
2.
1.2019 12 31 11,672.40 6,849.32 853.69 167.03 19,542.45
2.2018 12 31 10,203.94 6,350.82 718.33 194.79 17,467.89
2019 4,254.53
2019
2,591.14
1.2017 12 31 12,813.39 12,771.84 821.01 672.97 27,079.22
2. 651.47 1,751.33 586.17 48.89 3,037.86
1 - - 133.73 15.24 148.97
2 651.47 1,751.33 452.44 33.65 2,888.89
3. - 72.36 41.28 97.56 211.20
4. - 9.75 7.93 0.42 18.10
5.2018 12 31 13,464.87 14,460.56 1,373.83 624.72 29,923.97
1.2017 12 31 2,569.38 7,191.25 423.53 400.07 10,584.22
2.
3.
4. 2.95 2.35 0.15 5.45
5.2018 12 31 3,260.93 8,109.74 655.49 429.93 12,456.09
2.
1.2018 12 31 10,203.94 6,350.82 718.33 194.79 17,467.89
2.2017 12 31 10,244.02 5,580.59 397.48 272.90 16,494.99
2018 3,037.86
642.36 1,413.61
2018
1.2017 1 1 5,401.24 9,840.15 411.66 596.38 16,249.42
2. 7,412.16 2,980.82 445.28 102.28 10,940.53
1 - 20.85 18.64 0.65 40.13
2 7,412.16 2,959.97 426.64 101.63 10,900.39
3. - 113.31 35.97 28.00 177.28
4. 64.19 0.04 2.32 66.55
5.2017 12 31 12,813.39 12,771.84 821.01 672.97 27,079.22
1.2017 1 1 2,222.11 6,633.84 328.08 364.74 9,548.77
2.
3.
4. 65.91 1.29 2.40 69.60
5.2017 12 31 2,569.38 7,191.25 423.53 400.07 10,584.22
2.
1.2017 12 31 10,244.02 5,580.59 397.48 272.90 16,494.99
2.2017 1 1 3,179.13 3,206.30 83.58 231.64 6,700.65
2017 10,940.53
3-5 0%-10% 18%-33.33%
5-8 1%-10% 11.25%-19.80%
20 2-15 5-8 3-5
% 1-10 1-10 0-10 1-10
% 4.50-4.95 6.00-49.50 11.25-19.80 18-33.33
20-30 10-20 5 5
% 10 10 10 10
% 3-4.5 4.5-9 18 18
20 5-10 5 3-5
% 10 5-10 10 5-10
% 4.50 9.00-19.00 18.00 18.00-31.67
20 10 4 3-5
% 5 5 5 5
% 4.75 9.50 23.75 19.00-31.67
3
2017
16,791.14 23,971.30 35,147.99
15,912.24 16,096.27 16,615.79
9,329.37 20,226.64 25,511.13
449.53 -731.17 1,937.26
-336.20 -562.59 1,367.78
2019 336.20 2019 3-12
840.88
8,270.28 7,381.55
4,245.05 3,557.23
867.12 580.32 135.86
2020 6 14
/ / /
2017 8 2017 8
9 ,2017
5 2018 2 2018 10
2019 3 2019 3
2017 9 2018
2017 2017 137.20%
29.80% 8.40%2018 5.08%
13.22% 2018 2017 227.38%
8.11%2019 3 2019
2018 77.78%
13,105.44 10,619.13 3.85
4,436.70 19,965.00 6,098.40
74,201.50 85,509.00 79,090.8
5.98% 23.35% 7.71%
2019 16.72%
10.88% 2019
149.04 - 149.04
2,763.02 - 2,763.02
2,519.96
2,591.14
2019 2018
2017 141.00%
12.83%
1 1,514.60
5.11%
2018
/
832862.O
ASH.N - 5.79 4.33
2.85 3.40 3.02
3.01 3.18 2.62
832862.O
ASH.N - 4.11 3.64
7.11 6.77 6.47
10.14 9.91 8.78
48,452.65 100% 44,748.41 100% 41,488.67 100%
48,452.65 100% 44,748.41 100% 41,488.67 100%
2017 2018 2019 41,488.67
44,748.41 48,452.65
100%
2
2,558.02 5.28% 2,548.59 5.70% 876.36 2.11%
4,158.67 8.58% 5,562.65 12.43% 2,103.21 5.07%
2017
87.93%
1
2017 2018 2019 876.36 2,548.59
2,558.02
2018 2,548.59 2017 1,672.23
190.82%2019 12 31
1,948.83
4,158.67 10.40% 5,562.65 14.90% 2,103.21 6.25%
35,818.50 89.60% 31,769.02 85.10% 31,548.68 93.75%
39,977.17 100.00% 37,331.67 100.00% 33,651.88 100.00%
2017 2018 2019
33,651.88 37,331.67 39,977.17 81.11%
83.43% 82.51%
-
2.58% 2.81%
1,177.73 1,563.42 6.21%2.63% 3.23%
2018 2017
1,400.78 54.33% 2018
2018 11 15%
0.87 0.03 1.80 0.08 0.91 0.03
24.18 0.92 104.03 4.81 599.17 21.35
795.08 30.27 605.76 28.01 866.54 30.88
324.72 12.36 362.08 16.74 209.77 7.47
136.97 5.21 96.84 4.48 115.13 4.10
521.59 19.86 521.59 24.11 521.59 18.59
823.39 31.35 470.90 21.77 493.36 17.58
2,626.81 100 2,163.00 100 2,806.47 100
2017 643.47 22.93% ERP
2018
114
521.59 2015 12
11,649,300 6,433,380
5,215,920
”“”
5
2019 2018 2017
12,761.89 5,183.39 8,290.22
4,408.77 -14,604.50 20,466.62
34.15%36.14% 36.00%
%
ASH.N - 58.73 60.48
39.29 41.75 37.65
36.00 36.14 34.15
ASH.N - 1.59 1.97
2.42 2.46 3.76
2.26 2.21 2.4
ASH.N - 0.98 1.31
2.14 2.06 3.29
1.99 1.95 1.64
2019
2018
2017
2017
”“”
254.08 349.82
2016 3 29 Friendly
Capital Co., Ltd.
4
2017 2018 2019 132.02
63.83 95.75
807.16 371.32 198.82
2,401.25 1,949.55 1,789.43
0.5%-4%
/ 1,949.55 1,789.43 1,364.98
/ 1,092.96 1,003.91 896.20
/ 641.26 843.79 471.75
/ 2,401.25 1,949.55 1,789.43
1,915.75 1,601.98 992.11
16,958.08 11,176.19 13,134.56
2017 4 14 2017 4 28 2017
5 25 7,000
2018 5 10 2018 6 22
3,780
2019 5 10 2019 6 6
1,728
689.52 1,839.30 677.55
63.05 32.00 46.51
82,491.44 76,420.26 77,110.61
-6,098.72 -6,184.00 -5,254.54
-4,642.13 -4,051.20 -4,016.47
-7,287.88 -8,571.96 -7,819.46
-78,082.67 -91,024.76 -56,643.98
/() 4,408.77 -14,604.50 20,466.62
76,386.55 74,548.95 81,738.88
74.62%60.21% 60.60%2018
14.41 2019
7,826.80 2,437.59 5,161.35
()/ -8,574.65 -22,105.11 10,133.66
/() 3,830.18 2,200.54 7,646.09
20,466.62 35,071.12 2018
72,217.59 2017 32,664.08
2017
81,738.88 74,548.95 76,386.55
134,872.21 123,807.56 102,363.03
60.60% 60.21% 74.62%
74.62%60.21% 60.60%
”“”“2”“3
”
-15,800.62 13,504.59 -1,423.10 2019
2018
13,504.59 2017 -15,800.62
29,305.21 2017
2018
4,241.52 3,037.86 10,940.53
-2,385.64 1,580.58 -8,154.53
10.26 7.80 1,768.43
-643.68 -601.05 -4,540.86
-128.42 54.35 74.08
- 11.99 441.06 3,201.97
”“”
- - -
2019
3,289.70 4,520.60 1,623.46
“”“”
11,699.20 2,507.14
11,699.20 2,507.14
1,489.25 1,017.89
”“”
2020 3
31 2020 1 1 2020 3 31
2020 1 1 2020 3 31
”
2020 3 31
2020
1 1 2020 3 31
2019 12 31 2020 3 31
2000719
1
2020 3 31 2019 12 31
129,422.77 134,597.16 -3.84%
42,423.82 48,452.65 -12.44%
86,998.95 86,144.51 0.99%
2
2020 1-3 2019 1-3
23,513.67 31,482.70 -25.31%
1,280.97 3,056.90 -58.10%
968.19 2,737.41 -64.63%
728.38 2,176.67 -66.54%
728.38 2,176.67 -66.54%
2020 1-3 2019 1-3
-2,740.46 300.33 -1012.49%
-4,127.81 -1,055.53 291.06%
2,029.46 -546.78 -471.17%
9.71 -4.86 -299.86%
2020 1-3 2019 1-3
-3.02 14.22 -121.23%
2020 3 31 129,422.77
3.84% 42,423.82 12.44%
86,998.95 0.99% 2020 1-3
1,280.97 -58.09% 728.38 -66.54%
-4,127.81
2,029.46
-207.04
:
1
“ ”“”“”
2
“”
4 14 2020 5 10
“” 6 9
2020 4 22 “”
50%
2020 4 30
3
8.03% 12.85%
2020
43,200,000 A 21,550
5 5,000.00 5,000.00 /
VOC
VOC
22%
1 2,700.00 90.00%
1.1 184.00 6.13%
1.2 18.00 0.60%
1.3 1,763.00 58.77%
1.4 180.00 6.00%
1.5 305.00 10.17%
1.6 250.00 8.33%
2 212.62 7.09%
3 87.38 2.91%
1 470.66 85.57%
1.1 448.25 81.50%
1.2 22.41 4.07%
2 53.15 9.66%
3 26.19 4.76%
/
1 7,144.63 89.31%
1.1 2,090.90 26.14%
1.2 4,000.00 50.00%
1.3 1,053.74 13.17%
2 622.35 7.78%
3 233.01 2.91%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
CCEP
90%
2m
30m 1#
30m 2#
25m 3# 3
3
2,500 / 5,000 / 20,000 /
3
1 4,260.37 8521%
5,000.00 100.00%
11
1 2 3 4 5 6 7 8 9 10 11
/
CCEP
90%
2m
30m 1#
30m 2#
25m 3# 3
3
4,118.35 1,029.59 3,088.76
80.48%
8%
2 NPV 19,062.56 ic=8%
4 4.34 ic=8%
2 NPV 12,867.67 ic=8%
4 5.31 ic=8%
“”
“
”
25%
2,242.54 2,588.65 2,543.93
2
25 2016 2019
2 14 2019
2020 7 1
VOC
GB37822
5
5
2019 10 19 2019
25%
10%
“”
50%
6
6
1
1 12
6
6
1
1
2
3
1
3
20%
”
“”
50%
2
1
2
1
“”
”“4”
/
/
2019 4 26
R2019001 3,000
2019 6 1 2020 5 31
0
2019 4 26
R2019001 -B
2019 10 12
1 2019 10 12 2020
10 12
2019 5 31
2 2019 5 31 2020 5 31
2019 5 31
108 133-2 1
1-1-449
2019 9 21 2020 9 20
2019 12
2019 139 4,350
2019 12 18 2020 9 2
2020 3
13,000 2020 3 16 2021
3 16
1
“”
1 28,487,688
22016 7 4
2016 06 100
10 28,487,688 184,238
2016 8
2017 2
2016 06 148
2018 9 20
2018 06 136
2019 12 31 28,487,688
2
“”
1 126,440 2
2019 4 12
2018 0117 19444 10
126,440 3,389 2019 7 22
“”
1 1,619,895.60 2
2019 2 25
2018 0117 19447 10
1,619,895.60 19,379
9,689.50 2019 6 28
2019
9 16 2019 0117
3723
“”
22018 12 18
2018 0117 19451
10 198,800 4,276
2,138 2019 4 2
2019 10 28 2019
0117 3737
2018 11 12
“”
2019 4 12
2018 0117 20140 10
1,643,054.98 20,148 2019 7
22
2019 11 25
2019 0117 4734
32019 7 25
2018 0116 50339
10 4,021,500
45,007 2019 11 7
2019 12 31
7,609,690.58 100%
7,609,690.58
_________________ _________________
_________________
1
2
1
2
1
2
3
4
5
6
7
1
1
2
3
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1
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4
1
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3
1
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10
11
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4
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1SWANCORStrategic
2
3
1
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2SWANCORStrategic
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