公司發佈對外投資公告
爲進一步豐富產品矩陣，圍繞“建築洞口解決方案”進行品類拓展，加快節能UPVC新塑窗的產業佈局，公司擬與秦皇島聖標共同出資設立森鷹窗業秦皇島有限公司（下文簡稱“目標公司”），註冊資本擬定爲6000萬元，其中公司認繳出資額爲3600萬元，出資佔比60%；秦皇島聖標認繳出資額爲2400萬元，出資佔比40%。
International market JV benefits from Shengbiao synergy in coverage expansion
Sayyas recently announced plans to establish a JV with Qinhuangdao Shengbiao called Senying Window Industry Qinhuangdao Company. Sayyas wants to build up its business in energy-saving unplasticized polyvinyl chloride (uPVC) windows to enrich its product matrix by expanding the window and door categories. Sayyas will invest RMB36m or 60% of the JV’s RMB60m registered capital, with Qinhuangdao Shengbiao forking out the remaining 40% at RMB24m.
強強聯合，有效結合生產及渠道優勢
目標公司成立後，由公司提供必要的相關生產佈局、生產線規劃、設備選型、生產工藝、新產品設計開發、質量控制等技術支持和相關資源等；由秦皇島聖標提供工業用地及地上附着物，並利用自身地緣優勢、區域內市場渠道和客戶基礎，積極利用既有和擬開發的銷售渠道資源，協助目標公司建設和不斷完善自身的節能UPVC營銷渠道等。
Combined strengths of both partners add production and channel advantages
Sayyas will provide technical support and resources such as production buildout, production line planning, equipment selection, production technology, new product design and development, and quality control, while Qinhuangdao Shengbiao will leverage its geographical strengths to contribute industrial land and site fixtures. It will also leverage its regional marketing channels and customer base, using both current and potential sales resources, to help the JV set up stronger energy-saving uPVC marketing channels.
品類結構優化，拓展UPVC應用場景
公司圍繞“建築洞口解決方案”不斷進行品類拓展並推出新產品，從單一的節能鋁包木窗，逐步延伸至鋁合金窗、節能UPVC窗等；23年公司木窗收入7.9億，收入佔比84%，未來擬構建以節能鋁包木窗爲主，以鋁合金窗、節能UPVC窗及其他節能窗爲輔，以窗、幕牆及陽光房等產品進行多品類協同的發展格局。
我們認爲本次對外投資有利於公司進一步加快節能UPVC新塑窗的產業佈局，完善產品矩陣。公司與秦皇島聖標在相關技術推廣和市場前景擁有高度共識，將依託雙方各自產業資源與差異化優勢，並利用其合作區域內具備的良好市場資源和客戶基礎，拓展節能UPVC產品在建築節能等領域的應用，共同推動UPVC窗產業進入“高標準、高質量”發展的新時代。
Enhanced product mix and expansion of uPVC application scenarios
From just energy-saving aluminum-clad wooden windows, Sayyas has steadily expanded its product coverage to include aluminum-alloy and energy-saving uPVC windows. The core wooden windows division generated RMB790m revenue in 2023, accounting for 84% of total revenue. The company aims to develop a product mix anchored by energy-saving aluminum-clad wooden windows and supplemented by aluminum-alloy and energy-saving uPVC windows, as well as other types of energy-saving windows. It will drive collaborative growth of multi-category products such as windows, curtain walls and sunrooms.
We believe the Senying Window investment will accelerate Sayyas’ industry buildout into energy-saving uPVC windows and improve its product matrix. The synergy of Sayyas and Qinhuangdao Shengbiao augurs well to expand technologies and market prospects. Their respective industry advantages and resources augment the JV’s market resources and customer base to extend the application of energy-saving uPVC solutions into new areas such as energy conservation buildings. Their collaboration is set to push the uPVC window industry to higher standards and quality.
