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After sorting out the information of 6 companies with wood-based panels as the main business, Sanwei New Materials, Pingtan Development, Yongan Forestry, Fenglin Group, Daya Dekork, and Dingfeng Co., Ltd., it was found that not only Jianuowei's poor performance, In the past three years, the entire wood-based panel industry has been sluggish, and it is difficult for most companies to achieve simultaneous growth in revenue and profit. Some companies increase revenue without increasing profits. Pingtan Development’s revenue has continued to grow for three years, but net profit attributable to the parent has fallen sharply, down 6.51%, 1017.18%, and 71.41% respectively in the past three years. The three-year revenue has continued to decline, but the net profit attributable to the parent has continued to rise sharply, increasing by 82.25%, 115.42% and 50.14% respectively in the past three years; only Dingfeng shares will achieve double profit growth in 2021, revenue and net profit attributable to the parent The year-on-year increases were 36.59% and 49.73% respectively.

At the same time, the profitability of the wood-based panel industry has weakened. The average gross profit margin of the industry in the past three years is 23.39%, 20.75%, and 18.74%, showing a continuous downward trend.

According to the "China Wood-based Panel Industry Report 2021" released by the China Forest Products Industry Association, as of 2020, the wood-based panel business has more than 16,000 enterprises, most of which are small and medium-sized enterprises. Industry insiders said that the current industry concentration is low , the market competition is relatively large, and factors such as forestry resources and transportation limit the development of the industry. On the one hand, wood-based panels mainly use secondary fuelwood, sandy shrubs and three leftovers as raw materials, but trees require a certain growth cycle, and the distribution of domestic forest resources is uneven, making it difficult for wood-based panel enterprises to cluster large-scale production capacity; On the other hand, the large size and high transportation cost of wood-based panels limit the expansion of the market.

However, although the development of the industry is limited and profitability is weakened, the market prospect of particleboard is better. The data shows that from 2015 to 2020, the consumption of particleboard in China is on the rise as a whole, with an average annual compound growth rate of 8.48%. The product with the largest increase in consumption. Moreover, compared with other products, particleboard products have more outstanding performance and higher cost performance.

In this context, many companies choose to build new particleboard projects with more development prospects. Since the beginning of this year, Fenglin Group has announced that the annual output of 500,000 cubic meters of super-strength particleboard has achieved "the first board off the assembly line". Industry Technology Co., Ltd. invested 270 million to build a new particleboard project with an annual output of 300,000 cubic meters, and Ningfeng Group invested 1 billion to build a new material project of super-strength particleboard with an annual output of 500,000 cubic meters. The industry has ushered in the "expansion wave" of particleboard, and it may face more brutal market competition in the future.