Haimen Zhida Building Material Technology Co aims to generate more than 1 billion yuan ($155 million) in annual sales by 2023, becoming an industrial leader in the prefabricated building sector in the Yangtze River Delta region, local media outlets reported.

The company generated 150 million yuan in taxable sales last year, making the list of Haimen's top 100 industrial companies. Its major economic indicators have maintained double digit growth from January and April.

The company has given top priority to its product quality since it started operating in Haimen district, Nantong three years ago. It has an annual production capacity of 100,000 cubic meters of prefabricated building material and has extended its market across the YRD region.

Its partners include real estate giants, such as Vanke, Country Garden, EverGrande Group, and Agile.

"This is an important year for the company in realizing its new development goals, as the Haimen government has brought about new opportunities by boosting the local green building industrial chain," said Mao Liang, general manager of the company.

To enhance its competitiveness, the company has set up a subsidiary specializing in mould processing and accelerated its technical reform with 200 million yuan in investment.

Mao said that he is confident in the development prospects of prefabricated buildings. He promised that the company will continue to promote innovation and improve product quality to help boost the district's construction industry.