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下游超超临界火电机组需求持续增长 盛德鑫泰Q3业绩增超两倍|财报解读

The demand for ultra-supercritical coal-fired power units in the downstream continues to grow. Shengtak New Materials' Q3 performance doubles interpretations.

cls.cn ·  Oct 23 22:39

Shengtak New Materials' performance in the first three quarters increased by 166.30% year-on-year, and the third-quarter performance increased by 231.61% year-on-year, with a continuous growth rate. Company officials stated that the main reason for the performance growth was the demand from downstream thermal power boiler market. Currently, the company's orders are sufficient, and the consolidation of Jiangsu Ruimei is also one of the reasons for the performance growth.

Benefiting from the market demand for supercritical boiler steel pipes driven by the renovation and construction of thermal power boiler equipment in the past two years, Shengtak New Materials (300881.SZ) has continuously improved its profitability, with a performance increase of more than double in the third quarter.

Company officials told Financial Association reporters: "The company's performance growth is mainly driven by the demand from downstream thermal power boiler market. Currently, the company's orders are sufficient, and the consolidation of Jiangsu Ruimei is also one of the reasons for the performance growth.

Tonight, Shengtak New Materials released its third-quarter financial report. The report shows that the company's revenue for the first three quarters of 2024 was approximately 1.954 billion yuan, an increase of 57.74% year-on-year; the net profit attributable to the shareholders of the listed company was about 0.193 billion yuan, a significant increase of 166.3% year-on-year. In the third quarter specifically, revenue reached 0.637 billion yuan, a year-on-year increase of 22.32%, while the net profit attributable to the parent company's shareholders was 69.6874 million yuan, a year-on-year increase of 231.61%. The company's profitability has further improved on the basis of the high growth rate in the first half of the year.

Shengtak New Materials' main business is small-caliber high-pressure seamless steel pipes, with downstream customers including thermal power boiler manufacturers and petrochemical enterprises. The T91, T92 high-alloy steel pipes and super 304 stainless steel produced by the company are important materials for ultra-supercritical power plant boilers. The products are mainly supplied to domestic ultra-supercritical boiler manufacturers such as Dongfang Electric Corporation, Shanghai Boiler Works, and Harbin Boiler Works.

In recent years, due to the upgrading and iteration of downstream power station boilers, conventional boilers are gradually being phased out. Ultra-supercritical power station boilers are gradually becoming the mainstream market. According to the '14th Five-Year Plan', China's domestic coal-fired installed capacity will increase from 1.1 billion kilowatts to 1.2-1.3 billion kilowatts. According to the latest statistics from the Green and Peace Energy Low Carbon Development Project Team, in just one year in 2023, China's newly approved coal-fired power projects have a total installed capacity of 0.106 billion kilowatts. Large-scale domestic thermal power projects have a construction period of 2-3 years, leading to a surge in demand for raw material products.

According to company officials, a single ultra-supercritical boiler requires about seven to eight thousand tons of various steel pipes, showing a significant increase in market demand.

In the context of significantly increased demand in downstream markets, Shengtak New Materials' investment projects have also been timely put into operation. In May of last year, the company's investment project - the Super Stainless Steel Project was completed and put into operation, adding a total of 31 large production equipment sets, increasing the annual production capacity of stainless steel and alloy steel seamless pipes by 0.04 million tons, with an overall planned capacity of 0.16 million tons.

However, it should be noted that according to the joint release of Greenpeace and the Shanghai International Institute of International Affairs, the analysis of the low-carbon transformation progress of China's power sector in the first half of 2024, the total approved coal-fired power capacity nationwide is approximately 10.342 million kilowatts in the first half of 2024, a significant decrease compared to the same period in 2023.

Currently, the overseas market for thermal power generators is also growing. Company officials stated that there is high demand in overseas markets, but the company has sufficient orders and is currently focusing on meeting domestic demand.

In addition, in August 2023, the company purchased a 51% stake in Jiangsu Ruimei Auto Parts Co., Ltd. for 0.28 billion yuan in cash. The company is mainly engaged in the research and development, manufacturing, and sales of precision automotive parts for new energy vehicles, such as aluminum alloy lightweight integrated water-cooled machine housings, shafts, magnetic rings, terminals, etc., and lightweight chassis components. In May 2024, the company established a wholly-owned subsidiary, Jiangxi Shengderuiheng Lightweight Manufacturing Co., Ltd., which also contributed to the company's performance growth in the third quarter from new energy automotive parts revenue.

The translation is provided by third-party software.


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