2024Q3 公司二氧化硅产销量创历史新高。公司Q3 毛利率为33.9%（同比+1.5 pct，环比-0.5 pct）。公司发布Q3 经营数据，据计算，公司单季度二氧化硅产品产量达到9.3 万吨（同比+15.1%，环比+2.1%）；销量达到9.1 万吨（同比+13.4%，环比+2.2%）；销售金额达到5.6 亿元（同比+19.3%，环比+3.1%）；单吨售价为6078.9 元（同比+5.2%，环比+0.9%）。从原材料价格来看，Q3 公司纯碱采购价格环比下降7.2%，同比下降13.4%；石英砂采购价格环比下降0.6%，同比下降0.8%；硫磺采购价格环比上升13.2%，同比上升43.0%。从以上数据，结合基本面情况，可以看出：1）下游轮胎行业市场需求旺盛，特别是伴随国内轮胎企业产能持续扩张，公司单季度产销量不断创造历史新高；2）公司泰国基地产能利用率快速提高，经济效益增长明显，海外生产基地的优势凸显。随着公司产能不断释放，下游需求向好，收入及业绩继续提升。Incident description
The company released its three-quarter report for 2024. In the first three quarters, it achieved revenue of 1.63 billion yuan (YoY +23.6%), realized attributable net profit of 0.38 billion yuan (+24.3% YoY), and realized 0.37 billion yuan of attributed deducted non-net profit (+28.7% YoY). Among them, Q3 achieved revenue of 0.56 billion yuan in a single quarter (+19.1% YoY, +2.7% YoY), achieved attributable net profit of 0.12 billion yuan (+3.7% YoY, -15.8% YoY), and realized 0.12 billion yuan in non-net profit (+9.7% YoY, -9.7% YoY). Q3 The company's revenue continues to reach record highs.
Incident Reviews
2024Q3's silica production and sales volume reached a record high. The company's Q3 gross margin was 33.9% (+1.5 pct year over year, -0.5 pct month over month). The company released Q3 operating data. According to calculations, the company's silicon dioxide product output in a single quarter reached 0.093 million tons (+15.1% YoY, +2.1%); sales volume reached 0.091 million tons (+13.4% YoY, +2.2% month-on-month); sales reached 0.56 billion yuan (+19.3% YoY, +3.1% month-on-month); and the price of a single ton was 6078.9 yuan (+5.2% YoY, +0.9% month-on-month). In terms of raw material prices, Q3 Company's purchase price of soda ash fell 7.2% month-on-month and 13.4% year-on-year; the purchase price of quartz sand decreased 0.6% month-on-month, down 0.8% year-on-year; and sulfur procurement price increased 13.2% month-on-month, up 43.0% year-on-year. From the above data, combined with the basic situation, it can be seen that: 1) the downstream tire industry market demand is strong, especially with the continuous expansion of production capacity of domestic tire companies, the company's production and sales volume continued to reach record highs in a single quarter; 2) the capacity utilization rate of the company's Thai base increased rapidly, economic efficiency increased significantly, and the advantages of overseas production bases were highlighted. As the company's production capacity continues to be released, downstream demand is improving, and revenue and performance continue to increase.
The company's production capacity is expanding in an orderly manner. In 2020, the first phase of the company's Thailand project was officially put into operation, and the technical improvement capacity of the Sanming plant in Fujian was put into operation one after another. By the end of 2023, the company had a silica production capacity of 0.33 million tons/year. The company's second phase of 0.025 million tons/year of high-dispersible silica in Thailand has completed preliminary local approval procedures, and construction will commence after obtaining further construction permits, etc.; the various production lines of the 0.075 million tons/year high-dispersible silica project for the fund-raising project are expected to be completed one after another in 2024, and all projects are expected to be completed by the end of 2024. In the future, with the gradual release of production capacity, the company's market competitiveness will be enhanced.
Continue to advance in the direction of greening and high-end technology. On the basis of increasing the international market share of highly dispersed silica, the company is accelerating the commercial application of new products in silicone rubber, toothpaste and other industries, improving the utilization rate of dedicated line production capacity, and speeding up the implementation of technological transformation projects using biomass (rice husk) instead of natural gas fuel and using rice husk ash from rice husk combustion as a silicon-based substitute for quartz sand to produce highly dispersed silica. At the same time, the company is actively working to promote commercialized production of the silica microsphere project.
The company plans to invest in the construction of silica microspheres and other projects. The company will invest in the construction of 3044 tons/year of silica microspheres, 0.5 million litres/year of agarose microspheres, and 1,590 tons/year of sodium carbonate as a by-product. The total investment amount of the project is 0.5 billion yuan. This project is a fine chemical material with technological breakthroughs and high market demand. The microsphere project product is an extension of the company's product silicon dioxide. Through the implementation of this project, the company will achieve domestic substitution of such products and participate in international market competition through lower costs, shorter production cycles, higher graft density, and greater production capacity advantages.
Maintain a “buy” rating. The company is the largest supplier of precipitated silica in Asia and the third largest in the world. The company's industrial chain extends upstream and downstream, and has now built a complete industrial chain from raw materials sulfuric acid and sodium silicate to the final product silica. As the global tire greening rate continues to grow and the company's own production capacity is released, performance is expected to usher in rapid development. The company's net profit for 2024-2026 is estimated to be 0.5 billion yuan, 0.62 billion yuan, and 0.73 billion yuan, respectively.
Risk Alerts
1. The investment of new production capacity falls short of expectations;
2. Poor downstream demand;
3. Fluctuations in raw material prices.
