今日晚间，万盛股份发布公告，公司拟投资约2.16亿元在泰国建设生产基地，年产3.2万吨磷酸酯阻燃剂。据悉，公司目前拥有浙江临海、江苏泰兴、山东潍坊、山东济宁4大生产基地，主要生产磷系阻燃剂、催化剂、胺助剂、功能日化添加剂、涂料助剂等五大类产品。在海外市场方面，公司此前没有产能布局，仅在欧洲、美国等地设有销售子公司。① The leading flame retardant company Zhejiang Wansheng plans to invest in a factory in Thailand, with an annual production capacity of 0.032 million tons of flame retardants; ② The company's performance has been under pressure in recent years, especially overseas Business being hit the hardest; ③ The factory in Thailand will fill the gap in the company's overseas production capacity, which previously focused on marketing in its overseas layout.
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On December 12, Financial Association reported (Reporter Luo Yichen) that with performance continuing to decline and growing uncertainty in overseas Business, the leading flame retardant company Zhejiang Wansheng (603010.SH) has finally taken the first step to establish a factory overseas. Currently, the company's production bases are all located domestically, and the overseas market focuses on building marketing channels. Given the continuous decline in the company's performance in recent years, it is worth monitoring whether this overseas factory can turn the tide.
This evening, Zhejiang Wansheng announced that the company plans to invest approximately 0.216 billion yuan to build a production base in Thailand, with an annual output of 0.032 million tons of phosphate ester flame retardants. It is reported that the company currently has four major production bases in Zhejiang Linhai, Jiangsu Taixing, ShanDong Weifang, and ShanDong Jining, mainly producing five categories of products: phosphorus-based flame retardants, catalysts, amine additives, functional daily chemical additives, and coating additives. In terms of the overseas market, the company previously had no production capacity layout and only established sales subsidiaries in Europe, USA, and other regions.
Compared to the company's production bases in China, the planned production capacity of the factory in Thailand by Zhejiang Wansheng is relatively small. Data shows that the designed production capacities of Zhejiang Linhai, Jiangsu Taixing, and ShanDong Weifang are 0.1335 million tons, 0.0653 million tons, and 0.22537 million tons respectively, of which some production capacities are still under construction.
Although there is a significant difference in production capacity between domestic and overseas, the company's overseas revenue proportion is not low. Earnings Reports show that in 2023, overseas revenue accounted for approximately 37% of total revenue, a year-on-year decline of 22.01%. During the same period, domestic revenue also experienced a decline, with a decrease of 13.56%.
Financial data shows that the company's performance peaked in 2021, but has continued to decline in the following years, especially with the overseas Business being hit the hardest. In this regard, the company explained that the European energy crisis triggered by the Russia-Ukraine conflict, ongoing interest rate hikes under high inflation in Europe and the USA, led to a rapid decline in global terminal consumption demand, and the chip shortage affected global Consumer Electronics shipments and Autos deliveries, resulting in a significant decrease in the downstream demand for the company's products.
However, as external crises gradually ease, the company’s performance has not been able to stop the decline and rebound. In the first three quarters of this year, Zhejiang Wansheng's revenue and net income attributable to shareholders fell by 1.81% and 27.81% year-on-year, and the main products of the company remained in a downward Range, with the largest year-on-year decline reaching 27.57%. In contrast, during the same period, the prices of major raw materials mostly had single-digit declines.
Under heavy pressure, Zhejiang Wansheng has taken the first step towards establishing overseas factories. Regarding this layout, the company stated in the announcement that it is an important measure for implementing Global Strategy, which is beneficial for expanding overseas markets, establishing overseas product supply capabilities, and better meeting the order demands of international customers. At the same time, the company can respond more flexibly to potential adverse effects that the macro environment and international trade patterns may have on the company, enhancing overall risk resistance.
