Tianjin Jiuri New Materials (SH:688199)2023-06-05 16:00Financial Performance - In 2022, the company achieved operating revenue of CNY 1,410,958,551.74, an increase of 12.66% year-on-year[4]. - The net profit attributable to shareholders was CNY 43,347,271.78, a decrease of 73.83% compared to the previous year[4]. - The company will not distribute profits for the 2022 fiscal year, opting to retain earnings for future investments and operational needs[13]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a year-over-year growth of 15%[28]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[28]. - The basic earnings per share fell by 73.86% to ¥0.40, down from ¥1.53 in 2021[30]. - The net profit attributable to shareholders after excluding non-recurring gains and losses was approximately ¥16.22 million, down 87.14% from ¥126.17 million in 2021[29]. - The company achieved a revenue of CNY 1,410,958,551.74 in 2022, representing a year-on-year increase of 12.66%[41]. - The net profit attributable to shareholders was CNY 43,347,271.78, a year-on-year decrease of 73.83%[41]. - The company reported a significant drop in sales volume of light initiators due to a weak end market, impacting overall performance[31]. Production Capacity and Expansion - The company has expanded its production capacity with the commissioning of a project in Inner Mongolia, which has an annual capacity of 9,250 tons of photoinitiators and intermediates[5]. - The company has established multiple modern production bases for photopolymer materials, including locations in Shandong, Hunan, Jiangsu, and Inner Mongolia[5]. - The company has initiated a project for producing 600 tons of photoresist-specific photoinitiators, which began trial production in October 2022[6]. - The company plans to strengthen its semiconductor chemical materials sector by advancing the planning and construction of a semiconductor photoresist production base[7]. - The company is investing in new production bases to enhance production capacity and meet growing market demands[51]. - The company has developed a large-scale production process for photoinitiators, demonstrating strong independent R&D capabilities[94]. - The company has optimized production processes and updated equipment at its Hunan and Shandong bases, improving production efficiency[44]. - The company has achieved a substantial increase in production capacity through the automation of traditional synthesis processes for photo-initiators 1173 and 184[71]. Research and Development - The company added 52 new patents during the reporting period, including 25 invention patents and 27 utility model patents, enhancing its innovation capabilities[42]. - Research and development expenses accounted for 5.99% of operating revenue, slightly up from 5.65% in 2021[30]. - The total R&D investment for the year was ¥84,524,096.49, representing a 19.45% increase compared to the previous year[79]. - The company has established a national enterprise technology center and a national postdoctoral research station, enhancing its R&D capabilities[91]. - The company is focusing on environmental innovation processes in its photoinitiator production, improving energy efficiency and sustainability[75]. - The company has developed new core technologies including "photo-sensitizer production technology" and "panel photoresist formulation technology" during the reporting period[69]. - The company is focusing on continuous innovation in new products and technologies, which is a core competitive advantage[90]. - The company has developed innovative production processes for its core products, significantly reducing raw material consumption and waste generation while enhancing safety[184]. Market Strategy and Challenges - The company continues to face challenges due to a significant decline in market demand and has implemented pricing strategies to maintain market share[11]. - The company aims to become a global leader in photopolymer materials, focusing on innovation and expansion in both the photopolymer and semiconductor industries[7]. - The company adopted a sales discount strategy to maintain market share, which contributed to a decline in revenue and gross profit[31]. - The competitive landscape remains challenging, with potential further declines in sales volume and prices for photoinitiators due to ongoing geopolitical tensions and economic uncertainties[123]. - The company is exposed to exchange rate risks due to a significant portion of revenue coming from exports, which could affect foreign exchange gains and losses[106]. - The company faces risks related to the potential loss of core technical personnel, which is critical for maintaining competitive advantage[112]. - The company is focusing on enhancing its product offerings and technological advancements to drive future growth[132]. Environmental and Sustainability Efforts - The company aims to reduce VOC emissions by 15% in line with environmental regulations[28]. - The UV curing technology is recognized for its environmental benefits, efficiency, and cost-effectiveness, aligning with global sustainability trends[54]. - The company is positioned to benefit from favorable industry policies promoting the use of eco-friendly materials and technologies[57]. - The company’s focus on energy-saving and emission-reduction technologies is expected to receive substantial policy support under the national "dual carbon" goals[179]. - The feed-grade benzoic acid project is positioned as a beneficial project for public health, replacing antibiotics in animal feed and promoting food safety[168]. Acquisitions and Investments - The company acquired 100% equity of Huaihua Taitong, which produces key raw materials for its core photoinitiator products, ensuring stable supply[44]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[28]. - The company has invested in Tianjiao Radiation, holding a 38.46% stake, to enhance its product offerings in UV monomers[61]. - The company has completed the acquisition of Keli Biological and Jinghong Biological in June 2021, marking a significant step in the strategic layout of the photoresist and semiconductor materials field[172]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[28]. - The company expects a recovery in 2024, with projected revenue of 339.50 million yuan, returning to levels similar to 2021[200]. - The company anticipates a net profit of 15.58 million yuan in 2024, indicating a strong recovery[200]. - The company is focused on returning to normal operations by 2024, with all production expected to be fully restored[200].