Malion(SZ:300586)2023-03-27 16:00Financial Performance - Revenue in 2022 increased by 27.53% to 2,398,506,518.56 yuan compared to 2021[26] - Net profit attributable to shareholders surged by 401.08% to 317,097,167.66 yuan in 2022[26] - Operating cash flow increased by 398.56% to 628,383,963.15 yuan in 2022[26] - Basic earnings per share rose by 368.32% to 0.6046 yuan per share in 2022[26] - Weighted average return on equity (ROE) improved to 22.03% in 2022, up by 15.79 percentage points from 2021[26] - Total assets grew by 18.93% to 3,008,075,343.38 yuan at the end of 2022[26] - Q4 2022 revenue was 620,999,512.07 yuan, showing a recovery from Q3's 526,201,783.80 yuan[28] - The company achieved a total revenue of 2.398 billion yuan in 2022, a year-on-year increase of 27.53%, with net profit attributable to shareholders reaching 317.1 million yuan, a significant increase of 401.08% year-on-year[85] Product and Market Overview - The company's main products include color masterbatch, cyanuric chloride, and battery wet separators[36] - Color masterbatch is widely used in food packaging, medical packaging, and automotive parts[38] - The battery wet-process separator market is experiencing rapid growth due to the development of new energy vehicles and energy storage industries, with domestic manufacturers holding a significant share of the global market[54] - The company's subsidiary, Anhui Meixin, has developed a 7μm wet-process separator with tensile strength exceeding 3500kgf/cm² in the MD direction and 2500kgf/cm² in the TD direction, which is now in mass production for power lithium batteries[72] - The company's subsidiary, Anhui Meixin, has successfully developed wet-process separator products for 3C and power batteries using asynchronous biaxial stretching technology[71] Subsidiaries and Production Capacity - The company's subsidiary, Yingchuang Sanzheng, has an annual production capacity of 90,000 tons of cyanuric chloride, making it a leading player in the global cyanuric chloride industry[56] - The company's subsidiary, Anhui Meixin, has a production capacity of 300 million square meters of wet-process separators, with an additional 400 million square meters under construction[57] - The company's color masterbatch production capacity is 100,550 tons, with a capacity utilization rate of 47.87%, and an additional 36,300 tons under construction[61] - The company's battery wet-process separator production capacity is 125 million square meters, with a capacity utilization rate of 19.02%, and an additional 400 million square meters under construction[61] - The company's subsidiary, Tianjin Meilian, obtained environmental approval for a bio-based degradable masterbatch production and marketing service center project in May 2022[61] - The company's subsidiary, Yingchuang Sanzheng, has an annual production capacity of 90,000 tons of cyanuric chloride, making it a global leader in the industry[65] - The company's subsidiary, Anhui Meixin, achieved a breakthrough in sales revenue in 2022 and is expected to experience rapid growth in 2023[74] Research and Development - The company has 14 invention patents for color masterbatch technology and 11 invention patents and 60 utility model patents for cyanuric chloride technology[60] - The company holds 6 national invention patents, 1 international PCT patent, and 28 Guangdong Province high-tech products[67] - The company's subsidiary, Anhui Meixin, has obtained 3 national invention patents related to lithium battery separators and has 1 patent under substantive examination[72] - The company's subsidiary, Yingchuang Sanzheng, holds 11 national invention patents and 60 utility model patents, maintaining advanced production technology in the cyanuric chloride industry[71] - The company has established long-term industry-university-research cooperation with institutions such as the Chinese Academy of Sciences, Shantou University, and Sichuan University[64] - R&D expenses increased by 37.86% to 94,819,270.92 RMB, reflecting the company's increased investment in research and development[104] Industry and Competition - The company's color masterbatch products face strong competition from multinational companies such as Avient, Cabot, and Ampacet, especially in the mid-to-high-end market[52] - The fine chemical industry accounted for 68.36% of total revenue, with a year-on-year increase of 48.27%, driven by strong downstream demand[90] - The rubber and plastic products industry accounted for 29.42% of total revenue, a year-on-year decrease of 6.37%[90] - The healthcare materials industry achieved revenue of 34.31 million yuan, a year-on-year increase of 62.48%[90] - The battery separator industry accounted for 0.79% of total revenue, with revenue of 18.92 million yuan[90] Costs and Procurement - The average procurement price of industrial salt increased by 47.06% in 2022 compared to 2021, primarily due to difficulties in importing raw salt and rising crude oil prices and shipping costs[59] - The average procurement price of pentane increased by 52.32% in 2022 compared to 2021, and the average procurement price of coke particles increased by 73.10%, both driven by fluctuations in international crude oil prices[60] - Total procurement amount from top 5 suppliers reached 731,237,314.19 RMB, accounting for 51.16% of the annual procurement total[102] Expenses and Investments - Sales expenses increased by 27.32% to 23,102,967.17 RMB, primarily due to increased sales personnel salaries and business expenses[104] - Management expenses rose by 42.01% to 91,614,100.98 RMB, driven by expanded operations and subsidiary costs, as well as equity incentives[104] - Financial expenses decreased by 41.65% to 16,894,030.50 RMB, mainly due to exchange rate fluctuations resulting in foreign exchange gains[104] - The total committed investment amount for the functional masterbatch and biodegradable masterbatch industrialization project is RMB 325.879 million, with a current investment progress of 9.92% as of the reporting period[131] - The supplementary working capital project has been fully utilized with a total investment of RMB 133.2109 million, achieving 100% investment progress[131] - The company extended the implementation period of the fundraising investment projects to December 31, 2023, due to actual construction progress[131] Corporate Governance and Recognition - The company has been recognized as a "National Specialized and Sophisticated SME" and a "Guangdong Province Strategic Emerging Industry Backbone Enterprise"[64] - The company's "MALION" series of masterbatches have been awarded the title of "Guangdong Province Famous Brand Product"[64] - The company was awarded the title of National Third Batch "Little Giant" Enterprise and ranked among the Top 500 Manufacturing Enterprises in Guangdong Province in 2021[76] - The company's "Meilian" brand was awarded the Guangdong Famous Trademark in 2008, and its "MALION" brand plastic color masterbatch was recognized as a Guangdong Famous Brand Product in 2016[76] Environmental and Quality Management - The company's subsidiary, Yingchuang Sanzheng, has developed a circular economy model, achieving self-sufficiency in key raw materials and recycling of wastewater and gas, with product quality exceeding national industry standards[77] - The company's subsidiary, Anhui Meixin, has obtained ISO9001:2015 and IATF16949 certifications, enhancing its brand value and market competitiveness in the lithium battery wet separator market[78] - The company has established a comprehensive quality management system, certified by ISO9001:2015 and ISO14001:2015, and utilizes advanced production equipment to ensure product quality stability[76] Sales and Customer Base - The company serves over 2000 global clients across more than 40 countries and regions, including Russia, Canada, Turkey, Italy, Spain, South Africa, and Southeast Asia, as well as over 20 provinces in China[73] - The company's subsidiary, Yingchuang Sanzheng, has a 35-year history in producing cyanuric chloride, with a stable customer base across five continents, and expects further diversification of its customer base[74] - Domestic sales accounted for 86.61% of total revenue, with a year-on-year increase of 23.83%, while overseas sales accounted for 13.39%, with a year-on-year increase of 58.10%[90] Fundraising and Capital Management - The company temporarily used RMB 15 million of idle raised funds to supplement working capital, which was returned to the special account within 12 months[133] - The company temporarily used RMB 13 million of idle raised funds to supplement working capital, which was returned to the special account within 12 months[133] - As of the reporting period, the unused raised funds are stored in the special account for raised funds, except for those temporarily used to supplement working capital and cash management[133] - The company did not have any significant asset or equity sales during the reporting period[136][137] Future Projects and Plans - The company plans to build a new energy and high molecular materials industrialization project in Sichuan with an annual capacity of 2.3 million tons, leveraging local natural gas and sulfur resources to reduce production costs[81] - The development of non-woven fabric-specific melt-blown materials has been completed, aiming to provide low-cost raw materials for melt-blown cloth production and increase revenue through external sales[105] - The low-odor white masterbatch for automotive interior parts has been completed, expanding the application of the company's masterbatch products and increasing revenue[106] - The development of white masterbatch for aging-resistant tent fabric has been completed, broadening the application of the company's masterbatch products and increasing revenue[106] - The development of double-resistant black masterbatch for geomembranes is ongoing, aiming to enhance the product's performance and expand its application in the geomembrane industry[106] - The development of matting masterbatch for polyolefin films is ongoing, targeting high haze, high dispersion, and high light transmittance properties to promote industry development[106]