SMIC(SH:600810) Xi Niu Cai Jing·2025-03-25 10:37Core Viewpoint - Shenyang Chemical's net profit for 2024 decreased by 77.57%, while revenue increased by 4.08%, indicating significant challenges in profitability despite a slight growth in sales [3][4]. Financial Performance - The company reported a revenue of 13.97 billion yuan in 2024, up from 13.42 billion yuan in 2023, reflecting a year-on-year growth of 4.08% [4]. - The net profit attributable to shareholders was 33.53 million yuan, a sharp decline from 149.46 million yuan in the previous year, marking a decrease of 77.57% [4]. - The company experienced a non-operating loss of 92.40 million yuan, which is a 204.80% increase in losses compared to the previous year [3][4]. Factors Affecting Profitability - The decline in net profit was attributed to several factors, including: - A reduction in profit of 19.47 million yuan due to changes in sales volume and product prices [4]. - An increase in sales expenses leading to a loss of 0.22 million yuan [4]. - A decrease in research and development expenses resulting in a loss of 4.12 million yuan [4]. - A decrease in investment income leading to a loss of 3.30 million yuan [4]. - Other factors contributing to losses included credit impairment losses and asset impairment losses [4]. Future Plans - The company plans to invest in a new production base in Thailand, focusing on a 20,000 tons/year nylon 66 differentiated fiber project [5]. - The initial registered capital for the subsidiary in Thailand is set at 500,000 Thai Baht, with Shenyang Chemical contributing 70% of the capital [5][6].