Core Viewpoint - China Sanjiang Chemical (02198) reported a significant increase in revenue and profit for the fiscal year ending December 31, 2024, with total revenue reaching RMB 19.586 billion, a year-on-year growth of 49.2%, and a net profit attributable to shareholders of RMB 533 million, up 482.2% [1] Group 1: Business Performance - The company observed signs of stable and gradual recovery in its major business lines, particularly in ethylene glycol, butadiene, ethylene oxide, and surfactants, with polypropylene also showing positive momentum [1] - Ethylene glycol experienced a notable rebound in 2024, with average prices rising approximately 9.7% compared to 2023, reaching about RMB 3,986 per ton, and sales volume increasing by about 84.6% to 868,951 tons, making it one of the best-performing segments [1] - The rebound in ethylene glycol was driven by a stable domestic consumption and a recovery in the textile and apparel industry, alongside supply adjustments due to low-margin coal-based production [1] Group 2: Butadiene and Ethylene Oxide - Butadiene saw a strong rebound in 2024, with average prices increasing by approximately 51.0% to about RMB 10,267 per ton, and sales volume rising by about 105.2% to approximately 74,732 tons [2] - The growth in butadiene was primarily driven by increased demand from the automotive manufacturing sector and supply shortages due to unexpected power outages in South Korea and Japan [2] - The ethylene oxide segment also showed positive developments, with average prices rising about 5.6% to approximately RMB 5,993 per ton, reversing a downward trend observed in previous years [2][3] Group 3: Surfactants and Polypropylene - The surfactants business line saw a sales increase of approximately 45.6% compared to 2023, as the company focused on vertical integration to mitigate market risks and enhance profit margins [3] - Polypropylene maintained stable pricing in 2024 at around RMB 6,448 per ton, with a slight increase in downstream demand contributing to price stability [3] - The overall gross margin improved from 1.5% in 2023 to approximately 5.7% in 2024, attributed to enhanced production efficiency and cost-effectiveness following successful capacity increases in previous years [3]
中国三江化工(02198)发布年度业绩 股东应占盈利5.33亿元 同比增长482.2%