圣泉集团(605589)：双主业稳固 先进电子材料持续突破

Core Viewpoint - The company reported a revenue of 10.02 billion yuan for 2024, reflecting a year-on-year increase of 9.9%, and a net profit attributable to shareholders of 870 million yuan, also up by 9.9% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.87 billion yuan, representing a year-on-year increase of 18.1% and a quarter-on-quarter increase of 13.6% [1] - The net profit for Q4 was 290 million yuan, down 6.6% year-on-year but up 15.2% quarter-on-quarter [1] - The company plans to distribute a cash dividend of 4.5 billion yuan, with a proposed payout of 5.5 yuan per 10 shares [1] - For Q1 2025, the company expects a net profit attributable to shareholders between 200 million and 215 million yuan, indicating a year-on-year increase of 45.6% to 56.5% [1] Product Performance - In 2024, the company’s synthetic resin products generated revenue of 5.34 billion yuan, advanced electronic materials 1.24 billion yuan, and biomass products 960 million yuan, with respective year-on-year growth rates of 4.3%, 4.7%, and 11.7% [2] - The sales volume for synthetic resin products was 696,000 tons, advanced electronic materials 69,000 tons, and biomass products 217,000 tons, with year-on-year growth rates of 8.9%, 1.1%, and 23.6% [2] - The gross profit margins for these segments were 20.7%, 27.4%, and 14.3%, with year-on-year changes of 0.0 percentage points, 1.4 percentage points, and 8.8 percentage points respectively [2] Market Position and Strategy - The company’s phenolic resin product sales reached 529,000 tons in 2024, up 8.4% year-on-year, while casting resin product sales were 174,000 tons, up 10.4% year-on-year [3] - The company is focusing on developing new applications and expanding into new fields to increase revenue, sales, and market share in the phenolic resin sector [3] - In the casting materials sector, the company is leveraging a full industry chain approach to address overcapacity issues and is targeting key sectors such as new energy vehicles and aerospace [3] Innovations and Future Growth - The company is accelerating the production of high-value-added products in advanced electronic materials, with new production lines for PPO and hydrocarbon resins coming online [4] - The company is also advancing its battery materials business, focusing on the development of silicon-carbon and hard carbon negative materials [4] - The Daqing biomass project resumed production in June 2024 and is expected to achieve a balance between production and sales by the end of the year [4] Growth Outlook - The company is positioned as a leader in synthetic resins, with stable profit contributions from electronic chemicals and biomass chemicals, which are expected to open up growth opportunities [5] - The expected performance for 2025 to 2027 is projected to be 1.27 billion, 1.57 billion, and 1.99 billion yuan respectively [5]