华尔泰2024年财报：营收净利双降，净利润连续三年下滑

Core Viewpoint - Huatai (001217.SZ) reported a significant decline in both revenue and net profit for the year 2024, reflecting ongoing operational pressures in a challenging market environment [1][4]. Financial Performance - The total revenue for 2024 was 1.641 billion yuan, a decrease of 8.42% from 1.792 billion yuan in 2023 [4]. - The net profit attributable to shareholders fell to 87.74 million yuan, down 44.56% from 158 million yuan [4]. - The non-recurring net profit also dropped to 78.78 million yuan, a decline of 46.16% from 146 million yuan [4]. - This marks the third consecutive year of declining net profits, with net profits from 2022 to 2024 being 220 million yuan, 158 million yuan, and 87.74 million yuan, reflecting year-on-year declines of 47.12%, 27.98%, and 44.56% respectively [4]. Business Segment Performance - The basic chemical business generated revenue of 1.244 billion yuan, down 9.22%, with a gross margin of 17.84%, a decrease of 2.79 percentage points [5]. - The fine chemical business reported revenue of 397 million yuan, a decline of 5.81%, with a gross margin of only 0.27%, down 0.58 percentage points [5]. - Despite high capacity utilization rates for products like concentrated nitric acid (118%), hydrogen peroxide (96%), and sulfuric acid (88%), this did not translate into profit growth due to falling sales prices [5][6]. Research and Development - In 2024, the company invested 49.60 million yuan in R&D, a decrease of 10.64% year-on-year, indicating reduced investment in technological innovation [4][7]. - The company has made progress in project construction and technological innovation, including the successful commissioning of the ammonia synthesis project and readiness for the electronic-grade hydrogen peroxide project [7]. - Ongoing R&D projects include improvements in sulfur trioxide distillation, hydrogen peroxide product decarbonization, and extraction separation technologies, which are expected to enhance production capabilities [7]. Future Outlook - The company faces significant operational challenges with declining revenue and profit margins amid intensified market competition and rising costs [7]. - The ability to enhance profitability in a competitive landscape remains a critical issue for the company's future [7].