SUNHERE(SZ:300452) Bei Ke Cai Jing·2025-04-24 00:47Core Viewpoint - The company reported a revenue of 883 million yuan in 2024, a year-on-year increase of 5.16%, but the net profit attributable to shareholders decreased by 26.07% due to goodwill impairment from its subsidiary [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 883 million yuan, marking a 5.16% increase year-on-year, while the net profit attributable to shareholders was 119 million yuan, down 26.07% [1][2]. - The first quarter of 2024 saw a revenue increase of 4.28% year-on-year, but the net profit attributable to shareholders declined by 5.3% [1]. - The company’s revenue growth rate in 2024 was the lowest in ten years, with a year-on-year increase of only 5.16% [5]. Group 2: Subsidiary Performance - The subsidiary Qufu Tianli faced challenges due to policy factors like drug procurement and a weakened product competitiveness, leading to declines in both revenue and profit [2]. - The company recognized a goodwill impairment of 39.12 million yuan related to the subsidiary, significantly impacting the overall financial performance [2]. Group 3: Product Performance - Revenue from cellulose and its derivatives grew by 22.19% year-on-year, reaching 474 million yuan, becoming a key driver for overall revenue [3]. - Other product categories, including starch and its derivatives, inorganic salts, and rental income, experienced declines in revenue, with decreases of 9.24%, 7.47%, and 5.6% respectively [3]. Group 4: Market Dynamics - The company operates in a competitive landscape where both foreign and domestic manufacturers coexist, with foreign firms dominating the high-end market due to advanced technology and patents [6]. - The domestic market for pharmaceutical excipients is rapidly evolving, which has pressured local companies like the company to enhance their competitiveness [6]. Group 5: Strategic Initiatives - The company is focusing on improving product quality and service to enhance pricing power, while also managing raw material costs through strategic procurement and inventory management [4]. - The company plans to continue its efforts in import substitution, aiming to align the quality of domestic products with imported ones [6][7]. - In 2024, the company invested 40.95 million yuan in R&D, with plans to register 3-4 new products with the National Medical Products Administration by 2025 [7].