SINO-HIGH(SZ:301076) Zheng Quan Zhi Xing·2025-04-28 03:04Core Viewpoint - Newhan New Materials (301076.SZ) has reported significant growth in various product categories, including cosmetic raw materials and photoinitiators, achieving a record high in cash flow since its listing [1][4]. Group 1: Financial Performance - In 2024, Newhan New Materials achieved a total revenue of 419 million yuan and a net profit attributable to shareholders of 55.97 million yuan [2]. - The specialty engineering plastics business contributed significantly, generating 175 million yuan, accounting for over 40% of total revenue [2]. - The company reported a net cash flow from operating activities of 139 million yuan in 2024, a year-on-year increase of 525.7% [4]. Group 2: Market and Product Development - Newhan New Materials specializes in producing various aromatic ketone products, including key raw materials for specialty engineering plastics, photoinitiators, and cosmetic raw materials, with applications in aerospace, coatings, inks, cosmetics, and medical fields [2]. - The company’s DFBP is a critical raw material for manufacturing PEEK (polyether ether ketone), which is increasingly used across diverse sectors such as electronics, transportation, and healthcare [2][3]. - The PEEK materials market in China is projected to exceed 2 billion yuan in 2024, with an annual growth rate of 15%-20% [2]. Group 3: Competitive Advantages - Newhan New Materials has established stable partnerships with major global manufacturers in the PEEK field, leveraging its technological advancements and product quality [3]. - The company has strengthened its core competitiveness in cosmetic raw materials, agricultural intermediates, and photoinitiators, with significant revenue growth in these segments [3]. - In 2024, revenue from cosmetic raw materials, agricultural intermediates, and photoinitiators reached 93.58 million yuan, 79.96 million yuan, and 70.84 million yuan, respectively, with year-on-year growth rates of 77.32%, 30.15%, and 6.87% [3]. Group 4: Capacity Expansion and Innovation - Newhan New Materials is expanding its production capacity, planning to build an additional 8,000-ton aromatic ketone production facility to meet increasing customer demand [5]. - The company emphasizes technological innovation, having developed new techniques that enhance product quality and reduce environmental impact [6]. - Newhan New Materials holds 29 invention patents and 21 utility model patents, with plans to strengthen industry-academia-research collaborations [6]. Group 5: ESG Commitment - Newhan New Materials integrates ESG principles into its operations, focusing on sustainable development and stakeholder interests [7]. - The company has a robust cash dividend policy, proposing a cash dividend of 1 yuan per 10 shares for 2024, amounting to 13.45 million yuan, which represents 24% of its net profit [7]. - In 2024, the company effectively controlled greenhouse gas emissions and was recognized as an "Environmental Demonstration Enterprise" in Nanjing [7].