中触媒：催化剂行业未来发展前景广阔 将持续加大研发投入强度

Core Viewpoint - 中触媒 reported significant growth in revenue and net profit for the fiscal year 2024 and the first quarter of 2025, indicating a strong performance in the specialty molecular sieve and catalytic new materials sector [1] Financial Performance - For the fiscal year 2024, 中触媒 achieved revenue of 667 million yuan, a year-on-year increase of 21.23%, and a net profit of 146 million yuan, up 89.21% year-on-year [1] - In the first quarter of 2025, the company reported revenue of 199 million yuan, a slight increase of 0.05% year-on-year, and a net profit of approximately 40.71 million yuan, reflecting a year-on-year increase of 16.10% [1] Industry Overview - The catalyst industry, where 中触媒 operates, is experiencing growth both domestically and globally, with a promising market outlook, although it is significantly influenced by downstream chemical production [1][2] - Catalysts are considered the "chip" of the chemical industry, with applications across various sectors including petrochemicals, pharmaceuticals, and environmental protection, highlighting the industry's technological barriers and strong customer loyalty [2] Product and Market Strategy - 中触媒 has established a diverse product portfolio, including various catalysts and molecular sieves, and has developed strategic partnerships with major clients across regions such as Asia-Pacific, Europe, North America, and South Africa [3] - The company aims to break foreign monopolies in high-purity materials and contribute to the development of new strategic industries in China, such as photovoltaics and semiconductors [3] Research and Development - In 2024, 中触媒 invested 46.25 million yuan in R&D, accounting for 6.94% of its revenue, with total R&D investments over the past three years amounting to 143 million yuan, representing 7.56% of revenue [3] - The company plans to increase R&D intensity, focusing on green synthesis processes, catalyst material modification, and the development of new products to enhance profitability [3] Supply Chain and Trade Impact - 中触媒 indicated that its overseas procurement and sales to the U.S. are minimal, and the recent U.S. tariff policies have had a limited impact on its operations, with a sufficient backlog of orders [4]