Zheng Quan Zhi Xing·2025-05-15 08:22Core Viewpoint - Zhejiang Samsung New Materials Co., Ltd. (hereinafter referred to as "Samsung New Materials" or "the Company") has experienced a significant decline in its financial performance for the year 2024 and the first quarter of 2025, primarily due to increased operating costs and financial expenses, alongside a drop in gross profit margin [1][2][3]. Financial Performance Summary - In 2024, the Company achieved operating revenue of 1,015.50 million yuan, a year-on-year increase of 13.81%, but reported a net loss attributable to shareholders of the parent company of 65.60 million yuan, a decline of 156.55% [1][2]. - The operating costs rose to 873.24 million yuan in 2024, marking a 27.47% increase compared to 2023, leading to a gross profit of 142.26 million yuan, down 31.35% from the previous year [2][3]. - The Company’s operating profit for 2024 was -98.39 million yuan, a drastic decline of 180.47% compared to the previous year [2][3]. Reasons for Performance Decline - The primary reasons for the decline in performance include a decrease in gross profit, a significant rise in management and financial expenses, and the impact of the newly consolidated subsidiary, Guohua Jintai [3][4]. - Guohua Jintai's operations, particularly in the photovoltaic glass sector, have led to substantial losses due to low product yields and high production costs, exacerbated by historically low prices for photovoltaic glass [5][6]. Q1 2025 Performance Overview - For the first quarter of 2025, the Company reported a net profit attributable to shareholders of the parent company of 10.30 million yuan, a decrease of 50.02% year-on-year [9][10]. - The operating revenue for Q1 2025 was 371.39 million yuan, a 46.36% increase from the same period in 2024, but the operating costs surged by 63.50% to 313.64 million yuan [9][10]. Impact on Future Operations - Despite the recent performance decline, the Company maintains that its long-term operational capabilities remain intact, supported by ongoing demand for energy-efficient and intelligent products in the market [15][16]. - The Company anticipates that the photovoltaic glass project will eventually become a new growth driver, improving overall financial performance as operations stabilize [15][16]. Fundraising and Strategic Outlook - The Company plans to raise up to 576.24 million yuan through a targeted stock issuance, which will be used to bolster working capital and enhance its market position in the low-temperature storage equipment sector [16][20]. - The strategic focus remains on optimizing business operations and expanding into related fields, ensuring the Company can capitalize on future industry opportunities [16][20].