KINGFA(SH:600143) Zheng Quan Ri Bao·2025-05-21 16:46Core Viewpoint - Under the backdrop of global supply chain restructuring, Kingfa Technology has seen significant new opportunities in its export business, as overseas companies are adjusting their supply structures to seek better quality and faster response suppliers [1]. Financial Performance - In 2024, Kingfa Technology's revenue reached 60.514 billion yuan, a year-on-year increase of 26.23%, and the net profit attributable to shareholders was 0.825 billion yuan, a substantial growth of 160.36% [1]. - In the first quarter of 2025, the company continued its growth momentum, achieving revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, up 138.20% [1]. Business Segments - The sales volume of special engineering plastics, a key segment, showed strong growth, reaching 0.63 million tons in the first quarter, a year-on-year increase of 91% [1]. - Kingfa Technology is focusing on high-end chemical new materials, particularly in emerging industries such as humanoid robots and low-altitude economy [1]. Technological Advancements - The company plans to tackle key industrialization technologies for new materials such as long-chain polyamide and ultra-high heat-resistant LCP, aiming to reduce reliance on imports [2]. - Kingfa Technology has maintained R&D expenditures exceeding 1 billion yuan for seven consecutive years, with an average annual R&D investment ratio of around 4% of revenue [2]. Capacity Expansion - The current production capacity for LCP is 6,000 tons per year, with plans to rapidly increase by an additional 15,000 tons per year, expected to be released gradually by June 2025 [2]. - A project for producing 0.8 million tons of long-chain polyamide has also been initiated, with production planned to start in March 2026 [2]. Market Opportunities - Kingfa Technology's overseas business is experiencing rapid growth, with a total product sales volume of 233,500 tons in 2024, reflecting a year-on-year increase of 29.51% [2]. - The changing global supply chain dynamics have created opportunities for Kingfa Technology to fill supply gaps as overseas manufacturers adjust their supply chains [3].