Core Viewpoint - In 2024, Shaanxi Black Cat reported a significant decline in revenue and an increase in losses, marking the largest annual loss since its listing, with a net profit loss of 1.158 billion yuan [1][5]. Company Performance - Shaanxi Black Cat's revenue fell by 21.58% year-on-year, with a net profit loss expanding from 512 million yuan to 1.158 billion yuan [1]. - The company's Q1 2025 report showed a revenue of 2.585 billion yuan, down 37.31% year-on-year, and a net profit loss of 261.6 million yuan, a 23.21% decline [1]. - The company's stock price dropped from a peak of 11.04 yuan in 2021 to around 3 yuan, resulting in a market capitalization reduction from over 20 billion yuan to approximately 6 billion yuan [1]. Business Background - Established in 2003, Shaanxi Black Cat primarily engages in coal coking and chemical product production, with key products including coke, methanol, and coal tar [1][3]. - The company was listed on the Shanghai Stock Exchange in 2014 and was the first private company in Weinan, Shaanxi [1]. Expansion and Challenges - Following a peak in 2021, the company aggressively expanded its coking projects in Shanxi, Inner Mongolia, and Xinjiang, with a significant investment of 4.7 billion yuan in a 2 million-ton coking project in Xinjiang [5]. - The downturn in the coking industry, characterized by falling coke prices and reduced steel production, has severely impacted the company's financial health [5][7]. Financial Struggles - In 2024, the company recorded nearly 3 billion yuan in asset impairments, significantly affecting its net profit [5]. - The coke business saw a revenue decline of over 20%, with a negative gross margin of 17.12% [5][6]. - Despite a slight decrease in coke sales volume, the revenue drop indicates a substantial decline in product prices [6]. Product Diversification - The sales of by-products such as crude benzene and LNG have become a highlight, generating approximately 3.506 billion yuan in revenue, accounting for 24.04% of total revenue [6]. - However, reliance on by-products for profitability is risky due to price volatility and unstable demand, failing to offset the decline in the main coke business [6]. Industry Context - The coking industry has entered a downturn since 2023, with significant impacts on profitability due to reduced steel demand and pricing pressures [7]. - The average price of coke has dropped over 30% from its peak in 2021, with capacity utilization rates remaining low [7]. - Future recovery in the coking industry is uncertain, with expectations of continued pressure on prices and profitability [7].
巨亏11.58亿，渭南首富李保平的至暗时刻
3 6 Ke·2025-05-25 04:27