Core Viewpoint - The company, Jiangsu Jinjis Industrial Co., Ltd., maintains a stable credit rating of A+ due to its strong market position in the active dye industry, despite facing challenges such as declining profits and increased operational pressures [2][3][4]. Company Overview - The company is a leading manufacturer in the active dye sector, holding a significant market share with 17.8% of the national active dye production in 2024 [3][8]. - The company has a diverse product range in active dyes, with over 400 varieties across 32 series, and is well-positioned in the market [15]. Financial Performance - The company's revenue for 2024 reached approximately 1.01 billion yuan, reflecting a year-on-year increase of 6.45%, driven primarily by growth in active dye sales [15]. - The gross profit margin improved to 15.30% in 2024, up from 13.12% in the previous year [15]. - However, net profit saw a significant decline due to increased depreciation and amortization expenses, as well as rising interest costs associated with a growing debt load [4][20]. Operational Challenges - The company faces operational challenges, including delays in the production timelines for its fundraising projects, which have been postponed to July 31, 2025 [4][16]. - The active dye industry is experiencing heightened competition and price pressures, leading to a decrease in profit margins [10][12]. Market Environment - The dye industry is currently grappling with insufficient demand, which remains a prominent issue, compounded by increased supply leading to intensified competition [10][12]. - The overall dye production in China reached 940,000 tons in 2024, marking a 6.4% year-on-year increase, but the market remains competitive with declining prices [12][13]. Future Outlook - The company is optimistic about enhancing its raw material supply capabilities through upcoming projects, which are expected to improve its competitive position in the market [4][16]. - The company is also diversifying into the computing power leasing business, which is expected to contribute to revenue, although it faces risks related to market price fluctuations [17][18].
锦鸡股份: 2021年江苏锦鸡实业股份有限公司创业板向不特定对象发行可转换公司债券2025年跟踪评级报告