Jalon(SH:688357) Zheng Quan Zhi Xing·2025-06-30 16:25Core Viewpoint - The credit rating agency has assigned a stable credit rating of AA- to Luoyang Jianlong Micro-Nano New Materials Co., Ltd, reflecting its strong position in the molecular sieve industry and its comprehensive industry chain advantages [3][5][19]. Company Overview - Luoyang Jianlong Micro-Nano New Materials Co., Ltd is a leading domestic enterprise in the molecular sieve sector, possessing a complete industry chain that includes raw powder, activated powder, and formed molecular sieves [5][11]. - The company has a total asset value of 29.58 billion yuan and equity attributable to shareholders of 18.21 billion yuan as of the latest reporting period [3][4]. Financial Performance - The company reported a revenue of 7.79 billion yuan in 2024, a decrease of 19.90% year-on-year, with a net profit of 0.25 billion yuan [4][16]. - In the first quarter of 2025, the revenue was 1.78 billion yuan, down 7.39% compared to the same period in 2024 [5][16]. - The gross profit margin for the company was 30.37% in the first quarter of 2025, showing a slight recovery from 28.35% in 2024 [16]. Market Dynamics - The molecular sieve industry is experiencing pressure due to adjustments in downstream industries, particularly in gas separation and healthcare sectors, which have seen reduced demand [5][16]. - The company is actively exploring new markets in petrochemicals, renewable energy, and resource recovery to mitigate the impact of declining traditional business areas [5][17]. Production Capacity and Risks - The company plans to increase its production capacity of formed molecular sieves by 1.60 million tons over the next two years, representing a growth of 28.57% compared to the end of 2024 [7][19]. - There are concerns regarding capacity digestion risks due to the anticipated decline in revenue and the potential delay in the commissioning of new projects [6][19]. Competitive Landscape - The molecular sieve market is characterized by high technical barriers, with international giants dominating the high-end market, while domestic companies are gradually breaking through in the catalyst field [13][14]. - Luoyang Jianlong Micro-Nano is positioned as a leader in the industry but faces challenges in brand influence and comprehensive strength compared to international competitors [15][19]. Raw Material Costs - The cost structure of the company is heavily influenced by raw material prices, which have seen a decline in recent periods, alleviating some cost pressures [20][21]. - The main raw materials include sodium hydroxide, solid sodium silicate, and lithium salts, with significant price reductions observed in 2024 [20][21].