Jalon(SH:688357) Zheng Quan Zhi Xing·2025-07-02 16:36Core Viewpoint - The company, Jianlong Micro-Nano, reported a significant decline in revenue for 2024, with total operating income of 779 million yuan, a year-on-year decrease of 20%. The decline is attributed to changes in product and customer structure, particularly in the gas separation and life health business segments, which saw revenue drops of 16% and 58% respectively [1][3]. Revenue Composition - The company's main business segments contributed a total revenue of 678.66 million yuan, accounting for 87.15% of total operating income. The primary products include medical oxygen molecular sieves, industrial oxygen molecular sieves, industrial hydrogen molecular sieves, and adsorption drying molecular sieves, which collectively generated 615.89 million yuan, representing 79.09% of total revenue [2][3]. - The medical oxygen molecular sieve segment experienced a revenue drop of 69.31% compared to 2023, primarily due to a 54.05% decrease in sales volume and a 33.21% decline in average selling price [4][3]. Downstream Demand and Market Trends - The decline in demand for medical oxygen molecular sieves is linked to a post-pandemic inventory adjustment by downstream customers, leading to reduced purchasing activity. The price of lithium salt, a key raw material, fell by approximately 85.82%, further impacting product pricing [3][4]. - The industrial oxygen molecular sieve segment's revenue decline is influenced by reduced capital expenditures in traditional industries such as steel and metallurgy, which saw a 1.7% decrease in crude steel production in 2024 [4][5]. Comparison with Industry Peers - The revenue trends of Jianlong Micro-Nano align with those of comparable companies in the industry, such as Wanrun and Zhongchumai, which also reported declines. However, Zhongchumai's revenue increased due to a 68% growth in overseas sales, contrasting with Jianlong's domestic revenue drop of 27.23% [5][10]. - The differences in revenue performance among peers are attributed to variations in product structure, downstream application industries, and raw material dependencies [5][10]. Customer Structure and Sales Dynamics - The company identified changes in its top five customers across different business segments, noting the presence of new customers and shifts in purchasing behavior. The sales amounts and relationships with these customers were detailed, indicating a need for strategic adjustments in response to market dynamics [10][12]. - The company’s overseas sales reached 199 million yuan, a 13.36% increase year-on-year, while domestic sales fell to 579 million yuan, a decrease of 27.23%. This disparity is attributed to differences in product structure and pricing strategies between domestic and international markets [14][15]. Gross Margin Analysis - The gross margin for overseas sales was 34%, which is 6.91 percentage points higher than that for domestic sales. This difference is due to the company's differentiated pricing strategies based on market characteristics [14][16]. - The competitive landscape in the domestic market is more intense, leading to price sensitivity among customers, which has pressured overall gross margins [16][15]. Audit and Revenue Verification - The company’s external auditor conducted a thorough review of the authenticity of overseas revenue, verifying 69.44% of the reported overseas sales through various documentation and customer confirmations [18][19].