Jalon(SH:688357) Zheng Quan Zhi Xing·2025-07-02 16:36Core Viewpoint - The company, Luoyang Jianlong Micro-Nano New Materials Co., Ltd., reported a significant decline in revenue for 2024, with total operating income of 779 million yuan, a year-on-year decrease of 20% [1]. Revenue Composition - The main business segments, including gas separation and life health, experienced revenue declines of 16% and 58% respectively, with changes in customer structure noted [1][2]. - The company’s primary products, including medical oxygen molecular sieves and industrial oxygen molecular sieves, generated a total revenue of 615.89 million yuan, down 27.71% year-on-year, primarily due to a 32.13% drop in average selling prices despite a 6.51% increase in sales volume [2][3]. Downstream Demand and Price Changes - The demand for medical oxygen molecular sieves decreased by 54.05% due to inventory adjustments by downstream customers following a peak demand period from 2020 to 2023 [3]. - The price of lithium salt, a key raw material, fell from 538,000 yuan per ton at the beginning of 2023 to approximately 76,300 yuan per ton by the end of 2024, a decline of about 85.82%, which contributed to the reduction in selling prices [3][4]. Comparison with Industry Peers - The revenue trends of comparable companies in the industry showed a similar downward trajectory, with Jianlong Micro-Nano's revenue decline aligning with that of Wanrun Co. and others, while Zhongchumai's revenue increased due to a 68% growth in overseas sales [5][6]. - The differences in revenue growth rates among peers are attributed to variations in product structures, downstream application industries, and raw material dependencies [5][6]. Customer Structure and Sales - The company identified changes in its top five customers across different business segments, noting that three new customers entered the top five for the gas separation segment [9][10]. - The life health segment's major customers, including Yuyue Medical and Kangjuren, reported revenue declines of 22.42% and 32.02% respectively, reflecting a broader market trend of reduced demand [7][9]. Domestic vs. Overseas Revenue - In 2024, domestic sales revenue was 579.74 million yuan, down 27.23%, while overseas sales increased by 13.36% to 199.01 million yuan, driven by growth in animal feed molecular sieve sales [12][13]. - The disparity in revenue trends between domestic and overseas markets is attributed to differences in product structure and pricing strategies, with overseas sales generally yielding higher profit margins [14][16]. Cost Structure and Supplier Relationships - The company reported a 36% decrease in direct material costs, while manufacturing expenses rose by 40%, indicating a shift in cost structure due to raw material price fluctuations [17][18]. - The top five suppliers included new entrants, and the company provided details on procurement amounts and relationships, indicating a strategic shift in supply chain management [22].