耐火纤维龙头鲁阳节能3名管理层人员突遭解聘，业绩大幅预减还能当“现金奶牛”吗

Core Viewpoint - The sudden dismissal of three key management personnel at Luyang Energy (002088) has raised concerns about the company's stability and future performance, especially in light of its recent financial struggles and ongoing management upheaval [1][2][3] Management Changes - Luyang Energy announced the dismissal of three key executives: CFO Yao Yonghua, Vice President Yuan Yi, and Audit Department Head Li Feng, all of whom were relatively new to their positions [2][3] - The dismissals were not due to the end of their terms, as they had approximately 10 months remaining, indicating a more urgent and unexpected decision [2][3] - The company has not appointed successors for these roles, with President Brian Eldon Walker temporarily taking over the CFO responsibilities to ensure operational continuity [2][5] Historical Context - The company has experienced frequent management changes since last year, with several long-term executives resigning for personal reasons, contrasting with the recent forced dismissals [3][4] - The management turnover coincided with a shift in control to foreign shareholder Kinetics Asia Pacific Holdings, which has led to a complete overhaul of the board and management team [4][5] Financial Performance - Luyang Energy's financial outlook has deteriorated, with a projected net profit for the first half of 2025 expected to decline by 53.21% to 61.72% compared to the previous year, primarily due to market competition and delayed project progress in the petrochemical sector [6][7] - The company has seen a consistent decline in net profit since 2023, with a drop from a historical high of 582 million yuan in 2022 to an estimated 492 million yuan in 2024 [6][7] Market Challenges - The downturn in the real estate market has negatively impacted demand for Luyang's core ceramic fiber products, while increased competition has pressured pricing and profit margins [7][8] - The company is attempting to pivot towards new growth areas, including industrial filtration and automotive padding, but these segments currently contribute only a small fraction of total revenue [8][10] Dividend Strategy - Despite recent financial challenges, Luyang Energy has maintained a high dividend payout strategy, having distributed approximately 2.772 billion yuan since its IPO, with an average payout ratio of about 76.59% from 2017 to 2024 [11][12] - The company has a shareholder return plan that stipulates a minimum cash distribution of 20% of the annual distributable profit, but the recent profit decline raises questions about the sustainability of this strategy [12]