Core Viewpoint - Guangdong Siquan New Materials Co., Ltd. reported a significant increase in revenue for 2024 but faced a decline in net profit due to subsidiary losses and rising expenses [1][2]. Group 1: Financial Performance - The company achieved an operating income of 656 million yuan in 2024, representing a year-on-year growth of 51.10% [1]. - The net profit attributable to shareholders decreased to 50.39 million yuan, down 6.2% year-on-year, while the net profit was 52.46 million yuan, a decline of 3.88% [1]. - The losses from subsidiaries, including Siquan Thermal Management, Kemin Precision, and Siquan Electronic Glass, totaled approximately 22.72 million yuan, significantly impacting overall net profit [2]. Group 2: Margin Fluctuations - The gross margin for core products, such as magnetic materials and nano-protective materials, exhibited significant volatility, with magnetic materials' gross margin ranging from -2.61% to 34.69% over the reported period [2]. - The negative gross margin for magnetic materials in 2024 was attributed to competitive pricing strategies adopted by Korean clients, with expectations of recovery in 2025 due to increased orders in the smartphone sector [2]. Group 3: Compliance and Risk Management - The company has rectified compliance issues related to labor dispatching, reducing the proportion of dispatched workers to 0% as of September 30, 2025 [3]. - The company received a customs audit notice regarding discrepancies in product classification but has not faced administrative penalties as of the report date [3]. - Environmental assessments for newly established subsidiaries are ongoing, with limited impact on overall performance expected [3]. Group 4: Fundraising and Investment Projects - The company plans to raise up to 466 million yuan for projects focused on core business areas, including a heat dissipation product project in Vietnam [4]. - The Vietnam project, with a total investment of 369 million yuan, is expected to generate annual sales of 599 million yuan upon reaching full production [4]. - The company aims to improve asset utilization by leasing out some idle space while ensuring that new fundraising projects will be for self-use only [4].
思泉新材回复深交所问询函 2024年营收增长51.10%净利润下滑3.88%