CZDH(SH:600230) Xin Lang Cai Jing·2025-12-08 05:45Core Viewpoint - The company has reported a significant increase in net profit for the third quarter, driven by rising TDI prices and effective cost management, despite a decline in overall revenue [1][2]. Group 1: Financial Performance - The company's revenue for the first three quarters decreased by 10.58% year-on-year, while net profit attributable to shareholders increased by 124.26% [1]. - The third quarter saw TDI prices fluctuate, initially rising due to overseas incidents and domestic maintenance, before stabilizing at 13,000-13,500 yuan/ton by the end of the quarter [1]. - As of December 5, TDI prices reached 14,121 yuan/ton [1]. Group 2: Market Dynamics - The company benefited from a supply shortage of TDI in Europe, leading to an increase in export volumes [1]. - In the third quarter of 2025, TDI export volume reached 138,500 tons, a 33.04% increase compared to 104,100 tons in the same period of 2024 [1]. - Cumulatively, TDI exports from China in the first three quarters of 2025 have already surpassed the total for the entire year of 2024 [1]. Group 3: Production and Strategy - The company successfully implemented a 50,000-ton polycarbonate technical upgrade project, which has begun producing qualified products and is currently in the market promotion phase [2]. - The company is facing market pressure on its bisphenol A products and plans to adjust production loads to maximize efficiency [2]. - Approximately 45% of total sales volume is attributed to exports, with internal and external profit margins being relatively equal [2].