键邦股份：高分子材料环保助剂龙头，积极扩产赛克等产品带来高速增长

Investment Rating - The report does not explicitly state the investment rating for Shandong Jianbang New Materials (603285 CH) Core Views - The company is a leader in environmentally friendly additives for polymer materials, focusing on the R&D, production, and sales of these products, which are used as stabilizers, catalysts, plasticizers, and coupling agents in various applications such as PVC plastics and coatings [1][14] - The company has a strong market position with a product system centered around THEIC, titanate, DBM, SBM, and acetylacetonate, which are important substitutes for traditional non-environmentally friendly stabilizers like lead salts [1][14] - The company is actively expanding its production capacity and product range to create new revenue and profit growth points [11][16] Summary by Sections Company Overview - The company primarily engages in the fine chemical industry, focusing on environmentally friendly additives for polymer materials [1][14] - The product system includes key products such as THEIC, titanate, DBM, SBM, and acetylacetonate, which are essential for various applications [1][14] Financial Performance - The company's operating income for 2021-2023 was RMB 1,044 million, RMB 754 million, and RMB 674 million, with net profits of RMB 329 million, RMB 243 million, and RMB 190 million respectively [1][4][14] - In the first half of 2024, the company achieved an operating income of RMB 363 million, a year-on-year increase of 5.70%, while net profit decreased by 2.18% to RMB 96 million [1][14] Product Sales Breakdown - In 2023, THEIC products generated sales of RMB 341 million, accounting for 50.52% of total revenue, while sales of titanate products were RMB 159 million (23.63% of revenue), DBM/SBM products contributed RMB 82 million (12.24%), and acetylacetonate products accounted for RMB 62 million (9.18%) [2][15] - The sales of DBM/SBM products increased by 28.13% year-on-year, while acetylacetonate products saw a growth of 21.57% [2][15] Capacity Expansion - The company plans to invest RMB 1.048 billion in a new production base for environmental protection additives, which will include various products with a total annual capacity of 300,000 tons [11][16] - Additional investments include RMB 212 million for a DBM production line expansion and RMB 160 million for a high-purity acetylacetonate project [11][16] Market Opportunities - The demand for polymer materials and additives is increasing due to urbanization, consumption upgrades in construction materials, and the growth of the automotive market [3][12][17] - The rapid development of the new energy vehicle market is significantly boosting the demand for lithium batteries, which in turn stimulates the upstream materials industry [3][12][17] - Government policies are promoting the development of environmentally friendly additives, creating opportunities for the company to replace traditional toxic additives [3][12][17]