AKL(603722) 北京韬联科技·2024-12-09 11:03Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company, Akoli (603722.SH), has initiated mass production of COC (Cyclic Olefin Copolymer) materials, which are expected to be a significant growth point for the company. The COC market is projected to reach a global value of $4.035 billion by 2025, with a compound annual growth rate (CAGR) of 32% [4][5][58] - The company has faced significant financial challenges, reporting a loss in the first three quarters of the year, with revenue declining by 11.9% year-on-year [6][16][21] - Akoli's main products include polyether amines and optical-grade polymer materials, with COC materials being a new focus area for profit growth [8][19] Summary by Sections Company Overview - Akoli was established in 1999 and transitioned from the New Third Board to A-shares in 2017. The company is controlled by Zhu Xuejun, who holds a 24.92% stake [6][8] - The company is recognized as a national-level specialized and innovative small giant enterprise [8] Financial Performance - The company has experienced a rollercoaster in revenue, with a peak in 2021 followed by a decline in 2022 and 2023. Revenue for 2023 is reported at 540 million yuan, down from 710 million yuan in 2022 [18][21] - The gross margin has significantly decreased, dropping to 8.8% in the first three quarters of 2023 from 30.3% in 2022 [19][21] Product Segments - COC Materials: The COC materials are primarily used in mobile phone lenses and are expanding into new applications such as virtual reality and automotive optics. The company has begun trial production of a thousand-ton COC production line [4][5][56] - Polyether Amines: This segment has seen a decline in revenue due to increased supply and insufficient demand, with a significant drop in sales price [24][31] - Optical Materials: The optical-grade polymer materials have stable sales, but the revenue has decreased by 16.7% in 2023 due to a drop in sales price [49][50] Market Position - The COC/COP market is currently dominated by Japanese manufacturers, with Akoli being one of the few domestic producers making strides in localizing production [5][58] - The company exports over 40% of its products, with significant sales to the US, Europe, and Southeast Asia [12][13] Future Outlook - The company is actively pursuing the development of new COC products and has entered various projects aimed at expanding its product offerings in the medical and electronic sectors [56][57] - Despite current challenges, the company is positioned to benefit from the growing demand for COC materials as the industry moves towards domestic production [58]