Shanghai Chemspec Corporation(688602) 海通国际·2024-12-25 00:09Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is a technology-driven enterprise focused on fine chemicals, primarily engaged in the research, development, production, and sales of fine chemicals, including new materials, pharmaceuticals, and pesticide chemicals [2][33] - The company has developed a series of core technologies around fluorination and C-C bond coupling, establishing a highly competitive technology platform [2][33] - The company is the largest professional manufacturer of LiFSI, with a sales volume of 705 tons in 2021, capturing a market share of 10.39% [9][95] - The company has successfully broken foreign monopolies in the organic silicon pressure-sensitive adhesive market, achieving product indicators comparable to international leaders [9][95] - The company has established cooperative relationships with globally renowned pharmaceutical companies such as Merck, Eli Lilly, and Bayer [11] Summary by Sections New Energy Battery Materials - The company has overcome technical difficulties in LiFSI production, becoming the largest manufacturer in this field [9][95] - In 2021, the global demand for LiFSI was approximately 6,788 tons, with the company achieving a sales volume of 705 tons [9][95] Organic Silicon Materials - The company has applied C-C bond coupling technology to the production of MQ silicone resin, achieving domestic production of pressure-sensitive adhesives [9][95] - The market size for this segment is approximately 1 billion yuan, with the company holding about 10% market share [9][95] Display Materials - The company has industrialized the coupling reaction using water as a solvent, with a sales volume of display materials reaching 128.73 tons in 2021 [30][61] - The company's liquid crystal monomer products, primarily fluorine-containing single crystals, account for about 50% of the global market share [30][61] Pharmaceutical and Pesticide Chemicals - The company has seen a compound annual growth rate of 118.44% in pharmaceutical and pesticide chemical revenue from 2020 to 2022, significantly outpacing the overall industry growth [11][74] - The company has established production capabilities for acetamiprid, with a market share of approximately 4%-6% in 2021 [11][74] Financial Performance - In H1 2024, the company's revenue was 341 million yuan, a year-on-year decrease of 35.08%, with net profit attributable to the parent company at 9 million yuan, down 88.12% [10][29] - The CDMO business generated 167 million yuan in revenue, accounting for 48.90% of total revenue [10][29]