晨光新材分析师会议-20250522

Group 1: Report General Information - The research object is Chenguang New Materials, and the industry is chemical products [17] - The reception time is May 22, 2025, and the listed company's reception personnel include the director and general manager Ding Bing, the director, board secretary and deputy general manager Liang Qiuhong, the financial director Lu Jianping, the independent director Yang Pinghua, and the securities affairs representative Feng Yifan [17] Group 2: Core Views - In the long - term, technological iteration and downstream demand growth drive the industry to expand, and strict environmental and energy policies accelerate industrial upgrading and integration. Currently, the industry faces structural over - supply, and the survival space of small and medium - sized enterprises is narrowing, while leading enterprises will dominate globally [25] - The company is transforming from a single silane supplier to a silicon - based new material solution service provider, and expects to form a gradient development pattern with the full production of three bases [26][27] - The company's future profit growth is mainly driven by four modules: market development, project construction, technology R & D, and human resources development [29] Group 3: Industry and Company Performance - In 2024, the organic silicon market was relatively sluggish, and the price of functional silanes decreased year - on - year due to weak demand and domestic capacity release [28] - In 2024, the company achieved an operating income of 115,965.35 million yuan, a net profit attributable to shareholders of listed companies of 4,136.01 million yuan, a net profit attributable to shareholders of listed companies after deducting non - recurring gains and losses of 895.06 million yuan, and an earnings per share of 0.13 yuan [31] Group 4: Company Business - The company is mainly engaged in the R & D, production and sales of functional silane basic raw materials, intermediates and finished products, with a complete product matrix and a wide range of downstream application fields [25][26] - The company's main products are divided into amino silane, epoxy silane, chloropropyl silane, sulfur - containing silane, orthosilicate, methacryloxy silane, vinyl silane, alkyl silane, hydrogen - containing silane, etc., covering fields such as automobiles, wind power, photovoltaics, tires, and construction [26]