证券代码：300179 证券简称：四方达 二、请介绍公司主要产品的市场趋势？ 资源开采/工程施工类产品，从国内来看，中国经济回升向好，推 动国内原油和天然气消费量总体保持增长，国内油田服务市场保持良 好回暖趋势，预计国内石油复合片下游需求将持续回升；从国外来看， 因受市场需求不确定性、政策限制、成本压力和地缘政治风险等因素 影响，海外油田服务企业在扩产方面表现谨慎，导致海外钻井平台数 量有所下降，对海外油气开采类产品市场需求带来了一定的波动。精 密加工类产品，刀具的下游需求分散、行业众多、市场规模巨大，随 着高端制造业转型升级及新能源汽车快速增长，超硬刀具市场占比逐 渐提升。CVD 金刚石产品，CVD 培育钻石以大克拉钻石为主，同时 CVD 金刚石的特性不断被挖掘，国内外将金刚石材料及应用技术研究 提升至更高战略，CVD 金刚石的发展将进一步加速，不断出现更多的 功能性应用领域。 三、请介绍下公司 PCD 微钻的进展情况？ 公司目前具备生产 PCD 微钻钻头的能力，且公司生产的 PCD 微 钻钻头，具有寿命长、加工精度高及光洁度好等特点，随着 PCD 微钻 钻头产业的不断发展，可逐步降低国内高端制造业对进口精 ...

Core Insights - Polyimide (PI) is a high-performance polymer material known for its exceptional thermal stability, withstanding temperatures from -269℃ to over 500℃, making it crucial in aerospace, flexible displays, and advanced chips [2][5][19] - The PI industry faces significant challenges due to high-end product monopolization by foreign companies, leading to a "bottleneck" in domestic production capabilities [2][10][21] Group 1: Overview of Polyimide - Polyimide is a polymer characterized by the presence of imide rings, synthesized from diamines and dianhydrides [4] - It is recognized as one of the most promising engineering plastics of the 21st century, with applications across various high-tech industries [5][7] Group 2: Polyimide Industry Chain - The PI industry chain follows a "raw material supply - product manufacturing - application" model, with a notable integration of synthesis and product formation [10][26] - The upstream segment includes core monomers and auxiliary materials, with a reliance on imports for high-end monomers [14][15] - The midstream focuses on the manufacturing of various PI products, with significant technical barriers and a concentration of production among a few global leaders [17][18] - The downstream applications span electronics, aerospace, and military sectors, driven by the demand for high-performance materials [23][24] Group 3: Market Supply and Demand - Global PI production capacity increased from approximately 90,000 tons in 2020 to an estimated 110,000 tons by the end of 2023, with a compound annual growth rate (CAGR) of 6.9% [28][30] - The market for PI materials is projected to reach 104.4 billion yuan by 2030, with a CAGR of 6.98% from 2023 to 2030 [37] - In China, the PI production capacity is expected to grow significantly, with a focus on high-end applications, although the country still relies heavily on imports for advanced PI products [42][46] Group 4: Technological Aspects - The production of PI involves complex chemical reactions and requires a deep understanding of polymerization mechanisms and process control [55][57] - Various synthesis methods for PI resins include one-step, two-step, and three-step processes, each with distinct technical requirements [58]

Core Viewpoint - Polyimide (PI) is a critical material with exceptional properties, widely used in aerospace, flexible displays, and advanced chips, yet the high-end market is dominated by foreign giants, creating a "bottleneck" issue for domestic industries [2][21]. Summary by Sections 1. Overview of Polyimide - Polyimide (PI) is a polymer characterized by imide rings, known for its excellent thermal stability, withstanding temperatures from -269°C to over 500°C, making it one of the most thermally stable polymers [4][5]. - PI has diverse applications in aerospace, semiconductors, electronics, and flexible displays, categorized into various forms such as films, fibers, foams, and resins [7][8]. 2. Polyimide Industry Chain - The PI industry chain follows a "raw material supply - product manufacturing - application" model, with a unique integration of synthesis and product formation, leading to a tight coupling of industry segments [10]. - The upstream segment includes core monomers and auxiliary materials, with a reliance on imports for high-end monomers [14][15]. - The midstream focuses on manufacturing various PI products, with significant technical barriers and a predominance of domestic production in lower-end products [17][18]. - The downstream applications span electronics, aerospace, and military sectors, with a growing demand driven by technological advancements [23][24]. 3. Polyimide Market Supply and Demand - Global PI production capacity increased from approximately 90,000 tons in 2020 to 110,000 tons by the end of 2023, with a compound annual growth rate (CAGR) of 6.9% [28][30]. - The market for PI materials is projected to reach 104.4 billion yuan by 2030, with a CAGR of 6.98% from 2023 to 2030 [37]. - In China, PI production capacity is expected to grow significantly, with a focus on high-performance products to meet domestic demand [42][46]. 4. Polyimide Process Technology - The production of PI products involves complex chemical reactions and requires a multidisciplinary approach, integrating chemistry, materials science, and mechanical control [55][57]. - Various synthesis methods for PI resins include one-step, two-step, and three-step processes, each with distinct technical requirements [58].

Core Viewpoint - The company held an annual performance briefing on May 9, 2025, to discuss its financial results and future strategies, highlighting its focus on superhard materials and their applications in various industries [1][2]. Financial Performance - In the fiscal year 2024, the company achieved a revenue of 524.99 million yuan and a net profit attributable to shareholders of 117.61 million yuan. For the first quarter of 2025, the revenue was 131.27 million yuan with a net profit of 34.16 million yuan [3][14]. - The net profit for the first quarter of 2025 increased by 24.14% compared to the same period last year [10][14]. Product Applications - The company's superhard materials are strategically important for oil and gas extraction, with products demonstrating excellent performance in complex geological conditions [4]. - The diamond composite pieces used in mining applications are relevant due to the rising international gold prices [5]. - The superhard tools are applicable in high-precision manufacturing sectors such as automotive, aerospace, and electronics [6]. Industry Outlook - The demand for oil and gas extraction products is expected to remain stable in China, driven by economic growth, while overseas markets face uncertainties [7]. - The precision machining sector is anticipated to grow due to the transformation of high-end manufacturing and the rapid expansion of the new energy vehicle market [7]. Competitive Strategy - The company plans to enhance its market competitiveness by optimizing product strategies in oil and gas drilling and automotive manufacturing, while also focusing on R&D efficiency [8]. - The company aims to explore new growth opportunities through a "1+N industry" strategy, targeting multiple downstream applications [11]. Research and Development - The company has invested significantly in R&D, with 62.48 million yuan allocated in 2024, representing 11.90% of its revenue [14]. - The focus on CVD diamond technology is a key strategic direction, with ongoing efforts to enhance its applications in high-end manufacturing [13]. Collaboration and Partnerships - The company has established a strategic partnership with Huixin Communication to advance its functional diamond business, which is crucial for its growth strategy [12].

Financial Performance - In 2024, the company achieved a revenue of 524.99 million CNY and a net profit attributable to shareholders of 117.61 million CNY [4] - In Q1 2025, the company reported a revenue of 131.27 million CNY and a net profit of 34.16 million CNY, representing a 24.14% increase compared to the same period last year [8][12] Dividend Distribution - The profit distribution plan for 2024 was approved on April 22, 2025, and the company is required to complete the distribution within two months after the shareholders' meeting [2] Product Applications - The company’s superhard materials are utilized in oil and gas extraction, with products designed for complex geological conditions, enhancing the economic viability of shale oil and gas operations [4][5] - Diamond composite pieces are applicable in geological exploration and mining, particularly in gold mining due to rising international gold prices [4] - Superhard tools are crucial in precision machining across various industries, including automotive, aerospace, and electronics [5] Industry Outlook - The overseas oilfield service market is cautious due to geopolitical risks and market uncertainties, leading to fluctuations in demand for oil and gas extraction products [6] - Domestic oil and gas consumption is expected to grow, with a positive trend in the oilfield service market, indicating a sustained recovery in demand for petroleum composite pieces [7] Strategic Development - The company aims to enhance market competitiveness by optimizing product strategies in oil and gas drilling and automotive manufacturing, focusing on key products like petroleum composite pieces and superhard tools [8] - The company is pursuing a "1+N industry" strategy to explore multiple application fields, with short-term goals in oil and gas product import substitution and mid-term goals in precision processing [9] Research and Development - R&D investment for 2024 was 62.48 million CNY, accounting for 11.90% of revenue, while Q1 2025 R&D investment was 13.43 million CNY, representing 10.23% of revenue [12] - The company is focused on developing CVD diamond technology, with applications in high-end manufacturing and consumer sectors, including jewelry and semiconductor industries [11]