8月15日，江瀚新材（603281）在披露的投资者关系活动记录表中透露，目前受制于整体经济情况，短 期负面影响持续显现，功能性硅烷行业企业亏损或停产的情形普遍出现。当前的不利形势不会一直持 续，根据经济和产业发展的规律，功能性硅烷行业终将重回增长期。 江瀚新材直言，公司从未打价格战，也没有多余的产能打价格战。功能性硅烷行业最终要靠产业链完整 性、产品技术含量和质量等优势得到发展。国内同行被淘汰的主要原因有产业链不完整、脱实向虚搞贸 易、安全环保不到位等。 相比同行，江瀚新材认为，公司产业链完整，产品技术含量高，高附加值产品多。同时资源利用水平 高，将有效成分充分开发为产品，并实现氯元素循环，降低了废弃物处置成本、盐酸外运费用。此外， 劳动生产率更高，公司人均产销量、营收、利润均高于同行。 江瀚新材介绍，公司的产品线分为两类，一类常规产品做规模摊薄成本费用，一类非常规产品在高端领 域赚取利润，如公司一直在开发的高纯度电子产品。目前，公司高端产品约占销售额的15%左右，利润 贡献超过50%。 "总体而言，功能性硅烷的需求空间很大。"江瀚新材举例称，以光伏为例，中国的光伏发电占到三分之 一，如果其他国家都能达到这个 ...

Core Viewpoint - Morning Light New Materials (605399.SH) has issued a profit warning, predicting a net loss of 3.5 to 5.1 million yuan for the first half of 2025, marking a year-on-year decline of 108.35% to 112.16% [1][2]. Group 1: Financial Performance - The company's non-recurring net profit is expected to decline sharply by 228.87% to 273.31%, with losses projected between 29 to 39 million yuan, reaching a new low since its listing [1][2]. - Morning Light's stock price peaked at 18.44 yuan per share on the announcement day, following three consecutive days of trading at the upper limit [2]. - The gross profit margin has plummeted from a high of 42.56% in 2021 to 14.84% in 2024, with a net profit margin turning negative at -2.04% in the first quarter of 2025 [10][15]. Group 2: Industry Context - The functional silane industry is facing an oversupply crisis, with production capacity expected to reach 70.25 million tons in 2024, while demand is only projected at 27.25 million tons, indicating a significant supply-demand imbalance [3][4]. - The average selling prices of key products are declining, with amino silane prices dropping by 19.1% from 25,148.61 yuan/ton in 2023 to 20,344.83 yuan/ton in 2024 [6][7]. - The overall market size for the functional silane industry is only 5.773 billion yuan, slightly above Morning Light's market capitalization [5]. Group 3: Operational Challenges - The company is experiencing increased construction costs and a decline in product prices due to oversupply, which has led to a significant drop in profitability [2][13]. - Morning Light's debt levels have surged, with the debt-to-asset ratio rising from 10.36% in 2022 to 33.75% in the first quarter of 2025 [15]. - Cash flow from operating activities has drastically decreased, with a projected cash flow of 40.36 million yuan in 2024, down 80% year-on-year, and a net outflow of 16.36 million yuan in the first quarter of 2025 [18]. Group 4: Future Outlook - Despite the challenging market conditions, the company is continuing to expand its production capacity, which may further strain its financial resources [14][19]. - The risk of inventory devaluation is significant, with a reported inventory balance of 210 million yuan as of the end of 2024, representing 13% of current assets [18]. - Analysts suggest that the ongoing price wars and increased competition from larger firms may further exacerbate the company's financial difficulties [9][19].

Company Overview - Jiangxi Hongbai New Materials Co., Ltd. is a leading enterprise in the functional silane industry, particularly in the sulfur-containing silane supply chain, with a stable partnership with major tire manufacturers such as Continental AG, Sumitomo Rubber, and Bridgestone [4][14][18] - The company has a complete silane industrial chain and is recognized for its circular economy system, with a diverse product matrix including silane coupling agents and new silicon-based materials [4][10] Financial Performance - The company's total assets as of 2025 are reported at 40.95 billion, with a net profit of -0.06 billion for the first quarter of 2025, indicating ongoing financial challenges [2][3] - Revenue for 2024 is projected at 14.77 billion, with a net profit margin of 10.52% in 2023, which has declined due to increased competition and price reductions [2][14] - The company has a debt-to-capital ratio of 44.32% and a cash-to-short-term debt ratio of 2.39, indicating a relatively stable financial position despite operational challenges [3][19] Industry Environment - The functional silane industry in China is highly competitive, with significant price competition leading to declining profit margins across the sector [10][12] - The global consumption of functional silanes is expected to reach approximately 63.35 million tons in 2024, with China accounting for about 31.33 million tons, reflecting strong domestic demand [10][11] - The market for sulfur-containing silanes is growing, driven by the increasing production of green tires, with a projected consumption of 8.24 million tons in 2024, up 9.2% year-on-year [10][12] Operational Challenges - The company faces significant cost control pressures, with raw materials accounting for over 65% of operating costs, and potential price volatility in raw materials could impact profitability [5][19] - Environmental and safety risks are heightened due to the nature of the chemical industry, with increased scrutiny from regulatory bodies regarding pollution and safety standards [6][19] - The company has initiated a joint venture with Momentive Performance Materials Asia Pacific Pte. Ltd. to establish a new entity, which is pending regulatory approval, indicating strategic efforts to expand its operational footprint [9][18] Future Outlook - The credit rating outlook for the company remains stable, supported by its strong market position and established customer relationships [4][10] - The company is expected to continue facing challenges from industry competition and pricing pressures, but its strategic initiatives and partnerships may provide avenues for growth [4][10][12]

Core Viewpoint - The functional silane industry in China is rapidly developing, with significant increases in production capacity and market demand, positioning itself as a crucial pillar in the new materials sector [1][5][21]. Group 1: Industry Overview - Functional silanes are organic silicon molecules with a backbone structure of -Si-O-C-, categorized into silane coupling agents and silane crosslinking agents [2][4]. - The industry has achieved near parity with international R&D capabilities, boasting a leading global production capacity and strong cost advantages [1][5]. - By 2024, China's functional silane production capacity is projected to reach 702,500 tons, with a production volume of 401,400 tons and a market size of 5.15 billion yuan [1][7]. Group 2: Market Demand and Growth - The demand for functional silanes is expanding, driven by emerging industries such as photovoltaics, composite materials, and new energy vehicles [1][7]. - In 2024, the demand for functional silanes in China is expected to be 272,500 tons, with a market size of 5.15 billion yuan, reflecting a year-on-year increase [1][7]. - The market size is projected to grow to 5.773 billion yuan by 2025, indicating a robust growth trajectory [1][7]. Group 3: Industry Chain Structure - The upstream of the functional silane industry includes chemical raw material manufacturing, while the midstream focuses on the production of various functional silanes [9][11]. - The downstream applications span multiple sectors, including rubber products, composite materials, photovoltaic materials, and construction coatings [9][11]. Group 4: Competitive Landscape - The functional silane market in China is characterized by a high degree of marketization, with significant participation from private and state-owned enterprises [15][16]. - Major players include Jianghan New Materials, Hongbai New Materials, and Chenguang New Materials, which have established strong production capabilities and competitive advantages [15][16][17]. - The industry is witnessing a shift towards domestic production, with China becoming a significant global production base for silanes [15][16]. Group 5: Future Trends - The demand for functional silanes is expected to continue growing, particularly in high-end manufacturing and new energy sectors [21]. - The industry is anticipated to evolve towards higher-end, environmentally friendly products, driven by technological advancements and increasing environmental regulations [21].

Financial Performance - In 2024, the company achieved a revenue of ¥2,101,954,593.52, a decrease of 43.47% year-on-year [3] - The net profit attributable to shareholders was ¥84,600,941.21, down 81.86% year-on-year [3] - The net profit after deducting non-recurring gains and losses was ¥81,688,257.01, a decline of 81.59% year-on-year [3] - The company recognized an investment loss of ¥81,415,451.89 due to significant goodwill impairment from a key supplier [3] Market Dynamics - The lithium-ion battery materials market is experiencing intensified competition, with prices of key products continuing to decline [3][6] - The demand for lithium-ion battery materials is expected to expand due to the growth of the new energy vehicle sector and advancements in battery technology [4][6] - The global energy storage market is witnessing substantial growth driven by renewable energy development and increasing demand for data centers [5] Future Growth Drivers - The company aims to leverage its technological and scale advantages in lithium-ion battery materials to meet the evolving needs of core customers [4] - The optical film sector is anticipated to benefit from the domestic shift in LCD production and ongoing upgrades in consumer electronics [6] - The functional silane market is projected to grow steadily, driven by demand from emerging industrial applications and the increasing entry barriers in the industry [6] Industry Outlook - The lithium-ion battery materials industry is in a deep adjustment period, with companies slowing down capacity release amid fierce competition [6] - The functional silane sector is entering a new phase of high-quality development, with China becoming the largest producer and consumer globally [6] - The company plans to expand its product range and enhance technical services to strengthen its competitive position in the market [6]