YONGTAI TECH.(002326)2024-11-28 11:31Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province, specializing in fluorine fine chemicals [2] - The company operates across the inorganic and organic fluorochemical industries, covering new materials, pharmaceuticals, plant protection, and trade [2] Performance Overview - In Q1 2024, the company achieved a revenue of CNY 333,876.45 million, a year-on-year increase of 7.30% [3] - The gross profit margin improved from 15.30% in the same period last year to 17.62% this year, while net profit after deducting non-recurring items was -CNY 10,620.40 million, a decrease in loss of CNY 7,830.42 million [3] Lithium Battery Materials Segment - The lithium battery materials segment has established a vertically integrated supply chain, with production capacities as follows: - Solid lithium hexafluorophosphate: approximately 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year in trial production [3] - Additives: VC product at 5,000 tons/year and FEC product at 3,000 tons/year [3] - Electrolyte: 150,000 tons/year [3] - Future strategies include enhancing R&D and product layout to meet customer needs across the supply chain [3] Pharmaceutical Segment - The pharmaceutical segment has developed a vertically integrated supply chain covering cardiovascular, diabetes, central nervous system, anti-infection, and antiviral fields [4] - Several pharmaceutical products have received approval from the National Medical Products Administration, and the subsidiary Yongtai Pharmaceutical has passed FDA inspections [4] Trade Business - In H1 2024, trade business revenue accounted for 37.16% of total revenue, primarily driven by Shanghai Nonghui, which manages over 1,000 pesticide registrations overseas [5] - The proportion of trade business may decrease as the company focuses on lithium, pharmaceuticals, and plant protection as core businesses [5] Profitability Analysis - In H1 2024, the gross margin for pharmaceutical products was 44.17%, while the lithium battery materials segment saw a gross margin of 6.03%, an increase of 14.51 percentage points year-on-year [5] - The plant protection segment's gross margin was 33.68%, up 4.89 percentage points year-on-year, but faced pressure in Q3 due to price declines [5] Future Outlook - The company aims to enhance its market competitiveness in the lithium materials segment despite current profit pressures, with increasing shipment volumes [6] - The pharmaceutical segment will focus on high-value-added products and expand domestic market presence [6] - The plant protection segment will strengthen collaboration with the trade segment to optimize production and sales coordination [6]