泰和新材(002254) - 2024年12月18日投资者关系活动记录表

Group 1: Financial Performance - Revenue is slightly up, but profits have significantly declined, particularly in the spandex business, which has performed worse than expected this year [3] - The main reasons for the poor performance include supply-demand imbalance and intense competition in raw material prices, leading to a continuous decline in spandex prices [3][5] - The company has a current operating rate of approximately 70%, which has decreased in the fourth quarter [5] Group 2: Market Dynamics - The spandex industry is experiencing overcapacity, with many companies planning to expand production in 2025 [5][7] - The domestic market share for aramid fibers is approximately 60-70% for para-aramid and 40-50% for meta-aramid, with global market share still low [5][7] - Demand for spandex has been growing over the past two years, but supply growth has been even more significant [5] Group 3: Cost Management - The company is currently facing high historical procurement costs due to large inventory levels, but production and sales costs are manageable [5] - Cost control measures include managing raw material costs and improving efficiency to reduce the cost per ton of fiber [5][7] Group 4: Research and Development - The company is focusing on developing new products and exploring collaboration opportunities within the industry [5][10] - R&D efforts are directed towards advanced textiles, green dyeing, and smart fibers, with plans to establish a terminal product as a breakthrough [10][12] - New materials such as superhydrophobic materials and recycled fibers are also under consideration [10][12] Group 5: Future Outlook - Price stabilization is anticipated, but significant upward movement is unlikely; the focus will be on optimizing product structure [5] - The company is exploring the potential for acquisitions of promising new materials, depending on product and industry conditions [10] - The market for aramid paper is expected to grow, with plans to enhance competitive barriers in this sector [12]