Miracll(SZ:300848)2025-04-28 10:39Group 1: Company Overview - The company specializes in the production of polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (special isocyanates, special amines) [3] - Products are widely used in various fields including consumer electronics, automotive manufacturing, and green energy [3] Group 2: Pricing and Market Strategy - The company has established a dynamic sales pricing management system to adjust product prices based on cost, market demand, and competition [4] - Despite price wars in the HDI market, the company maintains a profit margin [4] Group 3: Financial Performance - In 2024, the company achieved an operating income of CNY 1.658 billion, a year-on-year increase of 12.42%, while net profit decreased by 11.70% to CNY 77.588 million [8] - The company’s product export revenue is projected to account for 8.78% of total revenue in 2024 [8] Group 4: Shareholder Returns - The company plans to distribute cash dividends amounting to CNY 29.95 million, representing 38.60% of the net profit for 2024 [15] - A shareholder return plan for 2024-2026 aims to distribute at least 30% of the average distributable profit over three consecutive years [8] Group 5: Production Capacity and Utilization - The company’s available production capacity is 190,000 tons, with a projected capacity utilization rate of 86.41% for 2024 [8] - The company has successfully completed the production process for six products in its polyurethane industrial park [12] Group 6: Strategic Planning - For 2025, the company aims to enhance R&D collaboration, optimize supply chain efficiency, and expand market share through innovative product development [13] - The company is focusing on the construction of new projects to increase production capacity and improve competitiveness [14] Group 7: Risk Management and Financial Health - The company has implemented measures to ensure financial stability, including cash flow management and risk control [28] - The net cash flow from operating activities for 2024 is projected to be -CNY 131.65 million, a significant decrease of 157.18% year-on-year [20]