SINO-HIGH(SZ:301076)2025-04-28 10:50Financial Performance - In 2024, the company achieved a revenue of 419 million CNY, with a net profit of 55.97 million CNY [2] - In Q1 2025, the revenue was 116 million CNY, and the net profit reached 16.19 million CNY [3] - Revenue in 2024 decreased by 3.66% compared to the previous year, primarily due to a reduction in product sales prices, despite a 30% increase in total sales volume [3] - In Q1 2025, revenue increased by 12.43% year-on-year, with sales volume across major product categories rising by over 30% [3] Product Performance - Sales of specialty engineering plastics remained stable, while sales of photoinitiators increased by nearly 30% [3] - Cosmetic raw material sales doubled, and sales of agricultural and pharmaceutical intermediates increased by over 40% [3] - DFBP sales volume in Q1 2025 increased by approximately 30% compared to the same period last year [5] Market Outlook and Strategy - The company plans to enhance market expansion efforts and improve capacity utilization [7] - The HAP product is primarily used in high-end skincare products, with new brands starting to adopt it [7] - HDO products serve as cosmetic raw materials with good moisture retention and antibacterial properties, targeting the same customer base as HAP [7] - The company aims to explore new growth points in specialty engineering plastics and cosmetic raw materials [7] Cost and Pricing Dynamics - Product prices will be adjusted based on raw material costs and market competition [6] - An increase in capacity utilization is expected to lower fixed costs per unit, leading to a recovery in gross profit margins in Q1 2025 [6]