昊华科技20250506

Summary of Haohua Technology Conference Call Company Overview - Company: Haohua Technology - Industry: Fluorochemical and Specialty Chemicals Key Financial Performance - Q1 2025 Revenue: 3.157 billion CNY, up 10.96% YoY [2][3] - Q1 2025 Net Profit: 214 million CNY, up 21.67% YoY [2][3] - Total Assets (2024): 30.151 billion CNY [3] - Net Assets (2024): 17.119 billion CNY [3] - 2024 Revenue: 13.966 billion CNY [3] - 2024 Net Profit: 1.105 billion CNY, YoY growth of 7.6% [14] Business Segment Performance Refrigerant Segment - Q1 2025 Revenue: Approximately 686 million CNY, with a gross profit nearing 300 million CNY, doubling YoY [2][7] - Average Price: 42,000-43,000 CNY/ton, up 13,000 CNY YoY, outperforming competitors [4][6] - Gross Margin: Increased by 16 percentage points to 43% [2][7] - Key Factors: Product structure differences and higher quota utilization efficiency [6] Polymer Segment - Q1 2025 Loss: Nearly 10 million CNY, a reduction of about 50 million CNY YoY [2][10] - Overall Performance: Poor gross margin situation, with significant losses expected to continue [8][16] - 2024 Loss: Approximately 45 million CNY, a decline of nearly 200 million CNY YoY [16] Electrolyte Segment - Q1 2025 Loss: Approximately 24 million CNY, with a 50% increase in losses YoY [2][7] - Lithium Hexafluorophosphate: Mostly for self-use, showing relatively better performance [7] High-end Manufacturing Segment - Q1 2025 Gross Margin: Decreased by 18.6% to 8.7% due to policy factors and inventory buildup [2][20] - Net Profit Decline: Approximately 11% YoY [21] Specialty Chemicals Segment - Current Status: Affected by pricing mechanism changes, but showing signs of gradual improvement [22][23] Market Dynamics - Fluorochemical Industry: Characterized by uneven performance, with some segments like electrolytes improving while polymers struggle [6][8] - Investment Returns: Stable returns from joint ventures closely related to the fluorochemical industry [11] Future Outlook - Refrigerant Business: Expected to continue its upward trend, indicating a long-term growth cycle [40] - Polymer Market: Currently under pressure but anticipated to improve in the coming years [17] - High-end Manufacturing: Expected to stabilize and grow, supported by government spending on defense [25] Challenges and Risks - Depreciation Impact: New projects entering depreciation periods expected to increase depreciation by over 30% [4][18] - Pressure from Non-refrigerant Fluorochemical Businesses: Facing cyclical downturns and depreciation impacts [39] Additional Insights - Inventory Increase: Due to demand recovery in specialty products, leading to stockpiling [28] - Engineering Orders: Close to 4 billion CNY, sufficient to support operations for the next 2-3 years [33] - Catalyst Project: Expected to boost demand as new projects come online [34] Conclusion Haohua Technology is navigating a mixed performance landscape across its business segments, with strong growth in refrigerants but challenges in polymers and high-end manufacturing. The company is poised for potential recovery in several areas, supported by strategic investments and market dynamics.