RTGF(SZ:002440)2025-06-16 07:48Industry Overview - China is the world's largest producer, trader, and consumer of dyes, accounting for approximately 70% of global dye production [1] - Major dye production areas in China include Zhejiang, Jiangsu, and Shandong provinces, with a high industry concentration [1] - The dye industry is characterized by intense competition, with increasing production capacity both domestically and internationally [1] Company Performance - In 2024, the company achieved a revenue of CNY 5,695,178,073.59, a year-on-year increase of 1.91% [2] - The operating profit for 2024 was CNY 387,299,893.66, reflecting a significant growth of 106.36% [2] - The net profit attributable to shareholders reached CNY 213,487,437.36, marking a substantial increase of 366.42% [2] Q1 2025 Performance - For the first quarter of 2025, the company reported a revenue of CNY 1,278,360,881.91, up by 2.20% year-on-year [3] - Operating profit for Q1 2025 was CNY 73,642,844.60, showing a growth of 78.58% [3] - The net profit attributable to shareholders was CNY 47,793,114.62, a remarkable increase of 3,542.85% [3] Trade Friction Impact - The company's direct export ratio of dye products is low, resulting in minimal short-term impact from trade friction [4] - Long-term effects may arise if trade tensions persist, but the demand for textiles and apparel remains inelastic [4] H Acid Market Dynamics - Domestic effective capacity for H Acid is currently below 60,000 tons, leading to a supply gap exceeding 10% [5] - Historical prices for H Acid have exceeded CNY 100,000 per ton, with current market prices surpassing CNY 40,000 per ton [5] Company H Acid Capacity - The company's H Acid production capacity is located at its subsidiary, Jiangsu Mingsheng, which is currently in a state of suspension [6] Dye Pricing Strategy - Dye product prices are influenced by market supply and demand as well as raw material costs, with the company adopting a market-following pricing strategy [7] Industry Chain Strategy - The company implements a "backward integration" strategy to extend its industry chain, achieving significant results in key intermediate production [8] - The dye industry system has been established, encompassing a complete chain from thermal power, steam, chlorine, and caustic soda to intermediates and dyes [8]