PhiChem(SZ:300398)2022-11-21 15:36Financial Performance - In the first three quarters of 2021, the company achieved operating revenue of 188,685.38 million yuan, a year-on-year increase of 40.34% [1] - The net profit attributable to shareholders was 27,049.76 million yuan, up 59.34% compared to the same period last year [1] - The net profit after deducting non-recurring gains and losses was 23,223.64 million yuan, reflecting a growth of 79.20% year-on-year [1] Revenue Breakdown - Revenue from UV curing materials reached approximately 370 million yuan [2] - Revenue from semiconductor materials exceeded 400 million yuan [2] - Revenue from display materials was nearly 930 million yuan, with photoresist contributing over 50 million yuan [4] Gross Margin Insights - The overall gross margin remained stable compared to the previous year, with minimal impact from rising raw material prices [2] - The gross margins for various segments were approximately: - UV curing materials: 30% [3] - Semiconductor materials: 40% [3] - Display materials: 40% [3] - Pharmaceutical intermediates: 45% [3] Investment Projects - The "120 tons/year TFT-LCD mixed liquid crystal display materials project" is progressing as planned and is expected to be completed by early next year [2] - The "10,000 tons/year UV curing fiber coating materials expansion project" has received partial funding, focusing on preliminary preparations [2] - The "15 tons/year OLED terminal display materials sublimation purification project" is fully laid out but has some investment space due to production demand issues [2] Market Trends and Future Outlook - The increase in fiber optic cable prices is expected to boost demand for UV curing materials [2] - The company aims for 60%-80% of its required single crystal materials to be self-produced, which could significantly enhance profit margins [3] - The company anticipates maintaining a good growth rate in shipments for the current year and next year [3] International Revenue - Approximately 10% of the company's revenue comes from overseas markets, primarily from UV curing and display materials [5] - Exports of fiber coating materials account for about 15%, while liquid crystal products contribute around 10% [5] Financial Management - Financial expenses decreased in Q3 2021 due to better cash management of idle funds and reduced interest expenses from financing leases [6] - The company plans to focus on high-efficiency projects to improve overall net profit margins, aiming to restore them to above 15% in the future [6]