扬帆新材(300637) - 2018年5月8日投资者关系活动记录表

Company Overview - The company reviewed its development history, current structure, main business, and operational model, along with the industry status of photoinitiators, including market capacity and competitive landscape [3] - The company highlighted its core competitiveness and the main risks it faces [3] Financial Performance - In Q1, the sales revenue of thiol compounds and photoinitiators increased, with thiol compounds accounting for over 50% and photoinitiators over 40% of total revenue [3] - The sales volume of photoinitiators grew by approximately 10%, with prices increasing by over 20% year-on-year [3] Pricing Dynamics - The price increase of photoinitiators is attributed to environmental regulations leading to the shutdown of intermediate production companies, resulting in supply shortages [4] - The market price for TPO photoinitiators has risen from around 100,000 CNY/ton to 200,000-300,000 CNY/ton, while 1173 has increased from 35,000 CNY/ton to 60,000 CNY/ton [4] Production Capacity and Expansion - Current production capacity still has room for expansion, with plans to adjust product structure based on market conditions [6] - The company aims for the Inner Mongolia project to reach 50%-70% of its designed production capacity by the third year [6] Profit Margins - The gross margin for thiol compounds has increased by approximately 10%, primarily due to high-margin products [7] - The gross margin for photoinitiators has also seen a year-on-year increase [7] Market Strategy - The company plans to maintain a balanced focus on both photoinitiators and thiol compounds, with significant market potential for both [8] - The company has established stable customer relationships and is actively communicating with clients regarding new product samples [9] Environmental and Cost Considerations - The company has invested approximately 30 million CNY in environmental protection measures over the years [11][12] - The cost of raw materials, electricity, and steam is lower in Inner Mongolia, providing a competitive advantage despite higher labor and transportation costs [11] Market Potential - The global market for photoinitiators is substantial, with the company's photoinitiator 907 accounting for 50%-60% of the market, yet its production volume is only about 2,000 tons, representing less than 1% of global usage [12] - The shift from solvent-based inks to water-based and UV-curable inks is expected to expand the market further [12]