SUNSTONE(603612)2024-06-03 07:34Group 1: Industry Overview - The pre-baked anode price saw its first increase in 17 months in May 2024, rising by 60 CNY/ton after a 42% decrease in 2023 [4] - The market share of commercial pre-baked anodes in 2023 was approximately 11.79 million tons, with a year-on-year growth of 5.55%, while supporting pre-baked anodes experienced a decline of 1.93% [5] Group 2: Production and Sales Targets - The company aims to achieve a production target of 3.3 million tons for pre-baked anodes and 50,000 tons for negative materials in 2024 [4] - By the end of 2024, the company's pre-baked anode production capacity is expected to reach 3.46 million tons, with a signed capacity target of 5 million tons by the end of 2025 [12] Group 3: Financial Performance - In Q1 2024, the company reported a revenue of 3.106 billion CNY, with a net loss attributable to shareholders of -42 million CNY, but a net profit of approximately 63 million CNY after excluding non-recurring gains and losses [6] - The company experienced a negative net profit of -131.32 million CNY in 2023, primarily due to significant price fluctuations in raw materials [11] Group 4: Strategic Initiatives - The company is actively pursuing overseas market expansion, including a joint venture with EGA in the UAE to establish a 60,000-ton annual pre-baked anode project [7] - The company plans to enhance operational efficiency and reduce production costs through various measures, including lifecycle management and inventory optimization [12] Group 5: Market Strategy Adjustments - In 2023, the national export of pre-baked anodes decreased by 15.81%, but the company's export volume increased to 670,000 tons, accounting for 37% of the national total [10] - The company is focusing on balancing production and sales through joint ventures with downstream customers to maintain high capacity utilization [10]