NCIC(SZ:002246)2024-06-14 14:52Group 1: Product and Market Insights - The company's nitrocellulose products are primarily used in military applications, ensuring national defense equipment, while in civilian sectors, they are utilized in inks, paints, and fireworks [1] - The downstream demand for nitrocellulose is shifting towards regions like India and Vietnam, leading to a balanced overall domestic and international demand [1] - Nitrocellulose is not an explosive but a key raw material for producing propellants [3] Group 2: Performance and Growth Factors - The company has an annual production capacity of 30,000 tons of civilian nitrocellulose, with dynamic changes in both international and domestic market shares based on demand [3] - The nitrocellulose market exhibits cyclicality, with demand in the second half of the year generally exceeding that of the first half [3] - The company is focusing on product research and development, market expansion in civilian products, and military-civilian integration [3] Group 3: Corporate Strategy and Structure - The company is the only publicly listed entity under the Northern Chemical Group, which places significant emphasis on enhancing the quality of the listed company [3] - The company's industrial structure includes nitrocellulose as the core, along with active carbon-based chemical defense and environmental protection industries, and special industrial pumps [3] - The proportion of military-related products in nitrocellulose is small, with some products priced under a national pricing mechanism, ensuring price stability [4]