According to Securities Star News, on April 26, 2024, Gaomeng New Materials (300200) issued an announcement saying that Liu Hairong, Liu Longji, Li Jinfeng of Minsheng Securities, Li Sijia of Kaiyuan Securities, Zhou Zhipeng of Guotai Junan Securities, Yang Jinjin, He Xiong and Wang Lijing of Bank of Communications Fund investigated our company on April 26, 2024.
The details are as follows:
Q: What are the specific reasons for the significant increase in the company's operating income and net profit in the first quarter of 2024?
Answer: From January to March 2024, the company achieved operating income of 324.650 million yuan, an increase of 81.4336 million yuan or 33.48% year-on-year, a net profit attributable to shareholders of listed companies of 52.6663 million yuan, an increase of 15.2179 million yuan or 40.64% year-on-year, and a net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of 47.7248 million yuan, a year-on-year increase of 14.0143 million yuan, an increase of 41.57%.
The substantial growth of revenue and net profit is mainly due to the following reasons: first, the company's flexible packaging composite adhesives have achieved certain growth in domestic and export sales by virtue of their advantages in the industry's brand, new product development, technical services, sales network, supply guarantee capabilities, etc., especially in exports, and the export of flexible packaging adhesives in the first quarter of 2024 has achieved 53% Second, the company has increased its overseas business expansion efforts, and its export revenue has maintained a growth rate of more than 20% in recent years; third, the acquisition of Qingyuan Better in 2023 and its consolidation in August 2023, and the consolidation of its revenue in the current period has driven the growth of revenue and profit; fourth, due to the interest income such as fixed deposits in the current period, the increase in government subsidies received, and the decrease in share-based payment expenses, the company's net profit in the reporting period has also increased. In 2024, the company will focus on the strategic direction to strengthen product research and development and independent innovation investment, enhance the comprehensive competitiveness of the company's products, promote the implementation of the company's business plan, and strive to report shareholders with better performance.
In the future, the company's revenue and net profit are expected to be stable and improving, specifically due to the following factors: First, Wuhan Huasen's Japanese business will gradually shrink in 2024 with the sharp decline in the previous two years, and at the same time, the company's business income of new energy vehicles and excellent domestic brand OEMs will increase significantly. At present, the company is actively promoting the delivery of aerogel felt, heat insulation board, foam, structural adhesive and thermal conductive structural adhesive to the top 10 customers in the power battery industry, including the head enterprises, which is expected to bring a significant increase in revenue and net profit to the company;second, with the commissioning of two new projects in Nantong, the company's production capacity has been greatly increased, providing a capacity guarantee for future growth, so as to alleviate the pressure of tight production capacity in the past few years;third, 2023 Fourth, the company's share-based payment expenses in 2024 will be significantly reduced compared with 2022 and 2023, although it will largely impact the net profit in 2023, but it will also greatly reduce the pressure on future goodwill impairments.
Q: What are the directions and products of the advanced composites business in the company's 2+3 product development strategy, and what are the future plans?
Answer: The main products of the company's advanced composite materials sector include functional composite adhesives, solvent-free composite adhesives, water-based polyurethane adhesives and reactive hot melt adhesives PUR and other series of products, and the market application is mainly flexible packaging. From January to March 2024, the sales revenue of advanced composite materials was about 158 million yuan, accounting for 48.78% of the operating income, an increase of 10.59% over the same period last year.
In the field of food and drug flexible packaging composite adhesives, the company is a leading domestic enterprise, with high brand influence and brand value in China, customers throughout the domestic and Southeast Asia head flexible packaging composite enterprises, in the first quarter of 2024 to achieve overseas revenue growth of about 53% compared with the same period last year, the growth is very significant. At present, the company's advanced composite materials orders are sufficient, the production schedule is relatively compact, in the future after the completion of the new production capacity project, this part of the capacity pressure can be significantly relieved, the company will also be based on the specific production and sales situation, further optimize the product structure, adjust the sales strategy, the future company will focus on the pain points of the industry, the customized needs of large customers, focus on new product development and market share improvement, and strive to contribute more performance to the company.
Q: How did the company's 2+3 product development strategy perform in the first quarter of functional transportation materials?
Answer: The company's functional transportation materials mainly include three parts of business, one is the automotive adhesive business, the other is the NVH sound insulation, vibration and noise reduction materials business, and the third is the power battery adhesive business. In recent years, due to the sharp decline in sales of Japanese cars, the operation of Wuhan Huasen's original NVH soundproofing, vibration and noise reduction material business has not met expectations. In view of this, the company actively adjusted its development strategy, and in 2023, the company continued to increase R&D investment, achieved significant breakthroughs in the field of bonding and sealing of functional transportation materials in new energy vehicles and battery components, interior and exterior decorations, and successfully developed a number of new energy customers including the head new energy vehicle companies, and at the same time, the company's thermal conductive adhesives, structural adhesives, potting compounds and other products successfully entered a number of new energy enterprises including the head new energy vehicle companies, and aerogel, insulation board and other accessories successfully entered the domestic TOP5 The newly put into operation roof carpet project has successfully entered several excellent domestic brands and new forces and other automobile OEMs. In the first quarter of 2024, the company's operating income of functional transportation materials increased by 34.59% over the same period last year, and the operating situation is gradually improving. In the future, according to the company's current domestic EV manufacturing customer development progress and orders in hand, this part of the business will also bring a significant increase in revenue and net profit to the company.
Q: What business capacity does Qingyuan Better Capital Increase and Expansion Project mainly expand, what is the current progress, and will the company further increase production capacity in the field of power and energy in the future?
Answer: The company actively promotes the strategic expansion of the acquired projects, and plans to increase capital and expand the South China New Material Industrial Base of Gaomeng New Materials based on the existing base of its wholly-owned subsidiary Qingyuan Beite New Materials Co., Ltd., and plans to apply for 12,396.11 square meters of land (equivalent to about 18.6 acres) adjacent to it on the basis of nearly 50 acres of land, and the overall construction will form a 30,000-ton new power electronic functional materials covering an area of about 69 acres With a production base of 46,000 tons of advanced composite materials, Qingyuan Beite's annual production capacity will increase from the existing 10,030 tons to 76,000 tons. At present, the capital increase and expansion project is in the early stage of the project demonstration and construction procedures and preparations, and the new land of 18.6 acres has completed the land bidding, auction and listing procedures and the payment of land money. The completion and commissioning of the project is not only conducive to expanding the company's market share and market position in the field of power and energy, but also effectively alleviating the single situation of the company's advanced composite material production base, further optimizing the company's industrial base layout, effectively guaranteeing the supply of the South China market, and laying a solid foundation for the company's future development. The company's current new energy materials business mainly includes three pieces of Bate's original power motor insulation resin, adhesives for photovoltaic modules and adhesives for electronic appliances, based on the future demand for power for computing power, the future development potential of the power sector is greater, the company will also further expand the layout in the field of power, in view of the relatively fragmented and competitive competition pattern of the power energy materials market, in addition to adopting the way of endogenous expansion, we will also integrate some industries through epitaxial mergers and acquisitions in the future to promote the high-quality development of the sector.
Q: The company's new production capacity is released, does the company have sufficient preparations to digest the new production capacity?
Answer: Nantong Gaomeng's annual output of 124,500 tons of adhesive new materials and by-products of 4,800 tons of ethylene glycol technical transformation project, including 70,000 tons of flexible packaging adhesives, as the company's advantage business, the company's flexible packaging adhesives rely on the industry's brand, new product development, technical services, sales network, supply guarantee capabilities and other advantages, in the future through the adjustment of sales strategy, In addition, including 46,500 tons of low-carbon coating materials, this part of the business is currently mainly outsourced for production, which has seriously affected the expansion and supply guarantee level of downstream customers. Cost optimization will be greatly improved, which is conducive to the improvement of brand competitiveness, the development of downstream key customers and the improvement of gross profit level, and we are confident that we can quickly achieve rapid revenue growth, capacity utilization and profitability improvement of the low-carbon coating materials segment after it is put into production.
Gaomeng New Materials (300200) main business: adhesive materials business; NVH sound insulation, vibration and noise reduction materials; Eco-friendly coating resin.
According to the first quarter report of Gaomeng New Materials in 2024, the company's main revenue was 325 million yuan, an increase of 33.48% year-on-year, the net profit attributable to the parent company was 52.6663 million yuan, an increase of 40.64% year-on-year, the non-net profit was 47.7248 million yuan, an increase of 41.57% year-on-year, the debt ratio was 22.15%, the investment income was 284,000 yuan, the financial expenses were -5.5914 million yuan, and the gross profit margin was 28.89%.
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