On April 26, 2023, Cangzhou Dahua released its 2022 annual report. The report shows that in 2022, Cangzhou Dahua will achieve revenue of 4.914 billion yuan, a year-on-year increase of 62.26%; net profit of 421 million yuan, a year-on-year increase of 882.36%; net profit attributable to shareholders of listed companies of 420 million yuan, a year-on-year increase of 1402.36%; The basic earnings per share is 1.02 yuan; the average ROE is 10.40%. As of the end of the reporting period, the company's net assets were 4.251 billion yuan, an increase of 10.48% compared with the same period last year, and the asset-liability ratio was 39.68%.
Discussion and analysis of business conditions
1. TDI products: In 2022, the annual production capacity supply is insufficient. Due to the safety accident maintenance of a domestic device, the domestic supply is reduced; the energy crisis triggered by the Russia-Ukraine conflict led to the suspension of production of the three main European devices The supply has also decreased significantly, and the export demand has increased significantly;
In addition, the overall operating environment of the domestic polyurethane middle and lower reaches is better than that of the previous period, and the production enthusiasm of downstream factories has increased, and the market price has remained at a relatively high level in recent years.
Based on the actual situation, the company aims to ensure the maximization of profits, minimizes sales expenses as the starting point, focuses on sales in surrounding high-profit areas, increases the proportion of bulk water, and insists on "being able to make short distances without Long-distance, able to disperse water without barreling" sales principle, implement the "customer-centric" business philosophy, continue to do a good job in customer service, and at the same time strive to carry out "one-stop" sales services, solidly do a good job in the surrounding regional markets, and create The differentiation advantage of the enterprise in the competition.
2. Caustic soda products: As the basic chemical raw materials of the national economy, they are indispensable in the process of economic operation. Our company continues to maintain stable production and continuously optimize product quality through technical and management improvement methods. While keeping an eye on market changes, flexibly adjust price policies, actively maintain surrounding target customers, and achieve a balance between production and sales. During the sales process, the company vigorously developed small and medium-sized customers, developed multiple users in surrounding areas such as Tianjin, Huanghua and Bazhou, and tapped the potential needs of existing customers, making the sales price closer to the market, and gradually getting rid of the dependence on large customers. It also ensures the maximum benefit of the company.
3. PC products: Polycarbonate is the only transparent material among the five general-purpose engineering plastics. It has excellent comprehensive performance and is widely used in the production of building materials, auto parts, medical equipment and electronic components, etc. In 2022, the global supply chain will stagnate intermittently, exports will be unstable, and domestic demand will be insufficient. Our company maintains stable production, continuously optimizes product quality through technology and management improvement methods, actively expands into high value-added fields such as special PCs, pursues win-win benefits for the company and customers, and promotes better development of the company.
The company's industry during the reporting period
1. TDI products: In 2022, due to the overhaul of individual devices, the contradiction of oversupply in the total domestic supply will be alleviated; the overall industrial chain is operating better than in the previous period, and the production demand of downstream factories has been further released. The overall operating price of TDI is at a relatively high level in recent years. The company keeps abreast of market changes, gives full play to the company's advantages of stable production system and high product market recognition, keeps abreast of market changes, focuses on the proportion of sales and water distribution in surrounding areas, and combines the actual situation of the market to ensure the maximum benefit of the company.
2. Caustic soda products: Since 2022, the differences in the domestic liquid caustic soda market still exist, and different regions adjust their shipments according to supply and demand, with ups and downs. Downstream alumina, viscose fiber, paper making, chemicalsThe overall performance of the industry is relatively stable. Because the company's geographical location is greatly affected by local direct user demand and Shandong regional supply, the overall market in 2022 will indirectly exert pressure on production and sales policies due to the impact of both supply and demand and transportation. The company faces the reality of the market and actively Take measures to stay close to the market, predict in advance, flexibly apply sales policies, and stimulate demand. The annual average settlement price remains at a high level above 1,000 yuan/ton (tax included).
3. PC products: By the end of 2022, the total domestic PC production capacity will be about 3.27 million tons per year, and the new production capacity will be 700,000 tons. With the growth of domestic production capacity, the situation of structural supply imbalance and low-end price competition in the market still exists. At present, the proportion of domestic PC consumption in various fields has limited changes. It is expected that the industry will still maintain the traditional consumption field. With the gradual progress of carbon neutralization and carbon peaking, the application or growth rate of the new energy field will accelerate. In 2022, in the process of PC industry expansion, there will also be a trend of accelerated development of industrial chain integration. With the guidance of the decline in cost, the overall price will drop sharply. The annual capacity utilization rate of the industry is about 54.4%, and the downstream consumption About 2.79 million tons, the import dependence is about 50.2%. In the future, PC will promote diversified production of products to meet the needs of segmented markets.
Main operating conditions during the reporting period
In 2022, the company's production and operation will hit a new high, and the TDI device will achieve stable, constant full, high-quality and high-quality operation throughout the year.
1. TDI products: the annual production of TDI was 168,269.29 tons, a year-on-year increase of 34,563.83 tons, an increase of 25.85%; the sales of TDI was 169,805.63 tons, a year-on-year increase of 25,830.92 tons, an increase of 17.94%; the realization of main business income 2,722,544,900 yuan, main business cost 2,331,532,200 yuan, gross profit 391,012,700 yuan.
2. Revenue, cost and gross profit of ionic membrane caustic soda
The annual production of ionic membrane caustic soda was 520,768.19 tons, a year-on-year increase of 36,194.58 tons, an increase of 7.47%; the sales of ionic membrane caustic soda was 345,196.75 tons, a year-on-year decrease of 47,905.61 tons, a decrease of 12.19%; the main business income was 347,191,900 yuan , the main business cost was 163.8306 million yuan, and the gross profit was 183.3613 million yuan.
3. PC product revenue, cost, gross profit
The annual production of PC products was 94,017.27 tons, a year-on-year increase of 55,921.65 tons, an increase of 146.79%; the sales of PC products was 89,732.59 tons, a year-on-year increase of 57,481.54 tons, an increase of 178.23%; The operating cost was RMB 1,400,086,000, and the gross profit was RMB -10,476,600.
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