On April 26, 2023, Cangzhou Dahua released the 2022 annual report. The report shows that in 2022, Cangzhou Dahua will achieve a revenue of 4.914 billion yuan, a year-on-year increase of 62.26%; The net profit was 421 million yuan, a year-on-year increase of 882.36%; the net profit attributable to shareholders of listed companies was 420 million yuan, a year-on-year increase of 1402.36%; the basic earnings per share was 1.02 yuan; the average return on equity ROE was 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 capacity supply will be insufficient. Due to the safety accident maintenance of a certain domestic device, the domestic supply will be reduced; the energy crisis triggered by the Russia-Ukraine conflict will lead to the suspension of production of the three main European devices, and the international supply will also decrease significantly. Export demand significant increase;
In addition, the overall market 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 maximize profits, minimize sales costs as the starting point, focus on sales in surrounding high-profit areas, increase the proportion of bulk water, and insist on "short distances but not long distances, water that can be scattered without barrels" "The 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, do a good job in the surrounding regional markets, and create a differentiated advantage in the competition .
2. Caustic soda products: As a basic chemical raw material of the national economy, it is 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 devices, and electronic components. Intermittent stagnation, unstable exports and insufficient domestic demand. 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.
Industry situation of the company 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 eased; the operation of the overall industrial chain will be better than in the previous period, the production demand of downstream factories will be further released, and the overall operating price of TDI will be at a level in recent years Relatively high. 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 soda market still exist, and different regions adjust shipments according to supply and demand, with ups and downs. The overall performance of the downstream alumina, viscose fiber, papermaking, chemical products and other industries was 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 influence 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 main business income was 2,722,544,900 yuan, and the 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, an increase of 36,194.58 tons or 7.47% year-on-year; the sales of ionic membrane caustic soda was 345,196.75 tons, a year-on-year decrease of 47,905.61 tons or 12.19%; the main business income was 347.1919 million yuan, and the main business cost was 163.8306 million yuan , with a gross profit of 183.3613 million yuan.
3. Revenue, cost and gross profit of PC products
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 main business income was 1,389,609,400 yuan, and the main business cost was 1,400.086 million yuan. -10.4766 million yuan.
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