On April 29, Taihe New Materials released the first quarter report of 2023. In the first quarter, the operating income was 1.012 billion yuan, a year-on-year decrease of 4.10%; the net profit attributable to the parent was 136 million yuan, a year-on-year decrease of 7.05%; The net profit not attributable to the parent company was 124 million yuan, a year-on-year decrease of 9.65%; the basic earnings per share were 0.16 yuan per share.
The spandex price difference has been repaired, and the company’s gross profit margin has improved quarter-on-quarter. In the first quarter of 2023, the company’s gross sales margin was 28.44%, an increase of 3.87 percentage points year-on-year; quarterly growth. We believe that the quarter-on-quarter improvement in the company’s sales gross profit margin is mainly due to the gradual recovery of the spandex price difference driven by the recovery of domestic textile and clothing demand. In the first quarter of 2023, the average spandex price difference was 14,331 yuan/ton, an increase of 5.6% from the previous quarter. In terms of aramid fiber, the production and sales have both increased year-on-year this year, but under the influence of the Spring Festival, the increase in production in the first quarter was limited.
Spandex dual-base layout, implementation of low-cost and differentiation strategy, and maintenance of industry’s relative competitive advantage. Due to the optimization of my country’s epidemic prevention policy, domestic textile and clothing consumption demand is gradually recovering. However, subject to supply pressure, it is expected that spandex price spreads will have limited room for expansion. The company’s spandex production capacity ranks fifth in China, and it has two bases in Yantai and Ningxia. Aim at the world-class level in Yantai Park, build a new 15,000-ton/year high-efficiency differential coarse-denier spandex project, and promote the efficiency, scale, and benefit of differentiated products; at the same time, in Ningxia, where the prices of production factors are relatively low, vigorously implement Low-cost expansion strategy (the cost per ton is 2,000-3,000 yuan lower than that in Yantai), focusing on the development of large-scale, low-cost, and high-efficiency spandex products, and building a new 30,000/ton green differentiated spandex intelligent manufacturing project.
The development prospect of aramid fiber is broad, and the company will continue to expand its production capacity and expect growth. On the one hand, the demand for flame retardant protection, bulletproof protection, communications, automobiles, aviation, and rail transit is expected to continue to increase; Open a new growth space for aramid fiber. Aramid fiber has technical barriers and high market threshold. The company has mature technology and can mass produce, and continues to increase its aramid fiber business through fundraising projects. As of the end of 2022, the company’s aramid fiber nominal production capacity is 21,000 tons/year, and the production capacity under construction is 19,000 tons/year. If the planned production capacity is put into production as scheduled, the company is expected to realize the transition from a domestic leader to an international leader.
Emerging business is advancing steadily, and the future penetration space is broad. The company’s ownership enterprise Jingwei Intelligent Technology has realized the world’s first industrial production of Lightmei® intelligent luminescent fiber, and is in the process of market development; the pilot project of Lightmei® fiber lithium battery is expected to be launched in 2023. Completed and put into production in the second quarter. The company’s fiber green processing technology is expected to subvert the printing and dyeing industry, and the pilot project is advancing in an orderly manner. Among them, the digital printing factory will be completed and put into operation in the second quarter of 2023, and the printing and dyeing demonstration factory will be completed and put into operation in the third quarter of 2023. In addition, according to the forecast of Gaogong Lithium Battery, the global power battery shipments will reach 1730GWh in 2025, corresponding to the demand for diaphragms of about 33 billion square meters, assuming that the coating penetration rate is 70%, corresponding to the market demand for coated diaphragms of 23 billion square meters. The permeation space of the covering membrane is wide. The company’s lithium battery aramid fiber coating film production project of 30 million square meters per year has been put into production, and is currently in the sample delivery verification stage; the industrialization is currently in the design stage, and will most likely start this year. With the steady progress of the above-mentioned emerging businesses, especially aramid-coated diaphragms, the company is expected to usher in new performance growth points, and future growth is expected.
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