CZDH(600230) 海通国际证券·2025-04-23 11:09Investment Rating - The report does not explicitly state the investment rating for Cangzhou Dahua [1]. Core Views - The TDI business has negatively impacted the company's performance in 2024, leading to a decline in net profit despite a slight increase in revenue [4][5]. - The company is focusing on strengthening the development of new products, particularly in specialty PC, to enhance its core competitiveness and risk resistance [6]. Company Overview - Cangzhou Dahua has a TDI production capacity of 160,000 tons, accounting for approximately 10% of the domestic capacity. The caustic soda production capacity is also 160,000 tons, primarily serving customers in Hebei and Shandong provinces. The PC production capacity is 100,000 tons, representing 2.6% of the total domestic capacity, with a supporting capacity of 200,000 tons/year of bisphenol A [2][3]. Financial Performance - In 2024, the company achieved a revenue of 5.07 billion yuan, a year-on-year increase of 4.19%. However, the net profit attributable to the parent company was 27.7385 million yuan, a significant decrease of 85.43% year-on-year. The net profit after deducting non-recurring gains and losses was 25.8 million yuan, down 86.31% year-on-year [4][5]. - By product, TDI generated a main business revenue of 2.16 billion yuan with a gross profit margin of 2.64%, a decrease of 10.3 percentage points year-on-year. The ionic membrane caustic soda had a revenue of 250 million yuan and a gross profit margin of 41.37%, remaining stable year-on-year. The PC segment achieved a revenue of 1.39 billion yuan with a gross profit margin of 11.52%, an increase of 1.4 percentage points year-on-year. Bisphenol A generated a revenue of 1.15 billion yuan, with a gross profit margin of -4.27%, down 5.27 percentage points year-on-year [5][6]. Product Development - The company is enhancing its R&D efforts in specialty PC. In 2024, it successfully synthesized copolymer silicon PC with a silicon content of around 20% and achieved mass production of high silicon content copolymer silicon PC, which can replace imported products. Additionally, the company has developed specialized materials for automotive lights and other modified PC products through experimental research [6].