Supezet(688121)2024-09-03 09:38Group 1: Company Overview and Financial Performance - The company reported a net profit decline compared to the same period last year, primarily due to asset impairment and credit impairment losses, totaling -40,217,481.11 CNY in the first half of 2024 [2] - The accounts receivable balance is mainly from large petrochemical companies, with normal operating conditions and good repayment progress, indicating no defaults [2] - The company has a high capacity utilization rate, with the Jiangyin production base covering over 400 acres and sufficient orders on hand [2] Group 2: Capacity and Project Updates - The Daishan Petrochemical Circular Economy Industrial Park project covers approximately 1,400 acres and is nearing completion, which will enhance the company's operational scale and product quality [3] - The company is actively participating in the government's initiative to upgrade old petrochemical facilities, with an expected 25% increase in industrial equipment investment by 2027 [3][4] - The company is constructing a modern R&D center in Shanghai, expected to be operational by May 2025, focusing on innovation in refining and new energy equipment [4] Group 3: Orders and Market Demand - In the first half of 2024, the company secured new orders, including a 400,000 tons/year isobutane dehydrogenation project and a 600,000 tons/year bio-jet fuel project [3] - The company’s contract liabilities decreased due to project deliveries and revenue recognition, reflecting the uneven distribution of income recognition due to the nature of large-scale projects [2] Group 4: Collaboration and Strategic Initiatives - The company has a long-standing partnership with Linde, a leading industrial gas and engineering company, focusing on comprehensive engineering solutions for the domestic gas market [4] - The company aims to leverage its competitive advantages in R&D, product quality, and service to capture new market opportunities arising from national policies promoting industrial equipment upgrades [3][4]