同兴环保(003027) - 同兴环保投资者关系管理信息

Revenue Breakdown - The company achieved a total revenue of 406 million CNY in the first three quarters, with flue gas treatment engineering and equipment business revenue at 226 million CNY, accounting for 55.8% of total revenue; catalyst business revenue was 179 million CNY, accounting for 44.2% [1]. Catalyst Development and Market Potential - The fifth-generation CO catalyst has shown stable performance in trials with downstream clients such as Ma Steel and Nanjing Steel, operating at temperatures of 270-280°C with an efficiency of 87-92% over 2,700 hours [1][2]. - The demand for CO catalysts in large-scale sintering machines is estimated to reach around 40,000 m³, with a market potential exceeding 10 billion CNY [2]. International Market Expansion - The company has secured environmental industry projects in Thailand and India, with revenue expected to be reflected in the 2025 financial statements [2]. - The company’s TX-1 carbon capture absorbent has advanced technology, with regeneration energy consumption at an internationally advanced level, enhancing its competitiveness in overseas markets [2]. Profit Margin Challenges - The rapid decline in catalyst gross margins is attributed to macroeconomic downturns and intensified market competition. The company plans to improve production processes to reduce costs by 2,500-3,000 CNY per cubic meter, potentially increasing gross margins by 8%-10% [3]. CCUS Business Outlook - The demand for CCUS in China is projected to reach 24 million tons per year by 2025, growing to nearly 100 million tons by 2030, and around 1 billion tons by 2040. The company has the capacity to produce 10,000 tons of absorbent annually, which could contribute over 100 million CNY in revenue if fully utilized [4]. - Current carbon trading prices are around 105 CNY per ton, with expectations that prices will rise to 150-180 CNY, which would activate the CCUS market [4]. Sodium-ion Battery Development - Sodium-ion batteries maintain a cost advantage over lithium-ion batteries, despite lower energy density. They are expected to find applications in two-wheeled electric vehicles and energy storage systems [4]. - The company’s sodium-ion battery products have passed safety and electrochemical performance tests, with further development underway [4].