On the evening of October 24, Yida Co., Ltd. released its third quarter financial report. Data showed that the company’s operating income in the third quarter was 485 million yuan, a year-on-year increase of 16.09%, and the net profit attributable to the parent company was 1.64 million yuan. , a significant decrease of 96.45% year-on-year; from January to September 2023, Yida Co., Ltd. achieved a cumulative operating income of 1.364 billion yuan, a year-on-year increase of 15.78%, and a net profit loss attributable to the parent company of 49.14 million yuan, a year-on-year decrease of 140.09%.
In the third quarter of 2023, the market competition for propylene oxide products is still fierce and profitability is poor. Benefiting from the rising market prices of hydrogen peroxide products, Taixing Yida, a subsidiary of Yida Co., Ltd., decisively adjusted its product production structure and focused on the production of hydrogen peroxide products. . In the third quarter of 2023, the sales revenue of hydrogen peroxide products was 97.4 million yuan, and the sales gross profit was 29.16 million yuan.
From January to September, the sales revenue of propylene oxide products was 210 million yuan, accounting for 15.64% of the main business revenue, and the sales gross profit was -16.64 million yuan, accounting for -12.92% of the main business gross profit. From January to September, the sales volume of Yida’s alcohol ether and alcohol ether ester products increased by 22.05% year-on-year, and its market share increased. However, due to market competition and downstream demand, the average sales price of alcohol ether and alcohol ether ester products was the same as the same period last year. A year-on-year decrease of 24.59% resulted in a year-on-year decrease of 11.34% in gross sales profit margin.
Although the good performance of hydrogen peroxide products in the third quarter improved the company’s overall operating performance, the company still failed to achieve overall profitability from January to September 2023 due to the multiple factors mentioned above. During the reporting period, the depreciation and amortization provisions increased by 76.4 million yuan year-on-year due to the impact of the completion of construction in progress of the Taixing Yida 150,000-ton-per-year propylene oxide project and the transfer of fixed assets. The project was successfully completed and accepted in September 2023 as a special investment project for the revitalization and technological transformation of key industries in the country.
National key industry revitalization and technological transformation special investment project – Yida Co., Ltd. 150,000 tons of propylene oxide unit
Yida Co., Ltd. has achieved a single-quarter profit in the third quarter, which has greatly improved the company’s annual profit performance. In the first half of the year, Yida Co., Ltd. suffered a loss of 50.8 million yuan. After making a single profit in the third quarter, the loss from January to September has narrowed. Yida Co., Ltd. said that it will conscientiously do a good job in various aspects such as production safety and environmental protection in the next stage of work. , seize the favorable opportunity of the domestic economic recovery, strive to do a good job in production and operation, improve the company’s profitability and operating performance, and lay the foundation for the company’s long-term stable development.
As the setter of industry standards for alcohol ethers and the first drafter of propylene oxide green design products, Yida has always given top priority to product innovation. Implementing the concept of “high-quality development, green development, and energy-saving development”, and by continuously increasing investment, we have formed a research and development system with independent innovation capabilities, sufficient technical reserves, and new product industrialization capabilities, and have sustained independent innovation capabilities.
In terms of products catering to market demand, with many years of experience in the production of alcohol ethers and alcohol ether esters, and through a combination of independent research and development and learning from foreign advanced technologies, Yida has formed a unique “flexible production” feature that can be flexibly adjusted according to market demand. Product output, configure alcohol ether and alcohol ether ester product categories, and launch products that meet market demand in a timely manner. Yida Co., Ltd. continues to conduct in-depth research and development and refinement of existing products to form a multi-specification and multi-variety product group, and increases product upgrades and expansion of application fields to enhance product profitability and market space.
In order to ensure the stability of the supply chain and continue to reduce costs, Yida Co., Ltd. has extended its reach to the upstream. It has independently developed a complete set of direct oxidation (HPPO) propylene oxide technology and built a propylene oxide production unit with an annual output of 150,000 tons. This technology is Green and environmentally friendly technologies encouraged by national policies can provide a stable supply of core raw materials and effectively reduce company costs. Do a good job in the application promotion and service demonstration of HPPO legal propylene oxide technology. We will also expand and strengthen the industrial chain and increase the comprehensive utilization of series products, thereby effectively improving product gross profit margin and raw material utilization rate.
In terms of production capacity layout, Yida Co., Ltd. relies on the “Three Rivers and Four Regions” strategic layout to achieve the goals of being close to raw materials, close to the market and facing the world, forming competitive advantages of lower raw material procurement costs, lower transportation costs and reasonable production capacity layout. Through the supporting implementation of Zhuhai Storage Tank Area, production costs can be further reduced and the company’s products can be introduced to the international market.
In terms of the development and maintenance of key downstream customers, Yida has become a part of the international supply chain by integrating into the core supply system of major customers such as BASF and Dongjin Semiconductor, and will gradually benefit from the market expansion and new product development of international giants. The increased demand brought about has laid a good foundation for the company’s sustainable development.
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