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受益于主营产品价格大涨,2024年正丹股份(维权)(300641)经营业绩实现爆发式增长。

4月15日晚间该公司披露的2024年年报显示,期内实现营业总收入34.8亿元,较上年同期增加126.31%;实现归母净利润11.9亿元,较上年同期增加11949.39%。

正丹股份业务围绕芳烃综合利用产业链,研发、生产和销售特种精细化学品和高端环保新材料,目前主要产品包括偏苯三酸酐(TMA)、偏苯三酸三辛酯(TOTM)、乙烯基甲苯(VT)、均四甲苯等。

报告期内,由于美国TMA生产厂家宣布永久性地关闭生产线,海外市场对中国TMA需求增长显著,公司主要产品TMA销售数量及销售单价均较上年同期有较大增幅,同时TOTM产品销售数量及销售单价也较上年同期有一定增幅,公司营业收入同比大幅增长。报告期内,随着公司TMA和TOTM产能利用率的显著提升,规模效应逐渐显现,边际成本明显下降,产品盈利能力提升,使得归属净利润大幅增长。

此前正丹股份在接受机构投资者调研时就表示,根据慧聪涂料网上公开数据,2023年全球TMA产能约为25.5万吨。国内TMA生产企业主要包括正丹股份8.5万吨/年,百川股份4万吨/年,泰达新材3万吨/年。国外TMA生产企业主要包括美国IneosJolietLLC(据其官方网站披露TMA产能为7万吨/年,市场传闻已永久性关闭)和意大利Polynt。

TMA是一种重要的高分子有机化合物,属于精细化工行业细分领域的高端产品,被广泛应用于环保增塑剂、高端粉末涂料、高级绝缘漆、高级润滑油及高温固化剂等,提升其耐热性、耐候性、耐迁移性、耐腐蚀性、抗挥发性、耐高温等性能。

TMA主要用途之一是用于生产偏苯三酸三辛酯(TOTM)。TOTM是一种无毒环保增塑剂,具有优良的耐热性、耐迁移性以及绝缘性,主要用作高等级PVC电线电缆的增塑剂、高级润滑油调和剂。随着人们对环保要求的逐年提高,以及电线电缆标准的提高,TOTM在增塑剂行业的占比不断提升。

此外,由TMA制成的偏苯三酸酯(TMT)具有优良的耐高低温性能,高温蒸发小、结焦量低,与各种添加剂具有良好的相容性,是合成高温链条油、高粘度压缩机油以及调和高级润滑油理想的新材料。

正丹股份此前就表示,随着国内增塑剂、粉末涂料、高级绝缘材料、高温固化剂、高级润滑油等下游行业的发展,我国偏苯三酸酐需求将保持持续增长的态势。

经立信会计师事务所(特殊普通合伙)审计,正丹股份2024年度合并报表归属净利润为11.9亿元,年末合并报表累计未分配利润为13.05亿元;母公司2024年度净利润为11.87亿元,年末母公司累计未分配利润为12.99亿元。

15日晚间该公司披露,经董事会审议通过的利润分配预案为,以未来实施利润分配方案时股权登记日的享有利润分配权的股份总数为基数,向全体股东每10股派发现金红利3元(含税)。

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