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4月8日,山东道恩高分子材料股份有限公司(证券代码:002838.SZ,以下称“道恩股份”或“公司”),发布2025年第一季度业绩预告。

青岛上市企业观察第568期

报告期内,公司预计实现归属于上市公司股东的净利润4236.44万元至4589.48万元,同比增长20%至30%,扣除非经常性损益后的净利润3512.17万元至3886.42万元,同比增长22%至35%。

据悉,山东道恩高分子材料股份有限公司注册于2002年,于2017年在深圳证券交易所上市,是一家专业从事高性能热塑性弹性体、改性塑料、色母粒、可降解材料及共聚酯材料等功能性高分子复合材料的研发、生产、销售与服务的国家级高新技术企业。

近年来,道恩股份业绩略有承压。财务数据显示,2021年至2023年,道恩股份分别实现营业收入42.61亿元、45.26亿元、45.44亿元,分别同比变动-3.64%、6.21%、0.41%,归母净利润分别为2.26亿元、1.52亿元、1.4亿元,出现下滑。

出现以上此种降幅的原因,与宏观方面行业周期性波动和微观方面企业自身成本控制及市场研发挑战等均有关联。

宏观行业周期性波动是道恩股份业绩承压的首要原因。经济增速放缓,市场需求增长动力不足,对于道恩股份所处的改性塑料、热塑性弹性体等行业而言,下游汽车、家电、电子等制造业的需求波动直接传导至上游原材料供应商。需求一旦萎缩,企业会面临产能过剩、产品价格下降的困境,进而压缩了利润空间。

其次,原材料价格的剧烈波动也加剧了企业的成本压力,尽管公司通过与供应商建立长期合作关系、优化采购策略等方式部分缓解了成本压力,但在原材料价格大幅上涨时,仍难以完全转嫁成本,导致毛利率下滑。

不仅如此,随着改性塑料、热塑性弹性体等行业的快速发展,市场竞争日益激烈。道恩股份在技术创新和产品研发方面虽然投入较大,但在某些细分领域仍面临竞争对手的挑战,市场份额受到一定程度的挤压。

但时隔一年后,道恩股份的业绩便正式迎来“春天”,2025年第一季度公司业绩预告呈现“跨步式”增长,实现了较大幅度的突破。

这份成绩单背后,既有国家政策的助力,更与青岛本地产业的协同效应密不可分。

作为国家持续加码汽车、家电、电子消费领域的“以旧换新”政策,道恩股份卡位了高景气赛道,深度绑定了新能源汽车及智能家电产业链。一季度,新能源车销量同比增长超30%,智能家电升级需求提升,道恩股份的TPV材料、改性塑料等产品销量同步创同期历史新高。

不仅如此,道恩股份与部分青岛本地公司的共赢合作,成为其差异化竞争的关键。通过增资青岛周氏,道恩完成“PBAT合成-改性-制品”全产业链闭环,一季度生物降解材料业务营收同比增长45%,毛利率达18.7%。

在此基础上,青岛市近年来持续推动循环经济产业发展,因此,道恩股份与海尔智家旗下青岛瑞博生态环保科技有限公司共同投资设立合资公司,从事PCR塑料再循环材料业务,在发展意图上达成了一致目标后,双方在材料研发、再生利用等领域深化合作。

与此同时,依托青岛作为全国重要物流枢纽的地位,道恩股份优化了其供应链。公司子公司道恩周氏(青岛)复合包装与母公司工厂仅距180公里,原材料运输成本降低30%,响应速度提升40%。这种“本地生产+全球分销”的模式,提升了供应链效率,成为公司成本控制的关键。

不过,道恩股份的增长背后也隐现挑战。

面临行业周期性压力,公司2024年全年毛利率11.84%,低于行业均值14.2%。一季度原材料成本同比上涨8%,而产品价格仅上调3%,利润空间被进一步压缩。

在同质化竞争方面,江苏博云等同行加速扩产,TPV领域价格战苗头初现。

此外,历史14次高管减持公告,虽公司解释为“个人资金需求”,但仍可能削弱市场信心。

面临行业周期性波动与竞争压力,其也面临多重“危险”。未来,期待道恩股份通过“蝶变”走出中国新材料企业的突围路径,在技术迭代的“长途跋涉”中持续“领跑”。

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