As of the end of October, various listed companies have released their performance reports for the third quarter of 2023. After organizing and analyzing the performance of representative listed companies in the epoxy resin industry chain in the third quarter, we found that their performance presented some highlights and challenges.

From the performance of listed companies, the performance of chemical production enterprises such as epoxy resin and upstream raw materials bisphenol A/epichlorohydrin generally declined in the third quarter. These enterprises have seen a significant decrease in product prices, and market competition is becoming increasingly fierce. However, in this competition, Shengquan Group demonstrated strong strength and achieved performance growth. In addition, the sales of various business sectors of the group have also shown a steady growth trend, demonstrating its competitive advantage and good development momentum in the market.

From the perspective of downstream application fields, most enterprises in the fields of wind power, electronic packaging, and coatings have maintained growth in performance. Among them, the performance in the fields of electronic packaging and coatings is particularly eye-catching. The copper clad board market is also gradually recovering, with three of the top five companies achieving positive performance growth. However, in the downstream industry of carbon fiber, due to lower demand than expected and a decrease in carbon fiber usage, the performance of related enterprises has shown varying degrees of decline. This indicates that the market demand for carbon fiber industry still needs to be further explored and explored.

Epoxy resin production enterprise

Hongchang Electronics: Its operating revenue was 607 million yuan, a year-on-year decrease of 5.84%. However, its net profit after deduction was 22.13 million yuan, an increase of 17.4% year-on-year. In addition, Hongchang Electronics achieved a total operating revenue of 1.709 billion yuan in the first three quarters, a year-on-year decrease of 28.38%. The net profit attributable to the parent company was 62004400 yuan, a year-on-year decrease of 88.08%; The net profit after deduction was 58089200 yuan, a year-on-year decrease of 42.14%. During the period from January to September 2023, Hongchang Electronics produced approximately 74000 tons of epoxy resin, achieving a revenue of 1.08 billion yuan. During this period, the average selling price of epoxy resin was 14600 yuan/ton, a year-on-year decrease of 38.32%. In addition, the raw materials of epoxy resin, such as bisphenol and epichlorohydrin, also showed a significant decrease.

Sinochem International: The performance in the first three quarters of 2023 was not ideal. The operating revenue was 43.014 billion yuan, a year-on-year decrease of 34.77%. The net loss attributable to the shareholders of the listed company is 540 million yuan. The net loss attributable to shareholders of the listed company after deducting non recurring gains and losses is 983 million yuan. Especially in the third quarter, the operating revenue was 13.993 billion yuan, but the net profit attributable to the parent company was negative, reaching -376 million yuan. The main reasons for the decline in performance include the impact of the market environment in the chemical industry and the continuous downward trend of the company’s main chemical products. In addition, the company disposed of a portion of its equity in Hesheng Company in February 2023, resulting in the loss of control over Hesheng Company, which also had a significant impact on the company’s operating income.

Shengquan Group: The total operating revenue for the first three quarters of 2023 was 6.692 billion yuan, a year-on-year decrease of 5.42%. However, it is noteworthy that its net profit attributable to the parent company rose against the trend, reaching 482 million yuan, a year-on-year increase of 0.87%. Especially in the third quarter, the total operating revenue was 2.326 billion yuan, a year-on-year increase of 1.26%. The net profit attributable to the parent company reached 169 million yuan, a year-on-year increase of 16.12%. This indicates that Shengquan Group has demonstrated strong competitive strength while facing challenges in the market. The sales of various major business sectors achieved year-on-year growth in the first three quarters, with sales of phenolic resin reaching 364400 tons, a year-on-year increase of 32.12%; The sales volume of casting resin was 115700 tons, a year-on-year increase of 11.71%; The sales of electronic chemicals reached 50600 tons, a year-on-year increase of 17.25%. Despite facing pressure from a year-on-year decrease in the prices of major raw materials, the product prices of Shengquan Group have remained stable.

Raw material production enterprises

Binhua Group (ECH): In the first three quarters of 2023, Binhua Group achieved a revenue of 5.435 billion yuan, a year-on-year decrease of 19.87%. Meanwhile, the net profit attributable to the parent company was 280 million yuan, a year-on-year decrease of 72.42%. The net profit after deduction was 270 million yuan, a year-on-year decrease of 72.75%. In the third quarter, the company achieved a revenue of 2.009 billion yuan, a year-on-year decrease of 10.42%, and a net profit attributable to the parent company of 129 million yuan, a year-on-year decrease of 60.16%.

In terms of production and sales of epichlorohydrin, the production and sales of epichlorohydrin in the first three quarters were 52262 tons, with a sales volume of 51699 tons and a sales amount of 372.7 million yuan.

Weiyuan Group (BPA): In the first three quarters of 2023, Weiyuan Group’s revenue was approximately 4.928 billion yuan, a year-on-year decrease of 16.4%. The net profit attributable to shareholders of the listed company was approximately 87.63 million yuan, a year-on-year decrease of 82.16%. In the third quarter, the company’s operating revenue was 1.74 billion yuan, a year-on-year decrease of 9.71%, and the net profit after deduction was 52.806 million yuan, a year-on-year increase of 158.55%.

The main reason for the change in performance is that the year-on-year increase in net profit in the third quarter was mainly due to the increase in the price of product acetone.

Zhenyang Development (ECH): In the first three quarters of 2023, ECH achieved a revenue of 1.537 billion yuan, a year-on-year decrease of 22.67%. The net profit attributable to the parent company was 155 million yuan, a year-on-year decrease of 51.26%. In the third quarter, the company achieved a revenue of 541 million yuan, a year-on-year decrease of 12.88%, and a net profit attributable to the parent company of 66.71 million yuan, a year-on-year decrease of 5.85%.

Supporting curing agent production enterprises

Real Madrid Technology (polyether amine): In the first three quarters of 2023, Real Madrid Technology achieved a total operating revenue of 1.406 billion yuan, a year-on-year decrease of 18.31%. The net profit attributable to the parent company was 235 million yuan, a year-on-year decrease of 38.01%. However, in the third quarter, the company achieved a revenue of 508 million yuan, a year-on-year increase of 3.82%. Meanwhile, the net profit attributable to the parent company was 84.51 million yuan, an increase of 3.14% year-on-year.

Yangzhou Chenhua (polyether amine): In the first three quarters of 2023, Yangzhou Chenhua achieved a revenue of approximately 718 million yuan, a year-on-year decrease of 14.67%. The net profit attributable to shareholders of the listed company was approximately 39.08 million yuan, a year-on-year decrease of 66.44%. However, in the third quarter, the company achieved a revenue of 254 million yuan, an increase of 3.31% year-on-year. Nevertheless, the net profit attributable to the parent company was only 16.32 million yuan, a year-on-year decrease of 37.82%.

Wansheng Shares: In the first three quarters of 2023, Wansheng Shares achieved a revenue of 2.163 billion yuan, a year-on-year decrease of 17.77%. The net profit was 165 million yuan, a year-on-year decrease of 42.23%. In the third quarter, the company achieved a revenue of 738 million yuan, a year-on-year decrease of 11.67%. Nevertheless, the net profit attributable to the parent company reached 48.93 million yuan, an increase of 7.23% year-on-year.

Akoli (polyether amine): In the first three quarters of 2023, Akoli achieved a total operating revenue of 414 million yuan, a year-on-year decrease of 28.39%. The net profit attributable to the parent company was 21.4098 million yuan, a year-on-year decrease of 79.48%. According to quarterly data, the total operating revenue in the third quarter was 134 million yuan, a year-on-year decrease of 20.07%. The net profit attributable to the parent company in the third quarter was 5.2276 million yuan, a year-on-year decrease of 82.36%.

Puyang Huicheng (Anhydride): In the first three quarters of 2023, Puyang Huicheng achieved a revenue of approximately 1.025 billion yuan, a year-on-year decrease of 14.63%. The net profit attributable to shareholders of the listed company is approximately 200 million yuan, a year-on-year decrease of 37.69%. In the third quarter, the company achieved a revenue of 328 million yuan, a year-on-year decrease of 13.83%. Nevertheless, the net profit attributable to the parent company was only 57.84 million yuan, a year-on-year decrease of 48.56%.

Wind power enterprises

Shangwei New Materials: In the first three quarters of 2023, Shangwei New Materials recorded a revenue of approximately 1.02 billion yuan, a year-on-year decrease of 28.86%. However, the net profit attributable to shareholders of the listed company was approximately 62.25 million yuan, a year-on-year increase of 7.81%. In the third quarter, the company recorded a revenue of 370 million yuan, a year-on-year decrease of 17.71%. It is noteworthy that the net profit attributable to shareholders of the listed company reached approximately 30.25 million yuan, a year-on-year increase of 42.44%.

Kangda New Materials: In the first three quarters of 2023, Kangda New Materials achieved a revenue of approximately 1.985 billion yuan, a year-on-year increase of 21.81%. During the same period, the net profit attributable to the parent company was approximately 32.29 million yuan, a year-on-year increase of 195.66%. However, in the third quarter, the operating revenue was 705 million yuan, a year-on-year increase of 29.79%. However, the net profit attributable to the parent company has declined, reaching approximately -375000 yuan, a year-on-year increase of 80.34%.

Aggregation Technology: In the first three quarters of 2023, Aggregation Technology achieved a revenue of 215 million yuan, a year-on-year decrease of 46.17%. The net profit attributable to the parent company was 6.0652 million yuan, a year-on-year decrease of 68.44%. In the third quarter, the company recorded a revenue of 71.7 million yuan, a year-on-year decrease of 18.07%. Nevertheless, the net profit attributable to the parent company was 1.939 million yuan, a year-on-year decrease of 78.24%.

Huibai New Materials: Huibai New Materials is expected to achieve a revenue of approximately 1.03 billion yuan from January to September 2023, a year-on-year decrease of 26.48%. Meanwhile, the expected net profit attributable to the shareholders of the parent company is 45.8114 million yuan, a year-on-year increase of 8.57%. Despite a decrease in operating revenue, the company’s profitability remains stable.

Electronic packaging enterprises

Kaihua Materials: In the first three quarters of 2023, Kaihua Materials achieved a total operating revenue of 78.2423 million yuan, but a year-on-year decrease of 11.51%. Nevertheless, the net profit attributable to the parent company was 13.1947 million yuan, an increase of 4.22% year-on-year. The net profit after deduction was 13.2283 million yuan, a year-on-year increase of 7.57%. In the third quarter, the company achieved a revenue of 27.23 million yuan, a year-on-year decrease of 2.04%. But the net profit attributable to the parent company was 4.86 million yuan, an increase of 14.87% year-on-year.

Huahai Chengke: In the first three quarters of 2023, Huahai Chengke achieved a total operating revenue of 204 million yuan, but a year-on-year decrease of 2.65%. The net profit attributable to the parent company was 23.579 million yuan, a year-on-year decrease of 6.66%. The net profit after deduction was 22.022 million yuan, an increase of 2.25% year-on-year. However, in the third quarter, the company achieved a revenue of 78 million yuan, an increase of 28.34% year-on-year. The net profit attributable to the parent company reached 11.487 million yuan, a year-on-year increase of 31.79%.

Copper clad plate production enterprise

Shengyi Technology: In the first three quarters of 2023, Shengyi Technology achieved a total operating revenue of approximately 12.348 billion yuan, but decreased by 9.72% year-on-year. The net profit attributable to the parent company was approximately 899 million yuan, a year-on-year decrease of 24.88%. However, in the third quarter, the company achieved a revenue of 4.467 billion yuan, an increase of 3.84% year-on-year. Remarkably, the net profit attributable to the parent company reached 344 million yuan, a year-on-year increase of 31.63%. This growth is mainly due to the increase in sales volume and revenue of the company’s copper clad plate products, as well as the increase in fair value change income of its existing equity instruments.

South Asia New Materials: In the first three quarters of 2023, South Asia New Materials achieved a total operating revenue of approximately 2.293 billion yuan, but a year-on-year decrease of 16.63%. Unfortunately, the net profit attributable to the parent company was approximately 109 million yuan, a year-on-year decrease of 301.19%. In the third quarter, the company achieved a revenue of 819 million yuan, a year-on-year decrease of 6.14%. However, the net profit attributable to the parent company suffered a loss of 72.148 million yuan.

Jinan International: In the first three quarters of 2023, Jinan International achieved a total operating revenue of 2.64 billion yuan, a year-on-year decrease of 3.72%. It is noteworthy that the net profit attributable to the parent company was only 3.1544 million yuan, a year-on-year decrease of 91.76%. The deduction of non net profit showed a negative figure of -23.0242 million yuan, a year-on-year decrease of 7308.69%. However, in the third quarter, the company’s single quarter main revenue reached 924 million yuan, a year-on-year increase of 7.87%. However, the net profit attributable to the parent company in a single quarter showed a loss of -8191600 yuan, an increase of 56.45% year-on-year.

Huazheng New Materials: In the first three quarters of 2023, Huazheng New Materials achieved a total operating revenue of approximately 2.497 billion yuan, an increase of 5.02% year-on-year. However, the net profit attributable to the parent company suffered a loss of approximately 30.52 million yuan, a year-on-year decrease of 150.39%. In the third quarter, the company achieved a revenue of approximately 916 million yuan, an increase of 17.49% year-on-year.

Chaohua Technology: In the first three quarters of 2023, Chaohua Technology achieved a total operating revenue of 761 million yuan, a year-on-year decrease of 48.78%. Unfortunately, the net profit attributable to the parent company was only 3.4937 million yuan, a year-on-year decrease of 89.36%. The net profit after deduction was 8.567 million yuan, a year-on-year decrease of 78.85%. In the third quarter, the company’s single quarter main revenue was 125 million yuan, a year-on-year decrease of 70.05%. The net profit attributable to the parent company in a single quarter showed a loss of -5733900 yuan, a year-on-year decrease of 448.47%.

Carbon fiber and carbon fiber composite production enterprises

Jilin Chemical Fiber: In the first three quarters of 2023, the total operating revenue of Jilin Chemical Fiber was approximately 2.756 billion yuan, but it decreased by 9.08% year-on-year. However, the net profit attributable to the parent company reached 54.48 million yuan, a significant increase of 161.56% year-on-year. In the third quarter, the company achieved operating revenue of approximately 1.033 billion yuan, a year-on-year decrease of 11.62%. However, the net profit attributable to the parent company was 5.793 million yuan, a year-on-year decrease of 6.55%.

Guangwei Composite: In the first three quarters of 2023, Guangwei Composite’s revenue was approximately 1.747 billion yuan, a year-on-year decrease of 9.97%. The net profit attributable to the parent company was approximately 621 million yuan, a year-on-year decrease of 17.2%. In the third quarter, the company achieved operating revenue of approximately 523 million yuan, a year-on-year decrease of 16.39%. The net profit attributable to the parent company was 208 million yuan, a year-on-year decrease of 15.01%.

Zhongfu Shenying: In the first three quarters of 2023, Zhongfu Shenying’s revenue was approximately 1.609 billion yuan, an increase of 10.77% year-on-year. However, the net profit attributable to the parent company was approximately 293 million yuan, a significant decrease of 30.79% year-on-year. In the third quarter, the company achieved operating revenue of approximately 553 million yuan, a year-on-year decrease of 6.23%. The net profit attributable to the parent company was 72.16 million yuan, a year-on-year decrease of 64.58%.

Coating companies

Sankeshu: In the first three quarters of 2023, Sankeshu achieved a revenue of 9.41 billion yuan, an increase of 18.42% year-on-year. Meanwhile, the net profit attributable to the parent company reached 555 million yuan, a significant increase of 84.44% year-on-year. In the third quarter, the company achieved a revenue of 3.67 billion yuan, a year-on-year increase of 13.41%. The net profit attributable to the parent company was 244 million yuan, a year-on-year increase of 19.13%.

Yashi Chuang Neng: In the first three quarters of 2023, Yashi Chuang Neng achieved a total operating revenue of 2.388 billion yuan, an increase of 2.47% year-on-year. The net profit attributable to the parent company was 80.9776 million yuan, a year-on-year increase of 15.67%. However, in the third quarter, the company achieved a revenue of 902 million yuan, a year-on-year decrease of 1.73%. Nevertheless, the net profit attributable to the parent company still reached 41.77 million yuan, an increase of 11.21% year-on-year.

Jin Litai: In the first three quarters of 2023, Jin Litai achieved a total operating revenue of 534 million yuan, a year-on-year increase of 6.83%. Remarkably, the net profit attributable to the parent company reached 6.1701 million yuan, a year-on-year increase of 107.29%, successfully turning losses into profits. In the third quarter, the company achieved a revenue of 182 million yuan, a year-on-year decrease of 3.01%. However, the net profit attributable to the parent company reached 7.098 million yuan, an increase of 124.87% year-on-year.

Matsui Corporation: In the first three quarters of 2023, Matsui Corporation achieved a total operating revenue of 415 million yuan, a year-on-year increase of 6.95%. However, the net profit attributable to the parent company was only 53.6043 million yuan, a year-on-year decrease of 16.16%. However, in the third quarter, the company achieved a revenue of 169 million yuan, a year-on-year increase of 21.57%. The net profit attributable to the parent company also reached 26.886 million yuan, a year-on-year increase of 6.67%.