China Sunsine Chemical Holdings Ltd. · SGX:QES
China Sunsine Chemical — FY2024 Earnings Presentation
35 slides from China Sunsine Chemical's earnings presentation, Mar 4, 2025
Slide 1: 2H2024 & FY2024 Results Briefing
2H2024 & FY2024 Results Briefing 4 Mar 2025 CHINA SUNSINE CHEMICAL HOLDINGS LTD. 中国尚舜化工控股有限公司 1
Slide 2: Disclaimer
Disclaimer 2 The information contained in this presentation is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities of CHINA SUNSINE CHEMICAL HOLDINGS LTD. (“CHINA SUNSINE”). This presentation includes certain forwar
Slide 3: Presentation Outline
Presentation Outline 3 Our Financial Key Industry Info 01 Company 02 Overview 03 Developments 04 and Outlook
Slide 4: Our Company
4 Our Company
Slide 5: About China Sunsine
About China Sunsine 5 China’s #1 Rubber Chemical producer World’s #1 Rubber Accelerators producer Top Insoluble Sulphur producer Key player in anti-oxidants production Premium products with comprehensive range Accredited by global leading tire makers Committed to stringent environmental standards
Slide 6: Our Products: Rubber Chemicals
Our Products: Rubber Chemicals 6 Essential Additives in the production of rubber products Insoluble Sulphure (IS) Rubber Accelerators (RA) Improves tire strength, structural integrity, and resistance to heat and tire wear Reduce curing time, improve tire strength, elasticity, and durability, and opt
Slide 7: Rubber/Rubber Chemicals Consumption
Rubber/Rubber Chemicals Consumption 7 Global Rubber Consumption by Applications Rubber Chemicals Consumption in Tire Manufacturing Others 2% Anti-oxidants Industrial 2.2% 8% Footwear Vulcanizing 7% agents 2.0% Accelerators Non-tire 1.7% automotive 13% Tire 70% Rubber www.fortunebusinessinsights.com
Slide 8: Our Production Bases
Our Production Bases 8 4 production bases in Shanxian, Weifang, Shandong province, P.R.China China Sunsine – Leading rubber chemical producer in China Production capacity: • RA: 117,000 tonnes p.a. • IS: 60,000 tonnes p.a. • AO: 77,000 tonnes p.a. Supporting facilities: • Centralised heating plant (
Slide 9: Our Strong Customer Base
Our Strong Customer Base 9 Over 1,000 customers worldwide Serves > 3/4 of the global top 75 tire makers (e.g., Bridgestone, Goodyear, Michelin) >40% output exported
Slide 10: World Largest Accelerators Producer
World Largest Accelerators Producer 10 Group’s market share of our rubber accelerators products 40% 36% 34% 35% 35% 35% 31% 33% 33% 33% 33% PRC * 29% 30% 30% (Est) 30% 28% 24% 24% 25% 24% 22% 23% 23% 25% 22% 19% 20% 20% 20% Global* 20% 18% 14% 16% 17% 17% (Est) ● 15% ● 11% 12% 12% ● 10% 7% 5% ● ● 0%
Slide 11: Financial Overview
11 Financial Overview
Slide 12: Financial Highlights
Financial Highlights 12 RMB ’mln 6 Months Ended 12 Months Ended 31/12/24 31/12/23 Change 31/12/24 31/12/23 Change Group Revenue 1,766.4 1,761.3 - 3,515.5 3,490.4 1% Gross Profit 416.4 386.9 8% 850.0 798.9 6% Gross Profit Margin 23.6% 22.0% 1.6 pts 24.2% 22.9% 1.3 pts Pre-tax Profit 317.0 217.1 46% 5
Slide 13: Revenue Growth
Revenue Growth 13 RMB ’mln 4,000.0 3,725.2 3,825.0 3,490.4 3,515.5 3,283.3 3,000.0 2,738.4 2,691.7 2,333.7 2,036.9 1,761.3 1,766.4 2,000.0 1,859.1 1,000.0 0.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 2H23 2H24 • FY2024 revenue up slightly yoy due to higher sales volume despite lower ASP
Slide 14: Sales Segments Analysis
Sales Segments Analysis 14 Sales By Products Sales By Region IS 7% China 57% Rest of Asia Anti- 33% Accelerators oxidant 62% 30% Europe 6% Others 1% US 2% Others 2% • International sales increased, mainly due to many Chinese tire makers setting up plants overseas, especially in SEA, leading to an in
Slide 15: Sales Volume
Sales Volume 15 Tonnes 240,000 Capacity Utilisation Rate 214,094 195,405 206,996 200,000 186,153 FY2024 FY2023 169,876 167,455 160,000 151,486 Sales Utilisation Sales Utilisation 140,476 135,791 Volume Rate Volume Rate 120,000 114,572 (Tonnes) (Tonnes) RA 107,426 92% 99,809 85% 80,000 IS 40,583 68%
Slide 16: Overall ASP vs Major Material Price
Overall ASP vs Major Material Price 16 RMB/Tonne 25,000 21.5K 20.2K 20,000 19.4K 18.8K 16.6K 16.2k 16.2K 15.0K 16.0K 15,000 13.6K Overall ASP 10.2K 10.0K 9.5K 9.5K 10,000 7.8K 8.3K Aniline 5.2K 5.5K 4.8K 5.0K 5,000 0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 • FY2024 ASP decresed by 2 % YoY
Slide 17: Net Profit
Net Profit 17 Profit Before Income Tax RMB ’mln 700 641.3 642.4 585.1 600 506.3 500 453.2 388.9 423.9 400 341.3 372.4 300 221.7 218.8 195.2 200 100 0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY23 FY24 • Net profit achieved 14% growth despite a higher tax rate following the expiration of the
Slide 18: Margin Analysis
Margin Analysis 18 40.0% 34.3% 35.0% 28.8% 30.4% 29.0% 28.1% 30.0% 26.9% 26.5% 25.7% 24.2% Gross Profit 25.0% 22.9% Margin (GPM) 19.5% 20.0% Net Profit Margin 16.8% 14.4% 13.6% (NPM) 15.0% 12.1% 10.9% 12.5% 10.5% 9.4% 10.7% 10.0% 5.0% 0.0% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Slide 19: Balance Sheet Highlight
Balance Sheet Highlight 19 31/12/2024 31/12/2023 31/12/2022 Current Assets (RMB’mln) * 3,574.0 3,314.8 3,149.8 Current Liabilities (RMB’mln) 470.3 459.2 532.7 Current Ratio 7.60 7.22 5.91 Shareholders’ Equity (RMB’mln) 4,208.7 3,926.6 3,691.8 D/E ratio 0 0 0 ROE 10% 9% 17% NAV per share (RMB cents)
Slide 20: Key Developments
20 Key Developments
Slide 21: Expansion Projects in Progress
Expansion Projects in Progress 21 Project Schedule CapEx Notes 60,000-tonne Insoluble Sulphur • Adopts continuous production method, the highest standard of production technology, which was developed in-house Phase 2 of 30,000-tonne capacity Trial run in RMB 100 mln • Awarded “First Prize of Scienti
Slide 22: Capacity Expansion History
Capacity Expansion History 22 Tonnes per annum 140,000 117,000 120,000 100,000 RA 77,000 IS 80,000 AO 60,000 39,000 60,000 40,000 ● 20,000 ● 5,000 ● 0 ● ● ● ● 2007 ● 2008 2009 2010 2011 2012 2013 2014-17 2018 2019 2020-21 2022-now ● ● ● ● ● Note: Annual capacity ● refers to the capacity by the end o
Slide 23: A Journey of Remarkable Growth and Success
A Journey of Remarkable Growth and Success 23 2024 254,000 5.8X Capacity (tonnes) 2007 44,000 2024 214,094 Sales Volume (tonnes) 6.4X 2007 31,281 2024 3,516 Revenue (RMB’ mln) 5.7X 2007 620 2024 423.9 Net Profit (RMB’ mln) 5.6X 2007 76.0 2024 4,208.7 Equity (RMB’ mln) 9.0X 2007 469.0
Slide 24: Industry Info and Outlook
24 Industry Info and Outlook
Slide 25: PRC New Car Sales
PRC New Car Sales 25 million units 35 20.0% 31.4 30.1 30 28 28.9 28.1 26.3 26.9 15.0% 25.8 25.3 24.6 25 10.0% 20 Total Car Sales 5.0% 15 NEV Sales 0.0% Car Sales yoy growth 10 5 -5.0% 0 -10.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: China Association of Automobile Manufacturers （CA
Slide 26: PRC Vehicle Population
PRC Vehicle Population 26 PRC Motor Vehicle & Car Population (中国机动车保有量和汽车保有量） In mln units 500 453 435 417 395 400 372 348 353 327 336 310 319 290 302 300 279 281 260 240 217 194 200 172 100 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Car Population Motor Vehicle Population Source: https://w
Slide 27: Tire Industry Info
Tire Industry Info 27 PRC Vehicle Tire Production The global tire market size reached USD 172.98 Billion in 2024. Looking forward, IMARC Group million units expects the market to reach USD 270.66 Billion by 1400 2033, exhibiting a growth rate (CAGR) of 1,187 1200 4.70% during 2025-2033. Continuous t
Slide 28: Operating Environment & Industry Outlook
Operating Environment & Industry Outlook 28 • Greater challenges and uncertainties in the macro-economic environment, such as escalation of trade war between US and China, rising geopolitical tensions • Intensified market competition, resulting from the overcapacity situation, is exerting significan
Slide 29: Group’s Strategy
Group’s Strategy 29 Production & Sales Equilibrium Enhancing efficiency GOAL through operation Expanding capacity Increase market to meet growing demand improvement, waste share & reduction, and cash flow for our products. Strengthen market management. leadership position Achieving Long-term Sustain
Slide 30: Competitive Strengths
Competitive Strengths 30 - World largest RA and China’s top IS - Early adopter of Environmental protection producer initiative - Our RA products capture 35% of PRC - 1/3 of capex invested in environmental market and 23% of global market Environmental protection and safety - Listed in the first batch
Slide 31: Listed On SGX Mainboard
Listed On SGX Mainboard 31 SHARE PERFORMANCE • Since IPO, no new share placement and rights issue
Slide 32: Dividend Payment History
Dividend Payment History 32 Net Profit Dividend 1 to 2 share split (in RMB ’mln) (in SGD cents) in Nov 2019 700 641.3 6 642.4 5.5 5.5 600 5 506.3 4.5 500 423.9 4 400 341.3 388.9 372.4 3.5 3 3 3 3 300 2.5 2.5 220.2 221.7 218.8 195.2 2 2 200 76.1 106.7 88.3 115.3 99.4 76.7 1.5 1.5 1.5 1.5 100 1 1 1 1
Slide 33: Investment Merits
Investment Merits 33 Market Leadership Position Robust Capacity Financial Expansion Position, Low P/B Ongoing Continuous share Dividend buyback Payment
Slide 34: Chairman’s Message
Chairman’s Message 34 Despite global economic challenges and fierce competition, we are pleased with our solid performance in FY2024. China’s auto industry remains robust, especially for New Energy Vehicles (NEV) sales. Many Chinese tire manufacturers are expanding overseas, boosting demand for rubb
Slide 35: Q&A
35 Q&A MEDIA/INVESTOR CONTACT Tong Yiping, CFO, tongyiping@ChinaSunsine.com Jennie Liu, IR Manager, jennie@ChinaSunsine.com 16 Raffles Quay #15-08 Hong Leong Building, Singapore 048581 Tel:(65) 6220 6686 www.ChinaSunsine.com
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