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HZ info:On February 20th, Serenis announced that it will increase prices for a range of products in Asia, the Americas, Europe, the Middle East, and Africa. This price increase will take effect on March 1, 2025, or as permitted by the contract. In addition, the increase in certain levels may be higher than the increase in the price increase letter.
From its price increase letter, it can be seen that the products with price increases mainly involve LCP/PCT, LCPA, PA6, PA66, PBT/PET, TPV, TPC, PP, PP/PA/PBT, etc. The products with the highest price increase for Asian customers are PA6, PA66, TPV, etc., with a price increase of 0.6 USD/kg (approximately 4347 yuan/ton based on the latest exchange rate).
On February 18th, Serenis released its full year and fourth quarter financial report for 2024. According to the financial report, for the full year of 2024, the diluted loss per share under US Generally Accepted Accounting Principles (GAAP) was $13.86, and the adjusted earnings per share were $8.37. The company achieved a net sales revenue of 10.3 billion US dollars in 2024, a decrease of 6% compared to last year, including a 4% decrease in prices and a 1% decrease in sales volume, with little impact from exchange rates.
Serenis achieved a net sales revenue of $2.4 billion in the fourth quarter, a decrease of 10% compared to the previous quarter, including a 7% decrease in sales, a 2% decrease in prices, and a 1% depreciation in exchange rates.
Seranis is taking action to achieve stable profit growth and generate cash in the current demand environment, in order to reduce the leverage ratio of the balance sheet, including the following measures:
Announced the achievement of the set goal, which is to successfully achieve a cost reduction plan of over $75 million by 2025 (as announced in the third quarter financial report), mainly in sales and management expenses (SG&A). The focus of these reductions is to align the company's cost structure with the demand environment, while maintaining the ability to expand when demand recovers.
Announced the closure of Mylar's specialty film production business in Luxembourg (a joint venture between Serenis and Teijin, with each holding a 50% stake). This action is in line with the company's core principle of exiting high cost factories and improving productivity in lower cost factories through bottleneck removal projects.
In addition, Seranis continues to develop its pipeline management model to address business conditions and gather growth. Despite the challenging demand environment, many projects were unable to achieve their full value as scheduled. The average value of projects won in high growth application areas such as electric vehicles, battery energy storage, healthcare, and sportswear increased by 24% compared to last year.
Seranis expects that the quarter on quarter demand and pricing challenges experienced in the fourth quarter will continue in the first quarter, with core end markets such as automotive, construction, paint, coatings, and industrial continuing to be weak. Seranis expects to face more unfavorable factors in the first quarter, including seasonal factors in the cellulose acetate and medical implant businesses, as well as planned shutdowns at the Bishop plant in Texas. In addition, due to recent legal adjustments in China, the dividend payments for cellulose acetate joint ventures will be adjusted from once per quarter to three times per year. Therefore, the company expects the related dividend income to be postponed until the second quarter. The company expects these factors to have an adverse impact of approximately $100 million in the first quarter and believes that these impacts will be limited to the first quarter.
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