Const
Key institutions: China AMC, Invesco Great Wall Fund, China Europe Fund, Harvest Fund
Survey Summary:
(1) What are the reasons why the growth rate of net profit in the first half of the year is higher than the growth rate of revenue?
A: There are two main aspects:
First, the product structure has changed, and the proportion of orders for high value-added products in the international market has increased significantly in the first half of the year;
Second, the proportion of international income is high, and the exchange rate also has a positive driving effect.
(2) What are the changes in the proportion of downstream industries in the first half of the year?
Answer: The domestic market has not changed much, it is still mainly measurement and testing, metallurgical machinery and equipment, electric power, and petrochemical, and the increase in instrumentation and sensors, meteorology, and medicine is obvious but still small. In the international market, some key expansion scenarios such as the petrochemical industry have been expanded, mainly petrochemical, biomedicine, electric power and metering and testing in the first half of the year.
(3) How is the order conversion of the new pressure controller?
Answer: The second-generation pressure controller is listed in September 2023 and officially supplied in November, the domestic high-end controller market is basically the share of two international friends, the market is mainly based on stock replacement, the company's new pressure controller orders are gradually released, and the overall first half of the year is steadily rising.
(4) What are the core competitive advantages of pressure products?
Answer: First, the company responds to the needs of users faster through the marketing team and partnership system to solve the pain points of product use;
Second, the company's products can improve the user's work efficiency and improve the marginal value through intelligent functions;
Third, through more efficient service and delivery, the company allows users to have a better user experience in terms of quality and price.
(5) Is there a new scenario expansion for pressure application products?
A: It is mainly calibration to testing, and gradually expanding to on-site operation and maintenance, such as pressure leakage testing in the petrochemical industry.
Brokerage Research Report:
Zhuhai Guanyu
Key institutions: Wells Fargo Fund, Xingquan Fund, China Europe Fund, China Universal Fund, Quanguo Fund
Survey Summary:
1. What is the progress of the company's start-stop battery business?
Answer: The company positions the automotive low-voltage lithium battery as its own advantageous project and the core business of differentiated competition. After early investment and deep cultivation, the company's technical strength and development potential in automotive low-voltage lithium batteries have been recognized by many well-known domestic and foreign car companies such as SAIC, Zhiji, Jaguar Land Rover, Stellantis, GM and so on. In addition, the customer chose the company as its designated supplier to develop and supply 12V automotive low-voltage batteries for a German leading car company. In addition, the company is also actively docking with many other well-known car companies, and a number of products have begun to gradually increase volume. Thank you!
2. When is the company's dividend expected to be paid?
Answer: The company held a general meeting of shareholders on June 28, 2024, and deliberated and approved the "Proposal on the 2023 Profit Distribution Plan", and the company is implementing the profit distribution plan in accordance with the relevant procedural rules. The company will distribute a cash dividend of RMB 0.27 (tax included) per share to all shareholders, and the company will disclose the announcement on the implementation of equity distribution and the announcement of the adjustment of the price of convertible bonds to equity on the website of the Shanghai Stock Exchange (www.sse.com.cn) and designated media on July 23, 2024, the equity record date is July 26, 2024, and the cash dividend payment date is July 29, 2024. Thank you!
3. Please introduce the company's overseas investment projects.
A: On July 9, 2024, the company disclosed the "Announcement on Foreign Investment of Subsidiaries" on the website of the Shanghai Stock Exchange (www.sse.com.cn), and the company Malaysia's wholly-owned subsidiary, UNIMXTECHNOLOGY Malaysia MALAYSIASDN. Co., Ltd. (UNIMXTECHNOLOGYMALAYSIASDN. BHD.), plans to invest in the construction of consumer lithium battery projects, with an estimated investment of no more than 2 billion yuan. The investment is based on the company's consumer head customer needs and improve the company's overseas industrial layout, the company's current consumer production capacity layout is mainly concentrated in China, this investment in Malaysia to build a new production base, can better develop the international market and respond to the needs of overseas consumer customers, and further improve the company's global manufacturing layout. At the same time, the investment and construction of the factory is also conducive to getting close to international customers, enhancing the company's comprehensive competitiveness and overall anti-risk ability.
4. What is the application of the company's silicon carbon anode?
Answer: The application of silicon carbon anode material is an important trend in the development of lithium battery at this stage, which has a higher theoretical energy density than graphite anode and is a new type of anode material with more potential. At present, the company has a number of silicon anode projects, and the proportion of silicon doping is generally 3%-5%. Thank you!
5. What are the advantages of steel shell batteries compared with pouch batteries?
Answer: Compared with pouch batteries, the design scheme of steel shell battery shows higher flexibility in form design, which can better adapt and optimize the use of space inside the device, especially the space in the corner area, which helps to improve the charge of the battery. In addition, the steel shell material provides stronger physical protection than the aluminum-plastic film, which is especially beneficial for those applications that require frequent disassembly and assembly of the battery, enhancing the durability and safety of the battery. Moreover, from the perspective of environmental protection, steel-shell batteries have the advantage of high recycling rate, have less impact on the environment, and are in line with the concept of sustainable development.
Brokerage Research Report:
AVIC flies west
Key institutions: Wells Fargo Fund, China Universal Fund, China Europe Fund, Invesco Great Wall, Bank of Communications Schroder Fund, China Asset Management
Survey Summary:
1. How does the company manage the civil aircraft business? And which subsidiaries are involved in the civil aircraft business?
The company is one of the earliest enterprises in China to go abroad and carry out international cooperation projects with the world's advanced aviation manufacturing enterprises. After years of leapfrog development, it has developed from the manufacture of simple metal structural parts to the delivery of large parts of the fuselage structure, forming the characteristic ability of integrated manufacturing of large parts such as wings. The company continues to improve the civil aircraft business management organization, compacts management responsibilities, and realizes high-quality and on-time delivery of products through external customer docking, internal product production and delivery and other elements of control. With the company as the center, complete the manufacturing, assembly and system integration of precision parts, large structural parts and components; Xifei International Aviation Manufacturing (Tianjin) Co., Ltd. (hereinafter referred to as "Tianjin Company") is the integrated delivery center for the development of large components for international civil aviation, and at this stage, it focuses on docking with the Airbus project and the Airbus Tianjin final assembly line, and completes the modular delivery of large parts assembly and system integration.
2. The company's international subcontracting business includes Boeing 737 MAX vertical tail, inner flap and other projects, please introduce the company's related business cooperation with Boeing? How to judge the follow-up delivery of Boeing's business?
For a long time, the competitive landscape of Boeing and Airbus has been constantly changing, and it can be said that competitive changes are the norm. Despite the challenges Boeing is currently facing, it has not had a material impact on the company's future international business and positioning. At present, Boeing's project orders are stable, and the company continues to maintain high-quality and on-time delivery to provide customers with high-value, reliable and stable products. For a long time to come, Boeing and Airbus will still be the world's largest civil aircraft manufacturers and technology leaders, and the company has always strived to strengthen international business cooperation with Boeing and Airbus, and continue to expand the breadth and depth of cooperation.
3. Will Airbus' downgrade of delivery expectations due to supply chain issues have an impact on the company's related business?
The Tianjin company is responsible for the existing projects, all of which are speed contracts, and the adjustment of Airbus's single-aisle monthly production target of 75 aircraft to 2027 will not affect the existing business. In view of the increase of existing projects, the company has completed relevant quotations or provided rate plans, and is actively negotiating with customers, and is confident to strive for more rate share.
Fourth, how big is the gap between the company's composite and titanium alloy processing technology and the international advanced level? Will there be a problem with the localization rate of equipment?
At present, the geometric size, manufacturing accuracy, quality control and other aspects of the company's titanium alloy and composite products have achieved "the same competition" with international advanced aviation manufacturers. The application ratio of composite materials is an important indicator of the safety, economy and comfort of a new generation of large aircraft. The new aircraft, represented by the Boeing 787 and Airbus A350, use more than 50% of the total weight of the fuselage structure.
After years of development, the company's composite material major has built a forward R&D system for the development of composite material structures, and has broken through and mastered the key technology cluster of composite materials, which can fully meet the engineering requirements of new civil aircraft composite components. Subsequently, the company will continue to develop the composite material profession, based on advanced technology, reduce manufacturing costs, improve production efficiency, enhance market competitiveness, accelerate the formation of new economic growth points, provide customers with superior products, and create more returns for shareholders.
Brokerage Research Report: