Group 1: Production Capacity - The company has an annual production capacity of approximately 70,000 tons for chopped strands, while the capacity for electronic mats remains unchanged, with one production line currently under renovation [2]. - The company is expanding its application fields for glass fiber yarn, indicating potential growth in production [3]. Group 2: Financial Performance - The company reports a short account period of about one month for both domestic and foreign sales, with a good collection rate [2]. - The company currently has a strong cash flow, with ample cash reserves and improving cash flow from Tianma Group, indicating significant potential for enhancement [3]. Group 3: Market Outlook - The wind power industry's recovery and deeper applications of glass fiber are expected to drive market demand, suggesting a positive outlook for the second half of this year and into next year [3]. - The company is optimistic about the market for thermoplastic composite materials, planning to expand its new product lines in this area [3]. Group 4: Product Development - The electronic mat's gross margin is higher than that of ordinary wet mats due to its advanced technology, although it only achieved a certain production level in December of the previous year [4]. - The company has made breakthroughs in coated mats, with sales growth and improved production efficiency [4].

Group 1: Financial Performance - The main cash flow comes from highly competitive products, specifically short-cut felt and thin felt, which have strong profitability [2][3] - The company has a mature sales assessment and incentive mechanism, resulting in quick payments and short account periods, generally not exceeding 40 days [3] Group 2: Growth and Market Expansion - The company plans to expand its market share based on its mature products, particularly in electronic felt and coated felt insulation [3] - The market space for the company's products is significant, targeting sectors related to automotive lightweighting and environmental protection [3] Group 3: Industry Impact and Challenges - Recent changes in the wind power industry have limited impact on the company, although the industry's high prosperity this year has improved overall gross profit [3] - High accounts receivable in the semi-annual report are attributed to two factors: the consolidation of Tianma Group and the company's sales growth [3][4] - The decrease in natural gas prices positively affects the cost of the company's fiberglass products [3] Group 4: Long-term Strategy - The company aims to focus on its core business while actively seeking new material industry opportunities and conducting external expansion to enrich its production line [4]

Group 1: Market Insights - The peak season for fiberglass products is generally in the second and third quarters, while the first and fourth quarters are less favorable due to colder weather [2] - The market share of chopped strand mat used in car roofs is approximately 30% [2] Group 2: Production and Export Data - Last year's production of chopped strand mat was 50,000 tons, with an expected increase to over 60,000 tons this year [3] - Exports account for about 30%-40% of the company's sales revenue, primarily from chopped strand mat and thin mat [3] Group 3: Product Lines and Capacity - The company has one production line for electronic thin mat with a capacity of 12 million square meters, and an increase in orders is expected this year [3] - The production capacity for coated mat is approximately 70-80 million square meters, mainly used for external wall insulation [4] Group 4: Investment and Cost Considerations - The expansion cycle for electronic thin mat production is estimated to take 3-4 months, with an investment payback period generally not exceeding 3 years [3] - Recent natural gas prices have decreased, influenced by international oil prices, indicating potential for further reductions [3]

Group 1: Sales Performance - Coating felt sales are limited by transportation radius and market competition, showing little difference compared to the same period last year [2] - In Q3, sales revenue grew rapidly, primarily due to strong sales of thin felt, short-cut felt, and fiberglass yarn [2] - Fiberglass yarn sales are expected to maintain good momentum in Q4 [3] Group 2: Product Insights - Short-cut felt is currently at full production capacity, with Q3 gross margin improvement attributed to product structure adjustments [3] - The company is actively developing potential major clients for electronic felt [3] - Decorative board production has seen a slight increase in small batch production [3] Group 3: Regulatory and Market Expansion - The company received a notification from the EU Commission regarding a final ruling on the anti-subsidy investigation, indicating a new tax rate of 5.3% on products exported to the EU, with the opportunity to submit a defense by October 31, 2014 [3] - If the tax rate is confirmed, it may benefit the company's future expansion into the European market [3]

Group 1: Investment Projects Progress - The unsaturated polyester resin production project is expected to reach operational status by January 2018 [2] - The 30,000-ton pool kiln project began cold repair on July 21, 2017, and is expected to be completed in Q1 2018 [2] - The 70,000-ton expansion project is planned to proceed in sync with the 30,000-ton pool kiln project, which has already started expansion [2] Group 2: Current Business Operations - The company received a notification about a natural gas price increase of 0.6 yuan on December 15, 2017, leading to price hikes for some products [3] - The overall outlook for the fiberglass industry is optimistic, with fiberglass yarn prices remaining favorable [3] - The company aims to complete the 30,000-ton pool kiln project before the peak season to enhance profitability [3] Group 3: Price Dynamics and Market Conditions - The fiberglass industry is experiencing a positive trend, with strong market demand in the second half of 2017 [3] - The price of fiberglass yarn is expected to be covered by the price increases of fiberglass products despite the rise in natural gas costs [3] - The increase in fiberglass prices is attributed to improved market demand and production capacity adjustments [3] Group 4: Product Applications and Market Segmentation - The company's fiberglass products are divided into two categories: short-cut felt (45%-50% of sales) and thin felt (40%-50% used in construction) [4] - Short-cut felt is primarily used in automotive lightweighting, accounting for over 60%-70% of its application [4] - The company utilizes pipeline gas entirely, which has increased by 0.6 yuan [4] Group 5: Financial and R&D Insights - The company’s resin cost is primarily driven by raw materials, with 90% of costs attributed to this factor [5] - The company has 12 production lines for the 85,000-ton short-cut felt [5] - R&D investment in 2016 was approximately 50-60 million yuan, focusing on yarn, products, and chemical products [5]

证券代码：300196 证券简称：长海股份 编号：2019-003 江苏长海复合材料股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|-------------------------------|----------------------------------------------------| | | | | | | 特定对象调研 | □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 | | 类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | | | 广发证券—邹戈，长江证券—范超、张佩，东方证券资管— | | | | 周云，新华基金—谷航，中欧基金—王峻、许崇晟，中信保 | | | | 诚基金—孙鹏，光大保德信—管浩阳，九泰基金—王鹏， | | 参与单位名称及 | | 永安国富资产—周逸云，农银汇理—宋磊，华元恒道—— | | 人员姓名 | | 杨凡雷，永赢基金—王佳音，丹羿投资—张昭丞，长信基 | | | | 金—程昕，博道基金—钱程，融通基金—谌红梅， ...

Group 1: Impact of Trade War - The current impact of the US-China trade war on the company's fiberglass product exports is minimal [2] - If the US imposes tariffs on an additional $200 billion of Chinese goods, the future impact on the company is expected to be negative [2] - The company will closely monitor the trade war situation and accelerate overseas sales expansion in the fiberglass industry [2] Group 2: Inventory and Production - The company's fiberglass product inventory is effectively controlled, with structural adjustments leading to further optimization [4] - Sales of short-cut felt have increased this year, while the growth of waterproof thin felt products is limited [4] - The new 30,000-ton pool kiln is expected to have a cost reduction of approximately 20% compared to the old kiln once it reaches full production [4] Group 3: Market Demand and Applications - Direct yarn is primarily used in weaving, pipelines, and pultrusion, with the downstream mainly being fiberglass [4] - The company’s products are in high demand in automotive lightweighting, electronics, and construction materials, with rapid growth in these application areas [5] - The efficiency of the company's new pool kiln is significantly higher than that of Tianma Group's smaller kilns [5]

Financial Performance - The company's revenue for Q3 2022 reached ¥759,342,080.87, representing a 15.97% increase year-over-year[5] - Net profit attributable to shareholders was ¥174,238,045.39, up 7.99% compared to the same period last year[5] - The basic earnings per share (EPS) increased by 5.00% to ¥0.42, while diluted EPS rose by 2.50% to ¥0.41[5] - The company's net profit attributable to shareholders for the year-to-date reached ¥602,393,824.93, a significant increase of 43.14% compared to the same period last year[5] - Operating profit increased by 42.18% to ¥692,706,584.24, driven by increased production capacity[11] - Net profit attributable to shareholders increased by 43.14% to ¥602,393,824.93, also due to increased production capacity[11] - Basic earnings per share rose by 42.72% to ¥1.47, reflecting improved profitability[11] - The total operating revenue for the third quarter of 2022 was CNY 2,296,377,047.62, an increase of 25.3% compared to CNY 1,833,288,847.63 in the same period last year[24] - The net profit for the third quarter of 2022 reached CNY 602,005,428.82, representing a growth of 43.2% from CNY 420,551,762.83 in the previous year[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,101,223,692.13, reflecting an 8.61% increase from the end of the previous year[5] - The company's total assets increased to CNY 5,101,223,692.13, up from CNY 4,696,931,988.26, marking a growth of 8.6%[23] - The total liabilities decreased to CNY 1,070,162,123.33 from CNY 1,206,467,843.15, reflecting a reduction of 11.3%[22] - The total equity attributable to shareholders rose by 15.48% to ¥4,035,278,071.75 compared to the previous year[6] - The total equity attributable to shareholders of the parent company increased to CNY 4,035,278,071.75 from CNY 3,494,292,251.95, reflecting a growth of 15.5%[23] Cash Flow - Cash flow from operating activities for the year-to-date was ¥415,620,315.99, showing a decrease of 6.32%[5] - Cash flow from operating activities increased by 35.22% to ¥1,497,840,183.09, driven by higher procurement due to increased production capacity[12] - Operating cash inflow for the current period reached ¥1,913,460,499.08, an increase of 23.3% compared to ¥1,551,337,619.81 in the previous period[27] - Net cash flow from operating activities was ¥415,620,315.99, a decrease of 6.3% from ¥443,665,389.50 in the previous period[28] - The net increase in cash and cash equivalents was ¥26,130,212.70, compared to a decrease of ¥477,699,574.12 in the previous period[28] Investments and Expenses - R&D expenses rose by 38.27% to ¥96,609,786.14, reflecting increased investment in research and development[11] - The company's R&D expenses for the third quarter were CNY 96,609,786.14, which is a 38.3% increase compared to CNY 69,869,120.98 in the same quarter last year[24] - The company reported an investment income of CNY 18,448,040.90, which is an increase from CNY 12,056,628.06 in the previous year, showing a growth of 53.5%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,546[14] - The largest shareholder, Yang Pengwei, holds 41.71% of the shares, totaling 170,474,412 shares[14] - The total number of restricted shares held by executives remained unchanged at 162,834,525 shares, reflecting ongoing management lock-up policies[17] Current Assets - As of September 30, 2022, the company's total current assets amounted to CNY 2,226,975,046.50, an increase from CNY 2,024,470,523.71 at the beginning of the year, reflecting a growth of approximately 10.0%[19] - The cash and cash equivalents stood at CNY 762,049,925.27, up from CNY 750,798,214.91 at the start of the year, indicating a slight increase of about 1.7%[20] - Accounts receivable increased to CNY 514,006,073.33 from CNY 417,098,789.30, representing a growth of approximately 23.2%[20] - Inventory levels rose to CNY 268,524,914.27, compared to CNY 220,109,064.82 at the beginning of the year, marking an increase of around 21.9%[20] - The company’s prepayments increased to CNY 24,102,880.97 from CNY 16,533,217.32, showing a growth of approximately 45.6%[20] - The company’s other receivables rose significantly from CNY 2,750,131.53 to CNY 9,854,674.32, an increase of about 258.5%[20]

Economic Environment and Risk Management - The company reported a significant impact from macroeconomic fluctuations, with potential risks to profitability due to uncertainties in global economic growth and trade tensions [6]. - The company plans to enhance its risk management by optimizing product structure and improving management efficiency to mitigate the effects of economic downturns [7]. - The company is exposed to foreign exchange risks, particularly with USD as the primary currency for exports, and plans to implement measures to mitigate these risks [9]. - The company will continue to monitor macroeconomic conditions closely and adjust its strategies accordingly to safeguard its operational performance [6]. - The ongoing COVID-19 pandemic poses uncertainties for the company's operations, prompting a focus on cost reduction and market adaptability [102]. Financial Performance - The company's operating revenue for the reporting period was ¥1,537,034,966.75, representing a 30.42% increase compared to ¥1,178,486,186.32 in the same period last year [26]. - Net profit attributable to shareholders was ¥428,155,779.54, a 64.99% increase from ¥259,501,437.39 year-on-year [26]. - The net profit after deducting non-recurring gains and losses was ¥371,748,846.66, up 64.66% from ¥225,762,690.21 in the previous year [26]. - Basic earnings per share increased by 66.67% to ¥1.05 from ¥0.63 in the same period last year [26]. - Total assets at the end of the reporting period were ¥5,037,159,752.04, a 7.24% increase from ¥4,696,931,988.26 at the end of the previous year [26]. - The company’s weighted average return on equity rose to 11.65%, up from 8.45% in the previous year, an increase of 3.20% [26]. - Operating profit rose to CNY 492,767,256.85, reflecting a 63.87% increase year-on-year [62]. - The total revenue for the company reached ¥1,537,034,966.75, representing a year-on-year increase of 30.42% [67]. - The gross profit margin for the company was 37.75%, which is an increase of 4.38% compared to the previous year [67]. Production and Market Strategy - Increased competition in the fiberglass industry is expected, with a focus on expanding production capacity and enhancing technological innovation to maintain market competitiveness [8]. - The company aims to strengthen its market position by expanding into new markets while consolidating existing customer relationships [8]. - The company emphasizes the importance of adapting to market changes and enhancing core competitiveness through continuous product and technology development [8]. - The expansion of production capacity through the "annual production of 100,000 tons of alkali-free glass fiber coarse yarn" project is expected to enhance market share and operational efficiency [42]. - The company has implemented a flexible production model based on sales orders, optimizing production schedules according to market demand [40]. - The marketing strategy includes a combination of distributors and trade shows to enhance product visibility and customer engagement [41]. - The company anticipates continued high demand for fiberglass composite materials in the automotive sector, with current application rates in China at only 8%-12%, compared to 20%-30% in foreign markets [47]. Research and Development - Research and development investment increased by 35.89% to CNY 63,371,689.61, indicating a focus on innovation [63]. - The company emphasizes the importance of continuous technological upgrades and R&D to maintain competitiveness in the fiberglass and composite materials market [100]. - The company aims to enhance its R&D capabilities and product innovation to meet diverse customer needs and maintain market leadership [100]. Environmental and Social Responsibility - The company is subject to environmental regulations and is classified as a key pollutant discharge unit by environmental protection authorities [113]. - The company is committed to complying with various environmental protection laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention Law [113]. - The company implemented pure oxygen combustion technology in kilns, which can reduce natural gas usage by 50% and lower waste gas emissions [118]. - The company adopted a "paperless" office approach to minimize energy loss [118]. - The company actively fulfills social responsibilities, balancing economic, environmental, and social interests [120]. - The company emphasizes the protection of shareholder and creditor rights, ensuring transparency in operations and financial status [120]. Corporate Governance - The company has undergone a board restructuring with several key appointments on May 11, 2022, including Yang Guowen as Chairman and Yang Pengwei as General Manager [108]. - The company has appointed independent directors and a new supervisory board chairman as part of its governance updates [108]. - The company has established a robust corporate governance structure to safeguard the interests of investors [120]. - The company has not reported any significant environmental issues during the reporting period [112]. Shareholder Information - No cash dividends or stock bonuses will be distributed to shareholders for the reporting period [11]. - The company plans to not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period [109]. - The total number of ordinary shareholders at the end of the reporting period was 13,229 [161]. - The controlling shareholder has pledged 80% of their shares in Jiangsu Changhai Composite Materials Co., Ltd. [164]. Investment and Financing - The company has ongoing projects for high-performance fiberglass production, with a total investment of ¥2,122,640,000 planned [77]. - The company plans to invest in a 600,000-ton high-performance glass fiber smart manufacturing base project with a total investment of approximately 634.7 million yuan [145]. - The company has completed the use of raised funds as of February 25, 2022, with a remaining balance of RMB 4.84 in the raised funds account [86]. - The company reported a net cash inflow from operating activities of CNY 309,550,344.98, a 3.93% increase year-on-year [63]. Risks and Challenges - The company faces risks related to raw material price fluctuations, which are linked to international crude oil prices, potentially impacting gross margins and operational performance [99]. - The company plans to strengthen strategic partnerships with raw material suppliers to ensure stable supply and mitigate cost pressures [99]. - The domestic fiberglass industry is expected to maintain a stable growth phase over the next 2-3 years, driven by increasing demand in infrastructure, new energy, and automotive sectors [47].

Financial Performance - The company's revenue for Q1 2022 was CNY 753,994,832.50, representing a 36.05% increase compared to CNY 554,187,130.03 in the same period last year[5] - Net profit attributable to shareholders reached CNY 228,005,913.96, a significant increase of 115.00% from CNY 106,051,361.08 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 182,173,544.02, up by 79.90% compared to CNY 101,264,140.92 in the previous year[5] - The basic earnings per share increased to CNY 0.56, reflecting a growth of 115.38% from CNY 0.26 in the same quarter last year[5] - Revenue for Q1 2022 reached CNY 753,994,832.50, an increase of 36.05% compared to CNY 554,187,130.03 in the same period last year, primarily due to increased production capacity[11] - Net profit for Q1 2022 was CNY 227,895,969.21, reflecting a 115.10% increase from CNY 105,950,372.80 in the previous year, driven by higher sales profits[11] - Total profit for Q1 2022 was CNY 260,707,433.01, up 114.56% from CNY 121,510,278.52, primarily due to increased sales profits[11] - Basic earnings per share rose to CNY 0.56, a 115.38% increase from CNY 0.26, reflecting the growth in sales profits[11] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,015,570,889.41, a 6.78% increase from CNY 4,696,931,988.26 at the end of the previous year[5] - Total liabilities increased to CNY 1,297,092,299.97 from CNY 1,206,467,843.15, marking an increase of about 7.5%[23] - The company's equity attributable to shareholders rose to CNY 3,722,416,641.03, up from CNY 3,494,292,251.95, reflecting a growth of approximately 6.5%[23] Cash Flow - The company's cash flow from operating activities was CNY 125,701,932.03, showing a 9.56% increase from CNY 114,735,867.58 in the same period last year[5] - Cash flow from operating activities totaled CNY 495,480,733.76, a 37.71% increase from CNY 359,798,211.23, mainly due to increased sales collections[12] - Operating cash inflow for the current period reached $621.18 million, up from $474.53 million in the previous period, representing a 30.9% increase[30] - Net cash flow from operating activities was $125.70 million, compared to $114.74 million in the prior period, showing an increase of 9.0%[30] - Cash inflow from financing activities was $10.00 million, compared to $0.30 million in the previous period, reflecting a significant increase[31] - The ending cash and cash equivalents balance was $769.21 million, compared to $916.51 million at the end of the previous period, a decrease of 16.1%[31] Investments and Expenses - R&D expenses rose to CNY 30,044,577.67, a 35.12% increase from CNY 22,235,501.79, indicating a focus on enhancing product development[11] - Total operating costs increased to CNY 544,532,693.34 from CNY 438,964,859.87, reflecting a rise of about 24%[26] - Research and development expenses for Q1 2022 were CNY 30,044,577.67, compared to CNY 22,235,501.79 in the same period last year, indicating an increase of about 35.2%[26] Shareholder Information - The company reported a total of 162,714,485 shares subject to lock-up, with key executives holding significant portions[19] - The top ten shareholders include Yang Pengwei with 42,618,603 shares and Yang Guowen with 10,800,000 shares, indicating concentrated ownership[18] - The company has no reported changes in the status of preferred shareholders or any significant changes in restricted shares[17] - The company has not engaged in any financing or securities lending activities among its top shareholders[16] Other Notable Changes - The company reported a significant increase in construction in progress, which rose by 93.52% to CNY 132,439,637.64, primarily due to new capacity additions[10] - Contract liabilities increased by 50.65% to CNY 34,541,926.51, mainly due to an increase in advance payments received[10] - The company's income tax payable surged by 113.94% to CNY 44,257,346.80, attributed to an increase in income tax obligations[10] - The company reported a significant increase in deferred income to CNY 52,791,487.01, up 47.02% from CNY 35,907,562.23, primarily due to increased government subsidies[11] - The cash and cash equivalents increased by 116.94% to CNY 55,412,690.16, compared to a decrease of CNY 327,154,018.62 in the previous period, driven by reduced fixed asset investments and increased sales collections[12] - The company disposed of fixed assets, generating a cash inflow of CNY 62,710,500.02, a staggering increase of 501,584.00% compared to CNY 12,500.00 previously[12]