Financial Performance - The company achieved a revenue of 8.65 billion yuan in 2024, representing a year-on-year growth of 34.30%. The net profit was 1.76 billion yuan, with a growth of 26.01% [2] - In Q1 2025, the company reported a revenue of 2.29 billion yuan, a year-on-year increase of 39.00%, and a net profit of 0.47 billion yuan [2] Market Expansion - The company has seen continuous revenue growth in key sectors such as automotive, communications electronics, rail transportation, and engineering machinery [3] - The first major customer contributed sales of 154,242,728.25 yuan, accounting for 17.84% of the annual sales total in 2024 [7] - Sales revenue from the U.S. region was 50,918,781.73 yuan, making up 5.91% of the main business income in 2024 [12] Production and Capacity - The company operates three major production bases in Dongguan, Jiangmen, and Suzhou, with a total operational area of approximately 115,000 square meters [5] - The company maintains a good order backlog and production capacity utilization [11] Competitive Advantages - The company has established significant technical and process barriers, with over 20 years of development leading to strong R&D capabilities [6] - It has passed stringent supplier audits, allowing it to build relationships with high-quality clients and enter various supply chains [6] - The company has a workforce of 110 R&D personnel, representing 11.5% of total employees, organized into specialized teams [12] Future Outlook - The company is actively exploring new markets, including low-altitude economy sectors such as flying cars and drones, and is in the early stages of product development for these applications [10] - Plans for a subsidiary in Morocco are underway, with an expected total investment of no more than 1 billion yuan [10]

Financial Performance - The company achieved a revenue of 865 million yuan in 2024, representing a year-on-year growth of 34.30% [2] - The net profit for 2024 was 176 million yuan, with a year-on-year increase of 26.01% [2] - From 2019 to 2024, the company has maintained a compound annual growth rate (CAGR) of approximately 25% in both revenue and net profit [2] Market Segments - Revenue from the automotive, communications electronics, rail transit, and engineering machinery sectors has continued to grow in 2024 [3] - The first major customer contributed sales of 154,242,728.25 yuan, accounting for 17.84% of the annual sales total [3] - Sales revenue from the U.S. region in 2024 was 50,918,781.73 yuan, representing 5.91% of the main business income [4] Competitive Landscape - The industry is characterized by a fragmented competitive landscape with numerous players, including multinational corporations and domestic leaders [4] - The company faces competition primarily from technologically advanced multinational companies and leading domestic firms [4] Barriers to Entry - The company has established significant technical and process barriers due to its expertise in polymer modified protective materials [5] - Certification barriers exist as the company has passed stringent supplier audits, allowing access to high-quality clients [5] - Scale barriers are evident as the company has a diverse product range and a strong technical foundation [5] Production Capacity - The company operates major production bases in Dongguan, Jiangmen, and Suzhou, with a total operational area of approximately 115,000 square meters [6][7] - Additional smaller production bases are located in Shenzhen, Wuhan, Chongqing, and Mexico [7] Future Outlook - The company is exploring applications in emerging fields such as low-altitude economy and humanoid robots, although these areas are not expected to significantly impact current operations [6] - The company is actively seeking to expand its market share and product applications [7]

Group 1: Company Overview and Market Focus - The company is focusing on emerging fields such as low-altitude economy, humanoid robots, and flying cars, with ongoing product development in these areas [2][3] - The company’s main products include functional protective casings, which cater to various industries including automotive, communications electronics, rail transportation, and engineering machinery [3][4] Group 2: Financial Performance - In 2024, revenue from automotive industry clients reached 567 million yuan, accounting for 65.60% of total revenue, with a year-on-year growth of 42.51% [4][5] - Revenue from the new energy vehicle sector increased by 72.61% compared to the previous year [4][5] - The company’s first major client contributed 154,242,728.25 yuan, representing 17.84% of total annual sales [5] Group 3: Production and Capacity Expansion - The company operates three major production bases with a combined area of approximately 11.5 million square meters [4] - Plans for capacity expansion include projects in East China and Morocco, with total investment in the Moroccan subsidiary expected to be no more than 1 billion yuan [4][5] Group 4: Research and Development - As of December 31, 2024, the company employed 110 R&D personnel, making up 11.5% of the total workforce [5] - The R&D department is divided into material groups, product and project groups, process groups, and laboratories [5] Group 5: Market Risks and Future Outlook - The company acknowledges uncertainties in its research areas, which may not significantly impact overall performance [3] - Investors are advised to remain aware of potential risks associated with future plans and projections [5]

Summary of the Conference Call for Jun Ding Da Company Overview - Jun Ding Da specializes in functional protective sleeves, providing safety protection for wire harnesses and fluid pipelines through a vertically integrated production system utilizing functional monofilament self-supply technology [2][3][6] - The company has maintained a compound annual growth rate (CAGR) of approximately 25% in revenue and net profit over the past five years [5][12] Financial Performance - For 2024, Jun Ding Da's revenue is projected to reach 865 million yuan, a year-on-year increase of 34%, with net profit expected to grow by 26% [2][5] - The average return on equity is close to 20%, with gross margins maintained between 40% and 45%, and net margins around 20% [2][5] - In Q1 2025, revenue was approximately 229 million yuan, a 39% increase year-on-year, although net profit growth slightly declined due to depreciation impacts from new factories [13] Investment Logic and Market Position - The investment logic includes high barriers to entry in the domestic market for functional protective sleeves, with significant room for market share growth as current domestic market share is below 10% [6][21] - The company is expanding globally to mitigate tariff uncertainties, having established production in Mexico and planning a factory in Morocco to serve North American and European clients [2][7][24][25] - Jun Ding Da's order fulfillment is robust, with high capacity utilization and a light asset model facilitating rapid expansion [6] Product and Market Dynamics - The main products include extruded, woven, textile, and composite sleeves, which are essential for automotive and rail transportation applications [3][14] - The automotive sector is a significant market, with the company’s revenue from this sector increasing from 50% to approximately 66% from 2021 to 2024, particularly benefiting from the growth of new energy vehicles [14][18] - The demand for functional protective sleeves in the automotive industry is driven by the complexity of fuel vehicles and the additional systems in new energy vehicles [17] Competitive Landscape - The domestic market for functional protective sleeves is divided into three tiers, with Jun Ding Da positioned in the second tier, competing against leading multinational companies [21][22] - The company has a competitive edge due to its technological capabilities and cost advantages, allowing it to capture market share from both domestic and international competitors [22] Future Growth and Risks - Revenue projections for 2024-2026 are 1.055 billion, 1.285 billion, and 1.539 billion yuan, with corresponding net profits of 214 million, 273 million, and 336 million yuan [30] - Risks include fluctuations in raw material prices, international trade tensions, market competition, and demand volatility [30] Conclusion - Jun Ding Da is positioned for steady growth with a strong financial foundation, competitive advantages in technology and cost, and a proactive approach to market expansion. The company is recommended for investment based on its favorable valuation and growth prospects [9][30]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 2.29 billion RMB, representing a year-on-year growth of 39.00% [2] - The net profit for Q1 2025 was 0.47 billion RMB, with a year-on-year increase of 34.30% [2] - For the year 2024, the company projected a revenue of 8.65 billion RMB, reflecting a growth of 26.01% compared to the previous year [3] Group 2: Market Expansion and Production Capacity - The company is focusing on market expansion in sectors such as automotive, communications electronics, rail transit, and engineering machinery, with continuous revenue growth in these areas [3] - The total operational area of the main production bases in Dongguan, Jiangmen, and Suzhou is approximately 115,000 square meters [3] - Future capacity expansion plans include the establishment of a subsidiary in Morocco and ongoing projects in East China [3] Group 3: Customer and Sales Insights - The largest customer in 2024 contributed sales of 154,242,728.25 RMB, accounting for 17.84% of the total annual sales [4] - The company does not experience significant seasonal revenue fluctuations [4] Group 4: Cost and Profitability - The change in gross margin for Q1 2025 was primarily due to increased operating costs, influenced by revenue growth, material cost fluctuations, and production ramp-up at new facilities [4] Group 5: Strategic Outlook - The company is actively monitoring potential mergers and acquisitions within the industry and will adhere to disclosure obligations if any plans arise [4] - The company is exploring emerging fields such as low-altitude economy and humanoid robots, although these sectors currently do not significantly impact operations [4]

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in functional protective tubing, leveraging a "self-supplied monofilament + R&D innovation" strategy to create a competitive moat [5]. - The company has shown strong growth in revenue and profitability, with a significant focus on the automotive sector, particularly in the context of the booming new energy vehicle market [4][20]. - The company is expanding its production capacity and enhancing its technological capabilities, which are expected to drive future growth [5][6]. Summary by Sections Company Overview - The company, established in 2004, specializes in high polymer modified protective materials and has become a leading domestic player in functional protective tubing, with applications in automotive, rail transportation, communications electronics, and engineering machinery [3][15]. - The company has achieved a revenue of 865 million yuan in 2024, a year-on-year increase of 34.30%, with the automotive sector accounting for 65.60% of its revenue [3][20]. Market Demand and Growth - The domestic automotive industry is experiencing a strong recovery, with new energy vehicle sales expected to exceed 15 million units in 2025, reflecting a compound annual growth rate (CAGR) of 50.17% from 2015 to 2024 [4][47]. - The market for functional protective tubing in new energy vehicles is projected to reach 49.32 billion yuan in 2024, with a year-on-year growth of 34.78% [4][56]. Production and Technological Advantages - The company has developed a vertical integration production system, achieving over 90% self-supply of monofilament, which stabilizes performance and reduces production costs [5][73]. - Continuous R&D efforts have led to product performance that matches international standards, enhancing customer relationships and creating a strong product moat [5][73]. Financial Projections and Valuation - Revenue projections for 2025 to 2027 are 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan, respectively, with corresponding net profits of 214 million yuan, 273 million yuan, and 336 million yuan [6][8]. - The company is expected to maintain a strong growth trajectory, with an estimated EPS of 2.73 yuan in 2025, reflecting a P/E ratio of 19.0 [6][8]. Competitive Landscape - The functional protective tubing market is characterized by low concentration, with foreign companies currently holding a dominant position. However, domestic companies are rapidly closing the technology gap, accelerating the process of domestic substitution [4][67]. - The company is strategically expanding its international presence with factories in Mexico and Morocco to better serve North American and European clients [75].

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage in this regard [6]. Core Insights - The company is a leader in functional protective sleeves, leveraging a "self-supply of monofilament + R&D innovation" to create a competitive moat [5]. - The company has shown strong growth, with a revenue increase of 34.30% year-on-year in 2024, reaching 865 million yuan, and a net profit increase of 26.01%, totaling 176 million yuan [3][20]. - The domestic automotive industry is experiencing a robust recovery, particularly in the new energy vehicle (NEV) sector, which is expected to drive demand for functional protective sleeves [4][47]. Summary by Sections Company Overview - Established in 2004, the company specializes in high polymer modified protective materials and has become a leading domestic player in functional protective sleeves, with applications in automotive, rail transit, communications electronics, and engineering machinery [3][15]. - The company has a vertical integration strategy, producing over 90% of its monofilament in-house, which stabilizes performance and reduces production costs [5][73]. Market Demand and Growth - The NEV market has seen explosive growth, with sales increasing from 330,000 units in 2015 to 12.86 million units in 2024, representing a CAGR of 50.17% [4][47]. - The market for functional protective sleeves in NEVs is projected to reach 4.932 billion yuan in 2024, reflecting a year-on-year growth of 34.78% [56]. Financial Performance and Projections - The company forecasts revenues of 1.055 billion yuan in 2025, 1.285 billion yuan in 2026, and 1.539 billion yuan in 2027, with respective growth rates of 22.0%, 21.8%, and 19.7% [6][8]. - The net profit is expected to reach 214 million yuan in 2025, 273 million yuan in 2026, and 336 million yuan in 2027, with growth rates of 21.4%, 27.8%, and 23.0% respectively [6][8]. Competitive Landscape - The market for functional protective sleeves is characterized by low concentration, with foreign companies currently holding a dominant position due to technological advantages [4][67]. - The company is positioned in the second tier of domestic competitors, gradually closing the gap with foreign firms as its R&D capabilities improve [67][71]. Strategic Initiatives - The company is expanding its international footprint with factories in Mexico and Morocco to better serve North American and European clients, enhancing its competitive edge [75].

Market Overview - The Shanghai Composite Index closed at 3346.84 points, slightly above the half-year line, with a change of -0.05% [1] - The total trading volume of A-shares reached 10338.72 billion yuan [1] Stocks Performance - A total of 231 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Junyao Health: 9.37% - Guangsha Environmental Energy: 8.42% - Longzhou Co., Ltd.: 7.79% [1] - Stocks with lower deviation rates that just crossed the half-year line include: - Wantai Biological Pharmacy: 6.51% - Huatai Securities: 6.40% - Jiayuan Technology: 6.17% [1] Notable Stocks - The top three stocks with the highest daily increase: - Junyao Health: +10.08% - Guangsha Environmental Energy: +9.23% - Longzhou Co., Ltd.: +10.02% [1] - The trading turnover rates for these stocks were also significant, with Guangsha Environmental Energy at 7.92% and Longzhou Co., Ltd. at 8.30% [1] Additional Stocks Data - Other notable stocks with their respective performance: - Huachang Communication: +19.99% with a turnover rate of 12.90% - Huali Technology: +7.44% with a turnover rate of 13.05% [1] - The data indicates a healthy trading environment with several stocks showing strong performance above the half-year line [1]

Financial Performance - The company has achieved a compound annual growth rate (CAGR) of approximately 25% in both revenue and net profit from 2019 to 2024 [2][3] - In 2024, the company reported a revenue of 865 million CNY, representing a year-on-year growth of 34.30%, and a net profit of 176 million CNY, with a growth of 26.01% [2] - For the first quarter of 2025, the revenue was 229 million CNY, showing a year-on-year increase of 39.00%, while the net profit was 47 million CNY, up by 3.24% [2] Revenue Breakdown - In 2024, revenue from the automotive sector was 567 million CNY, accounting for 65.60% of total revenue, with a year-on-year growth of 42.51% [5] - Revenue from the new energy vehicle sector grew by 72.61% compared to the previous year [5] - Other sectors such as communications electronics, rail transit, and engineering machinery also saw revenue growth compared to 2023 [5] Market Expansion and Strategy - The company is actively exploring emerging markets such as aerospace, wind power, photovoltaics, energy storage, and medical sectors [5] - The medical sector generated nearly 3 million CNY in revenue in 2024, indicating growth but still representing a small portion of total revenue [5] - The company plans to establish a subsidiary in Morocco with an expected investment of up to 100 million CNY [5] Competitive Landscape - The market for functional protective sleeves is fragmented, with competition from multinational corporations and domestic leaders [6] - In 2024, sales revenue from the U.S. accounted for 5.91% of the company's main business revenue, totaling approximately 50.92 million CNY [6] - The company has established strong relationships with various well-known brands and has passed stringent supplier audits, enhancing its competitive position [7] Operational Capacity - The company operates approximately 115,000 square meters across its main production facilities in Dongguan, Jiangmen, and Suzhou [4] - Plans for capacity enhancement include new production sites and equipment upgrades in response to increasing orders [4] Challenges and Risks - The company faces challenges related to raw material price fluctuations, particularly those influenced by oil prices [4] - The diverse application scenarios and varying demand across different sectors make it difficult to estimate the total market capacity for its products [6]

证券代码：301538 证券简称：骏鼎达 公告编号：2025-023 深圳市骏鼎达新材料股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市骏鼎达新材料股份有限公司（以下简称"本公司"）2024 年年度权益 分派方案已获 2025 年 5 月 13 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下: 一、股东大会审议通过利润分配及资本公积转增股本方案等情况 （1）以截至 2024 年 12 月 31 日公司总股本 5,600.00 万股为基数，向全体股 东按每 10 股派发现金股利 6 元（含税），合计派发现金红利 3,360.00 万元（含税）， 剩余未分配利润转结至下一年度。 （2）以资本公积向全体股东每 10 股转增 4 股，公司目前总股本为 5,600.00 万股，以此计算，共计转增 2,240.00 万股，转增后公司股本变更为 7,840.00 万股， 具体以中国证券登记结算有限公司深圳分公司实际登记结果为准。 （3）不送红股。 若在分配预案实施前公司总股本发生变动的，公司则以未来实施分配预案时 股权登记日的总股 ...