Core Viewpoint - The company is a leading player in the domestic hilly and mountainous agricultural machinery industry, focusing on the research, design, production, and sales of agricultural machinery and other power machinery products, with a commitment to becoming a top global brand in this sector [2][3][10]. Company Overview - The company primarily engages in the development and manufacturing of hilly and mountainous agricultural machinery, including tillage, field management, harvesting, and irrigation machinery, as well as other power machinery products [2][3]. - The product range includes micro tillers, walking transplanters, field management machines, combine harvesters, and centrifugal pumps, among others, catering to various agricultural needs [3][4][5]. Business Model - The company operates an independent R&D, procurement, production, and sales system, generating revenue through direct sales to downstream customers [6][7]. - The procurement strategy is based on a "production-based ordering" model, while the production strategy focuses on "sales-based production" to ensure efficient operations [6][7]. Performance Drivers - Supportive policies from the Ministry of Agriculture and Rural Affairs aim to enhance the quality of agricultural machinery and promote the development of small machinery suitable for hilly areas, providing growth opportunities for the agricultural machinery market [8]. - The agricultural machinery market in China is projected to reach approximately 600 billion yuan by 2024, with a compound annual growth rate (CAGR) of around 5% over the next five years [8]. Market Outlook - The global agricultural machinery market is expected to grow steadily, reaching approximately $200 billion by 2026, with a CAGR of about 3% [9]. - The Asia-Pacific region holds the largest share of the global agricultural machinery market, driven by the demand from developing countries and a large population [9]. Future Strategy - The company plans to focus on smart agriculture and global expansion, emphasizing the development of electric, lightweight, and unmanned technologies [10]. - The establishment of a smart and flexible production base in Chongqing is expected to meet the growing market demand, while the company aims to enhance its product competitiveness and expand its product matrix [10].
威马农机股份有限公司2024年年度报告摘要