调研速递|海象新材接受永赢基金等2家机构调研 精彩要点披露

Core Viewpoint - The company is actively addressing the impact of U.S. customs sourcing issues on its PVC flooring products while maintaining a stable order outlook and focusing on diversifying its customer base [1] Group 1: Impact of U.S. Customs Sourcing Issues - The company is taking the U.S. customs sourcing issue seriously and is actively responding to mitigate its effects on LVT, SPC, and WPC products [1] - Various channels are being utilized to reduce the impact of the sourcing issue on the company's operations [1] Group 2: Future Order Expectations - The company anticipates that overall future orders will remain stable [1] - Efforts will be made to maintain existing customers and attract new ones, with a focus on exploring domestic trade customers [1] Group 3: Production Capacity and Client Structure - Domestic production capacity primarily serves certain European and domestic clients, while overseas capacity caters to U.S. and some European clients [1] - Capacity utilization is dynamically adjusted based on customer orders, with a notable increase in utilization at the Vietnam production base, while domestic utilization has decreased due to order transfers [1] - Since 2024, the company's exports to Europe and other non-U.S. regions have surpassed those to the U.S., indicating a shift in market focus [1] - The company has a low customer concentration, showcasing a diversified customer structure without significant reliance on any single client [1] Group 4: Brand and Production Base Strategy - The company primarily operates under ODM models, with a low proportion of self-owned brands [1] - Plans are in place to enhance the influence of self-owned brands in the domestic market through increased domestic sales [1] - Current overseas production capacity is sufficient for existing orders, and future expansion will depend on order demand [1] Group 5: Response to External Environment Changes - The company aims to increase its domestic trade share to mitigate external uncertainties while leveraging multiple overseas production bases to reduce risks [1] Group 6: Dividend and Shareholder Plans - The company intends to maintain consistent cash dividends and has introduced a mid-term dividend plan in response to regulatory calls [1] - A new equity incentive plan is being considered, along with a share buyback plan estimated at 25 to 50 million yuan, intended for equity incentives and/or employee stock ownership plans [1]