调研速递|龙泉股份接受线上投资者等多家调研 业绩增长等要点披露

Core Viewpoint - Longquan Co., Ltd. held an online performance briefing for the first half of 2025, discussing business development, performance drivers, and raw material strategies with investors [1][2]. Group 1: Performance and Financials - The company reported a revenue growth of 47.45% and a net profit increase of 126%, primarily driven by stable shipments from large PCCP projects and the consolidation of Nantong Electric Valve Co., Ltd. [2] - The company plans to enhance the revenue share and quality of metal fittings and industrial valves to improve its performance fundamentals [2]. Group 2: Business Strategy and Operations - The PCCP business is influenced by large water conservancy projects and is subject to policy-driven cyclical demand. The company adopts a "regional + project-based" operational model to mitigate adverse impacts from policy fluctuations [2]. - Following the acquisition of Nantong Valve, the company aims to integrate its PCCP, metal fittings, and valve businesses into a cohesive solution rather than operating independently [2]. Group 3: Raw Material Management - Steel and cement account for over 60% of the company's costs. The company has not engaged in hedging but manages price fluctuations through centralized procurement and a raw material price adjustment mechanism [2]. Group 4: Market Challenges and Responses - Revenue declines of 49.47% and 49.52% were noted in the North China and Central China regions, respectively, due to the completion of major projects. The company plans to deepen market exploration to secure new orders [2]. - The company is committed to strict compliance with environmental regulations following its subsidiary's inclusion in the mandatory environmental disclosure list [2]. Group 5: Future Outlook and Shareholder Returns - The company aims to focus on its core PCCP business while expanding its metal products segment and actively pursuing an overall transformation strategy [2]. - Plans for shareholder returns include enhancing market recognition through core business focus, technological innovation, and resource integration, with intentions to implement cash dividends as soon as feasible [2].