调研速递|浙江伟星新材接待Citi等13家机构调研 市场需求疲弱 收购松田程强化市政业务竞争力

Core Viewpoint - The company, Zhejiang Weixing New Materials Co., Ltd., held a conference call on January 27, 2026, to address investor inquiries regarding market demand, pricing strategies, acquisition matters, and business planning, with participation from 13 institutions including Citi and Fidelity International [1][2]. Market Demand - The current market demand remains weak, reflecting overall industry pressure and providing context for potential adjustments in the company's operational strategies [3]. Pricing Strategy for 2025 - The company aims to maintain a "three high positioning" (high quality, high service, high value) to stabilize its pricing system amidst ongoing industry price wars, focusing on enhancing product and service capabilities rather than engaging in pure price competition [4]. Acquisition of Songtian Cheng - The acquisition of Beijing Songtian Cheng Technology Co., Ltd. is intended to strengthen the company's municipal business competitiveness and expand its international market presence, leveraging Songtian Cheng's advanced technology and strong brand reputation in the valve sector [5]. 2026 Business Planning - The company's operational planning and targets for 2026 are still under discussion, with specific indicators to be disclosed in the 2025 annual report, indicating a cautious approach to future planning [6]. Waterproof and Water Purification Business - The waterproof business model is considered mature, with plans for increased market expansion, while the water purification business will undergo positioning adjustments to refine its business model [7]. Goodwill Provisioning - The company has previously made goodwill impairment provisions, including a full provision of 21.261 million yuan for Guangzhou Hexin and a partial provision of 52.7107 million yuan for Zhejiang Kairui, with decisions on future provisions to be based on accounting standards and auditor evaluations [8]. Dividend Policy - The company maintains a stable and transparent dividend policy, achieving an average dividend payout ratio of 70%-80% since its listing, with future distributions to be determined based on various factors [9][10]. Raw Material Prices - The company reports significant increases in copper prices, while polyethylene and polypropylene prices are experiencing low-level fluctuations, posing challenges for cost control [11]. Capital Expenditure - Annual capital expenditures are approximately 300 million yuan, primarily focused on production capacity expansion and smart transformation, which will enhance production efficiency [12]. Construction Business - The company plans to selectively choose client projects and increase efforts in non-residential sectors, aiming to reduce reliance on a single industry and mitigate operational risks [13].