科达制造分析师会议-20250501

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In Q1 2025, the overall performance of the company returned to the growth track, with revenue and net profit showing significant year - on - year growth. The overseas building materials and investment businesses performed well, while the ceramic machinery business was affected by industry cycles [16]. - The company's ceramic machinery business has strong core competitiveness, with growth in 2024 despite the downturn in the global ceramic market. It aims to achieve the "10 - billion ceramic machinery" goal and expand into non - ceramic industries [25][28]. - The African building materials market has great potential, with increasing demand for tiles, glass, and sanitary ware. The company's overseas building materials business is expected to benefit from market growth and capacity expansion [49]. - The lithium battery materials and new energy equipment sectors achieved good growth in Q1 2025, and the cost of lithium carbonate production by Lanke Lithium Industry is expected to decline [62]. 3. Summary by Related Catalogs Company Main Situation Introduction - Overall Performance: In Q1 2025, the company achieved revenue of approximately 3.767 billion yuan, a year - on - year increase of 47.05%;归母净利润 was 347 million yuan, a year - on - year increase of 11.38%. After excluding exchange losses, the归母 net profit was 412 million yuan, and the non - recurring profit was 323 million yuan, a year - on - year increase of 17.13% [16]. - Business Segments - Overseas Building Materials: In Q1 2025, it showed strong performance, with significant revenue growth and improved gross profit margin. Tiles benefited from price strategy optimization and capacity release; glass production and operation reached a good level; the profitability of sanitary ware was still under pressure, but the Kenya project improved [16]. - Ceramic Machinery: Affected by industry demand cycles and customer investment rhythm adjustments, the overall performance declined slightly in Q1 2025. However, positive factors from Q4 2024 orders are expected to appear in Q2 [17]. - Investment Business: In Q1 2025, Lanke Lithium Industry produced about 8,500 tons of lithium carbonate, sold about 8,100 tons, achieved revenue of 528 million yuan, and net profit of 207 million yuan, contributing 90 million yuan to the company's归母净利润 [17]. Q&A - Ceramic Machinery Business - 2024 Growth Drivers: Core competitiveness improvement led to increased market share at home and abroad, high - end order breakthroughs in Europe, and growth through产业链 extension and equipment generalization [19]. - 2024 Overseas Revenue Proportion: Nearly 60%, with stable growth in traditional markets and breakthroughs in high - end markets. The proportion may further increase in the future [20]. - 2024 Gross Profit Margin Decline: Due to intensified competition in overseas markets, early - stage product promotion discounts, and increased ink trading business [21]. - Q1 2025 Overseas Revenue Proportion: Over 50%, mainly sold to Southeast Asia, the Middle East, and South Asia, with good growth in South America and Europe [22]. - Q1 2025 Business Structure: Overall performance declined slightly, but net profit remained stable due to improved gross profit margin. The accessory and consumable business was relatively stable, while the ceramic machinery equipment and generalization businesses declined slightly [23]. - Overseas Layout: The company is strengthening its overseas local service scale and radius by setting up subsidiaries in Brazil and Vietnam and expanding production bases in other regions [24]. - Future Outlook: The company aims to achieve the "10 - billion ceramic machinery" goal, focusing on domestic market share expansion, global market penetration, and the development of accessory and consumable businesses and equipment generalization [28]. - Building Materials Business - Q1 2025 Overseas Building Materials Net Profit Margin: After excluding exchange losses, it increased due to price strategy optimization and cost control [37]. - Tile Pricing and Market: Tiles are mainly priced in US dollars, with prices set based on import costs. The African tile market is growing, and the company is adjusting prices and product structures according to market demand [45]. - Capacity Expansion: In 2025, the company's tile production capacity is expected to increase with the full - scale operation of existing projects and the construction of new ones [48]. - Brand and Channel: The company is building a brand matrix for tiles, and sanitary ware and glass can share tile channel resources to some extent [51][52]. - Glass Project: The Tanzania glass project's capacity will be fully released in 2025, and the Peru project is expected to be put into production next year. The African glass market is in the early stage of development, with good growth potential [53][54]. - Sanitary Ware Project: The overall profitability is still under pressure, but the company is focusing on brand building, market expansion, and process and supply chain optimization to improve profitability [58]. - Other Businesses - Lithium Battery and New Energy Equipment: In Q1 2025, revenue increased, and the profitability of negative electrode materials improved. The new energy equipment business mainly includes clean coal gasification equipment and lithium battery positive and negative electrode material equipment [62]. - Other Income: Mainly includes hydraulic pumps and smart energy businesses. The smart energy business is expanding in the African market, and the hydraulic pump business has applications in the marine and offshore engineering fields [63][64]. - Exchange Gains and Losses: In 2024, the company had an overall exchange gain. In Q1 2025, the exchange loss was nearly 140 million yuan, mainly affecting the overseas building materials business [66]. - Operating Cash Flow: The ceramic machinery business has controllable accounts receivable risks, the overseas building materials business generates good cash flow, and the negative electrode material business's cash flow is expected to improve [68][69]. - Core Competitiveness: The company's core competitiveness lies in its dynamic talent iteration mechanism, innovation ability, and good partnership and distribution mechanism [72]. - Employee Stock Ownership Plan: The performance assessment is based on the compound growth rate of relevant performance indicators from 2025 - 2027, excluding the impact of Lanke Lithium Industry's investment income and other factors [73]. - Capital Expenditure: Mainly concentrated in the overseas sector, including the construction of overseas bases and new projects in the building materials and ceramic machinery industries [74][75]. - Market Value Management: The company has taken measures such as share repurchase, share cancellation, and major shareholder and director shareholding increase to boost investor confidence and maintain market value [77].