大东南分析师会议-20250501

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints - The company's subsidiary, Ningbo Wanxiang, has good production and sales of UHV capacitor film products, which is one of the company's profit - growth products. It will maintain production and sales in 2025 to achieve new revenue breakthroughs [22]. - The company is actively promoting the public solicitation and transfer of the major shareholder's equity, and will disclose relevant announcements in a timely manner [25]. - The company will focus on its main business, extend the industrial chain, and carry out digital transformation to enhance its core competitiveness and operating performance [24]. 3. Summary by Directory 01.调研基本情况 (Basic Research Information) - Research object: Dandongnan [16]. - Industry: Plastic products [16]. - Reception time: April 30, 2025 [16]. - Reception personnel: Chairman and General Manager Luo Ping, Independent Director Zhou Bohuang, Financial Controller Zhong Minjun, Deputy General Manager and Board Secretary Zhou Mingliang [16]. 02.详细调研机构 (Detailed Research Institutions) - The 2024 annual performance briefing of Dandongnan was held remotely online, targeting all investors [19]. 03.调研机构占比 (Proportion of Research Institutions) No relevant information is provided. 04.主要内容资料 (Main Content Information) - Business Growth Points: The UHV capacitor film products of the subsidiary Ningbo Wanxiang are profitable, and the company is building a new energy metallized film and capacitor testing center to optimize the product structure [22][26]. - R & D: The company's R & D investment in 2024 was 44.54 million yuan, a year - on - year increase of 12.04%. It will continue to increase R & D investment [33]. - Profit and Dividend: The company's 2024 audited distributable profit was negative, not meeting the profit - distribution conditions. The company will strive to improve profitability and implement the profit - distribution policy [30]. - Market and Competition: The market for various plastic films is highly competitive, with some products having an income - cost inversion. The company will focus on differentiated products [33][34]. - New Factory and Production: The new factory of the subsidiary Ningbo Wanxiang is expected to be completed in June 2025, and the specific production time will depend on the installation progress of the production line [33]. - PEEK Material: The company currently does not plan to develop PEEK materials [26][32]. - Capacitor Testing Center: The capacitor testing center of the subsidiary Ningbo Wanxiang is mainly used to improve the quality of the main product, capacitor film [40].