平安电工分析师会议-20250612

1. Reported Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The report focuses on the research and analysis of Ping'an Electrician, covering its competitive advantages, development strategies, and responses to various challenges [24][25] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Ping'an Electrician, and the reception time was on June 12, 2025. The listed company's reception staff included the board secretary Li Jun, the securities affairs representative Wei Jia, and the financial director Ding Henji [17] 3.2 Detailed Research Institutions - The reception objects included investors' online questions and others [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Advantages over competitors: Compared with Zhejiang Rongtai, Ping'an Electrician has an advantage in cost due to its full - industrial - chain layout, with eight supporting factories in the mica insulation material industry [24] - High overseas sales gross margin: The overseas sales gross margin is significantly higher than that in the domestic market because of the company's brand reputation and the high - end nature of foreign trade products. It is expected to remain high in the long term [24] - Layout in emerging fields: The company aims to contribute to emerging fields such as new - energy vehicles, solid - state batteries, and deep - sea technology by focusing on R & D of high - temperature - resistant insulation materials and building a full - industrial - chain development pattern [25] - Impact of tariff war: The direct impact of tariffs on the company is small as the US business accounts for a small proportion. The company's overseas investment is mainly in Southeast Asia and Africa [25] - Employee incentives: The company will consider equity incentive matters according to business development needs and is exploring diversified employee incentive mechanisms [26] - Dividend implementation: The 2024 dividend will be distributed within two months after the annual general meeting on May 8, 2025 [27] - Opportunities from battery regulations: The new battery regulations prompt the company to develop a complete solution for thermal runaway protection in new - energy vehicles using "mica + materials" technology [28]