蒙娜丽莎分析师会议-20251027

1. Reported Industry Investment Rating - No relevant information provided 2. Core View of the Report - The ceramic industry is in a stage of adjustment with low kiln - opening rates. SMEs are being cleared out mainly by market competition, and the process will be slow. The company will optimize its sales structure, continue cost - reduction and efficiency - improvement measures, and focus on product innovation to improve its market position [25][29][30] 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Mona Lisa, belonging to the decoration and building materials industry. The reception time was on October 27, 2025. The company's reception staff included Director and Board Secretary Zhang Qikang and Financial Controller Wang Xuebo [16] 3.2. Detailed Research Institutions - The research institutions include securities companies such as Aijian Securities, Everbright Securities; fund management companies like Anxin Fund, Taixin Fund; insurance asset management companies such as Taikang Asset Management; and other types of institutions like Beijing Gaoheng Asset Management, Chongzheng Investment [17][18] 3.3. Research Institution Proportion - No relevant information provided 3.4. Main Content Information - Industry and company capacity utilization: The company arranges orders reasonably according to market demand, aiming for better production costs and transportation radii. The overall kiln - opening rate in the industry is low this year [25] - Company's view on going global: Ceramic exports face high transportation costs. Some companies have built overseas production bases to deal with tariffs and anti - dumping issues. The company has no current plan to build overseas production bases [26][27] - Industry capacity clearance and competition pattern: SMEs' clearance is mainly market - driven, and environmental policies have limited short - term effects. The kiln - opening rate is low, and capacity clearance will be a slow process [29] - Company's real - estate strategic engineering business: The real - estate industry's entry into the stock era has reduced tile orders. The company will optimize its sales structure based on the real - estate industry's development and customer risks [30] - Company's cost - reduction and efficiency - improvement: Cost - reduction and efficiency - improvement will be a regular task, but the space for further cost reduction will shrink [30] - Product price trend: The company's product prices declined in the first three quarters due to various reasons. It will strengthen R & D to promote price stability [30][31] - Future of the building ceramic industry and investment and acquisition plans: The domestic real - estate stock market has great demand, and the market share of leading ceramic companies is low. The company has no current investment and acquisition plans [31][32] - Adequacy of impairment provisions for real - estate accounts receivable: The company has made impairment provisions for some real - estate accounts receivable and will continue to assess their recoverability [32] - Company's sales structure in the first three quarters of 2025: The company has optimized its sales structure, with the distribution business accounting for 83.65% (249,025.57 million yuan) and the strategic engineering business accounting for 16.35% (48,676.52 million yuan) of the total revenue of 297,702.09 million yuan [33]