热威股份分析师会议-20251105

Group 1: Research Basic Information - The research object is Rewei Co., Ltd. The research date is November 5, 2025. The listed company's reception staff includes General Manager Lv Yuebin, Financial Controller Shen Yuan, Director and Board Secretary Zhang Liang, and Independent Director Hu Chunrong [16] Group 2: Detailed Research Institutions - The reception object is all investors who participated in the company's Q3 2025 earnings conference online, and the reception object type is "others" [19] Group 3: Main Content Financial Performance - The net profit in the first three quarters increased by 7.66%, but the net profit in Q3 decreased by 2.86% due to a year-on-year decline in gross margin. The main reasons from a business perspective are that the growth rate of domestic sales revenue is higher than that of overseas sales, the proportion of domestic sales revenue has increased year-on-year, and the average gross margin of domestic sales products is lower than that of overseas sales products; some products are transferred to the Thai factory for production, resulting in a short-term decline in profit margins; there were many new products and projects transferred to mass production in Q3, resulting in a short-term decline in profit margins [23] - Accounts receivable increased by 17.32%, almost 1.8 times the net profit. The company's revenue collection is normal as the Q3 2025 revenue increased compared to Q2 and the proportion of domestic sales in revenue increased [23] - The gross margin of new energy vehicle electric heating elements was 31.61% before, and there was no significant fluctuation in Q3 [23] - The revenue proportion of the overseas market in Q3 was 53.20% (unaudited), a year-on-year decrease [24] - The gross margin decreased slightly by 0.6 percentage points, mainly due to the increase in the proportion of domestic sales [24] - The revenue in Q3 increased by 10.14%, and the growth ratios of new energy vehicles and traditional businesses from January to September 2025 were close [24] Business Cooperation - In addition to deepening cooperation with BorgWarner and Valeo, the company also has in-depth cooperation with Hisense Sanden, Korea Yooli, Marelli, etc., and is cooperating with multiple domestic new energy vehicle thermal management system Tier 1 suppliers. More domestic brands will be applied in the future [24] Production Capacity - The company's production capacity can meet the needs of existing customers, and the company is continuously expanding production capacity to meet future development needs [24] Industry Outlook - With the low-carbon green transformation, the proportion of electricity in energy use has increased significantly, which will drive an increase in the usage and scenarios of electric heating elements. With the improvement of living standards, the proportion of electrification increases year by year, and emerging household appliances are developing rapidly. The company is optimistic about the future development prospects of the industry [24][25] Challenges - The biggest difficulty the company currently faces is the increasing uncertainties in the global market [26]