大元泵业 2025 年半年度业绩交流电话会议纪要 长江证券、北信瑞丰、德邦基金、东恺投资、东吴基金、富安达基金、光大保德 信基金、广发基金、广发证券、国泰基金、合众资产、弘尚资产、宏鼎财富管理、 华商基金、汇丰晋信基金、金鹰基金、理成资产、南土资产、农银汇理基金、前 海开源基金、尚正基金、生命人寿保险、同泰基金、彤源投资、希瓦私募、兴银 基金、玄卜投资、煜德投资、远信私募、长城财富保险、长城基金、招商信诺资 管、招商资管、中意资产、中银基金、中邮基金、中再资产、天风证券、国金证 券、华西证券、太平洋证券、国信证券、汇添富基金、中泰证券、信达证券、恒 大人寿、西南证券、银河证券、高信百诺、鸿道投资、中信建投、混沌投资、逸 原达投资、青鼎资产、海天塑机集团、中信证券、能投资本、中金基金、摩根士 丹利基金、博众智能科技投资、民森投资、远信投资、国投证券、晓喆投资、国 泰海通等机构投资者。 （三）会议地点：电话会议 （四）参会人员： 总经理：王侣钧；董事会秘书 黄霖翔；财务总监 叶晨晨；产品技术负责人 章 玮玮；证券事务代表 张俊伟。 为保证市场投资者对公司业务的了解，公司自 2022 年年报以来持续在定期 报告披露 ...

Group 1 - The company, Zhenghai Magnetic Materials, focuses on the research and manufacturing of high-end rare earth permanent magnetic materials and components [2] - The company's products are widely applicable in high-end application fields related to "three energies," including new energy vehicles, wind power, energy-saving electrical appliances, and intelligent equipment [2] - Specific applications of the company's products include energy-saving elevators, humanoid robots, low-altitude flying vehicles, and smart consumer electronics like smartphones [2]

Industry Overview - China holds a significant position in the global home appliance industry, being a major producer, consumer, and exporter with a leading industrial support system and technological application level [1][15] - The electric heating element market in China is expected to grow from $3.13 billion in 2017 to $4.294 billion in 2024, with a compound annual growth rate (CAGR) of 4.62% [1][15] - The market is projected to reach $4.496 billion by 2025, driven by the optimistic outlook in the home appliance and new energy markets [1][15] Electric Heating Element Industry Development - The electric heating element industry has evolved through three stages: the budding period, growth period, and explosive period, with significant technological advancements since the 19th century [5][6] - The industry has entered a high-speed development phase in the 21st century, with electric heating elements becoming essential in daily life and industrial production [6] Market Demand and Trends - The demand for electric heating elements is diversifying, leading to a trend towards highly customized products to meet specific industry needs [26] - The electric heating element market is experiencing a shift towards smart technology integration, utilizing IoT and AI for precise temperature control and energy efficiency [24] - Energy-saving innovations are becoming a core focus, with new materials and technologies aimed at reducing energy consumption and enhancing thermal conversion efficiency [25] Key Companies in the Industry - Major companies in the electric heating element sector include Sanhua Intelligent Controls, Dongfang Electric Heating, and Langjin Technology, among others [19][20][22] - Sanhua Intelligent Controls reported a revenue of 27.947 billion yuan in 2024, reflecting a year-on-year growth of 13.8% [20] - Dongfang Electric Heating generated 1.473 billion yuan from new energy equipment manufacturing and 1.14 billion yuan from household appliance components in 2024 [22] Global Market Context - The global electric heating element market has grown from $8.164 billion in 2017 to $10.452 billion in 2024, with a CAGR of 3.59%, and is expected to reach $10.927 billion by 2025 [14] - The industry is characterized by a competitive landscape with North America, Europe, and Asia-Pacific as key regions, where North America and Europe dominate the mid-to-high-end market segments [18]

Group 1: Company Performance and Financials - In 2024, the company's revenue from bulk business decreased by 47.08% to CNY 277 million, with a gross margin decline of 14.95% [4] - Revenue from the dealer business model fell by 31.45% to CNY 275 million, with a gross margin decrease of 15.09% [4] - Revenue from energy-saving aluminum-clad wooden windows dropped by 51.53% to CNY 383 million, with a gross margin decline of 14.32% [5] - Revenue from aluminum alloy windows increased by 27.17% to CNY 146 million, but gross margin decreased by 8.12% [5] - Overall, the external market environment significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [5] Group 2: Market Trends and Opportunities - The energy-saving window industry is undergoing transformation due to the dual carbon strategy, promoting green, low-carbon, and energy-efficient buildings [4][5] - The demand for improvement housing is becoming a key support for the new housing market, with the "old-for-new" renovation market gaining momentum [4] - The market penetration and popularity of high-performance window products remain low, indicating a significant opportunity for growth [4][5] - The industry still has substantial room for improvement in concentration, with leading companies expected to capture more market share [4][5] Group 3: Strategic Initiatives - The company plans to enhance product recognition and brand awareness through a multi-category, large single product, and full-channel sales strategy [3] - There is a focus on channel transformation, expanding the distribution network, and flagship operations in key cities [3] - The company aims to improve supply chain capacity and efficiency through investment in projects related to insulating glass and integrated materials [3] - Continuous innovation and increased R&D investment are prioritized to develop cost-effective products that meet market demands [3] Group 4: Future Outlook - The real estate market is showing signs of gradual recovery after adjustments, with improved market confidence and expectations for demand and supply [5] - The company will leverage industry trends such as increased energy efficiency requirements and accelerated demand for renovation to enhance its competitive edge [5] - The focus will be on providing comprehensive solutions for building openings, improving product diversity, and enhancing management efficiency [5]

Financial Performance - In 2024, the company achieved total revenue of CNY 5.539 billion, with a net profit of CNY 0.092 billion, reflecting a decline in net profit due to various market pressures [2][3] - For Q1 2025, the company reported revenue of CNY 1.459 billion, a year-on-year increase of 24.83%, but net profit decreased by 10.94% to CNY 0.069 billion [2][3] Market Growth - The sales volume of high-performance NdFeB permanent magnet materials has increased for seven consecutive years, with a 31% year-on-year growth in 2025 [3][6] - The automotive market saw a significant sales increase of 48% in 2025, contributing to the overall growth in the company's performance [3][4] Product Application - The company's products are primarily used in high-end applications such as new energy vehicles, wind power, energy-saving home appliances, and smart consumer electronics [4][5] - In the new energy and automotive sectors, the company completed 58 automotive selection projects in 2024, exceeding its annual target [5] Production Capacity - The Nantong base's production capacity increased by over 150% in 2024, complementing the strategic capacity of the Yantai base [6] - The utilization rate of the Nantong base improved year-on-year, aligning with the company's expectations [6] Research and Development - The company maintains a high R&D investment ratio, with 302 authorized and pending invention patents as of the end of 2024, marking a 47% increase [6] - Key technologies such as grain optimization and diffusion technology have product coverage rates of 97% and over 80%, respectively [7] Strategic Plans - For 2025, the company aims for quality revenue and sustainable growth, focusing on optimizing product and customer structures [7] - The strategic focus includes cost leadership through technology and marketing, enhancing profit levels, and implementing management reforms [7]