Financial Data and Key Metrics Changes - In Q4 2023, earnings per diluted share were $21.62, with net income of $66.1 million and full year net income of $372.4 million [8] - Q4 gross profit margin was 21.5%, down from 23.3% in Q3 2023, while full year gross profit margin was 25.5% [8][10] - Cash on hand at the end of December 2023 was $560 million, a decrease from $730.6 million at the end of December 2022 [8] - Capital expenditures for 2023 totaled $164.5 million, with share repurchases amounting to $85.1 million in Q4 and $460.2 million for the full year [9][12] Business Line Data and Key Metrics Changes - Copper pounds shipped in Q4 2023 increased by 5.9% compared to Q3 2023 and by 18.8% compared to Q4 2022, marking a record volume quarter [4][10] - Aluminum wire represented 9.9% of net sales in Q4 2023, with volumes effectively flat compared to the prior year quarter [11] Market Data and Key Metrics Changes - Demand for copper wire and cable products remained strong in 2023, with a 21% increase in copper pounds shipped compared to 2019 levels [4] - The company experienced increased demand from various sectors, including data centers and renewable energy [6] Company Strategy and Development Direction - The company is focused on improving service models and efficiency levels to reduce costs and increase capacity, which is expected to enhance gross margins compared to pre-COVID levels [4][5] - Investments in vertical integration and new facilities, such as the XLPE compounding facility, are aimed at meeting future demand and enhancing competitiveness [7][13] Management's Comments on Operating Environment and Future Outlook - Management noted that the current federal legislation providing funds for infrastructure should bolster demand for products [7] - The company remains confident in its ability to navigate challenges and maintain strong performance due to its unique business model and operational agility [15][16] Other Important Information - The company has returned nearly $785 million in capital to shareholders through share repurchases and dividends since Q1 2020 [12] - The XLPE facility is expected to provide cost savings and benefits starting in the second half of 2024 as it moves into the optimization phase [44][46] Q&A Session Summary Question: What product lines drove the increased volumes in Q4? - Management indicated that the commercial market was strong, with healthy increases in sectors like hotels, government buildings, and data centers [19][20] Question: How is market share evolving? - Management acknowledged that their service level has improved, allowing them to capture market share despite competitors being private [25][26] Question: What are the expectations for gross margins in 2024? - Management stated that gross margins are influenced by copper prices, and while there has been a gradual abatement, investments made in recent years are expected to pay dividends [30][31] Question: How is capacity utilization currently? - Management confirmed that there is still excess capacity available to meet demand, and they have built flexibility into their operations [34][36] Question: What are the biggest remaining bottlenecks? - Labor remains a challenge, but improvements have been noted in hiring and onboarding processes [54][56] Question: What is the outlook for aluminum product lines? - Management noted that while aluminum is more volatile, it remains profitable, and the new XLPE plant will provide more control over this product line [62][65] Question: Can you differentiate between maintenance and growth CapEx? - Management indicated that maintenance CapEx includes significant investments in new machinery, with a consistent range of $40 million to $60 million annually [66][68] Question: What was the LIFO impact in the quarter? - The LIFO impact in Q4 was a pickup of about $2 million, which is significant given the rising environment for copper prices [70][72]

创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创 业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 无锡鑫宏业线缆科技股份有限公司 （无锡市锡山经济技术开发区合心路 17 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的 招股说明书全文作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。 无锡鑫宏业线缆科技股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》 ...