Group 1: Financial Performance - The company reported significant growth in 2024, with revenue and net profit increasing substantially due to client project increments and new customer acquisitions [2] - Existing client project increments are primarily reflected in the core products, such as washing machine angle valves and PEX valves, which gained market recognition and steady order growth [2] - The company aims to ensure sustainable performance by expanding into markets outside the U.S., including Australia, South America, and Southeast Asia [2] Group 2: Product and Market Strategy - The company's pipe fittings are included in the tariff exemption list, with pipe fittings accounting for 31.46% of the product mix according to the 2024 annual report [3] - Future R&D efforts will focus on both domestic and international markets, with a shift from civil to industrial valve sectors and a push towards integrated and intelligent product development [3] - The company has established an overseas production base in Vietnam, with a capacity to produce 42 million valve and hardware items annually, aimed primarily at the U.S. market [3] Group 3: Customer Base and Expansion - Current major customers include global water control system providers and chain home improvement retailers, with plans to expand into channel distribution clients [4] - The company is actively seeking potential acquisition opportunities to enhance its strategic planning and broaden application scenarios [4] Group 4: Market Trends and Demand - The demand for lead-free copper plumbing products has shifted from "elastic" to "rigid" due to environmental regulations in developed countries, with significant growth in markets like Australia and Europe [5][6] - The company is positioned to leverage this trend, having already achieved order breakthroughs in the Australian market for lead-free copper products [5] Group 5: Competitive Landscape - The global valve industry is experiencing stable demand due to infrastructure upgrades and environmental policies in developed countries, while emerging markets in the Asia-Pacific region are becoming new growth points [6] - The company has established a strong reputation in the high-barrier U.S. market and is recognized by numerous international manufacturers and distributors [7] Group 6: Dividend Policy - For 2024, the company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 30 million yuan, with a commitment to a stable and scientific dividend return mechanism [7] - The dividend distribution policy is designed to ensure continuity and stability, with previous distributions of 6 yuan per 10 shares in 2022 and 3 yuan in 2023 [7]