2025年8月26日15:00 - 16:30，深圳秋田微电子股份有限公司迎来华安证券、抱石投资、必达控股等17家 机构的特定对象调研。公司财务负责人石俊、证券事务代表廖琛琛及证券事务代表助理唐军晶参与接 待。 点击查看公告原文>> 此次调研，机构与公司围绕企业文化、产品及业务等基本情况展开交流，以下为精彩要点： 1.产品应用 领域广泛：在汽车电子领域，产品涵盖仪表盘、中控台等，客户包括轩彩视佳等，配套比亚迪（王朝、 海洋系列车型）、长安等车企的多款车型。智能家电领域，应用于冰箱、空调等常见家电。产品还可应 用于智能机器人，但主要产品应用于非消费类产品。 2.合作情况：截至目前，公司尚未与华为、特斯拉 建立合作关系。对于比亚迪销售收入占总营收比例，公司暂未单独统计披露。 3.芯片业务：公司目前无 芯片业务，所使用芯片均来自外购。 4.电子纸项目：电子纸市场前景广阔，洛图科技预测2024年全球电 子纸终端产品市场规模约130亿美元，2028年超200亿美元，年复合增长率超10%。公司已基本构建电子 纸产品量产能力并小批量出货，以中小尺寸产品研发为主，早期通过与科研机构合作完成关键光电材料 研发，现已实现全链条自 ...

Summary of the Conference Call for Xinquan Co., Ltd. Company Overview - **Company**: Xinquan Co., Ltd. - **Industry**: Automotive components manufacturing Key Points and Arguments Financial Performance - Q1 net profit was 210 million yuan, influenced by one-time factors, but the full-year revenue guidance remains above 17 billion yuan, with an expected net profit of at least 1.4 billion yuan for the year [2][4] - The company anticipates a recovery in net profit margin to over 8% in subsequent quarters [2][4] Growth Drivers - Long-term growth is driven by a "dual helix" strategy: stable domestic core business growth and expansion into overseas markets, particularly with clients like Tesla [2][5] - New business segments such as seating and exterior parts are expected to provide additional growth opportunities [2][6] Impact of Tesla Models - The introduction of Tesla's revised models (Model Y and Model 3) is projected to significantly boost overseas revenue and market share, with the per-vehicle value expected to double [2][7] - The Model 3's reduced version is expected to reach a per-vehicle value of 1,500 USD, with approximately half attributed to seating [7] Operational Performance - The Mexico plant has achieved a monthly output nearing 35 million USD, maintaining a net profit margin of 10% [2][8] - The Slovakia plant is generating monthly output of 8-9 million euros, with expectations to exceed the Mexico plant's net profit margin by Q3 2025 [8] Client Expansion - Besides Tesla, Xinquan is planning a second-phase factory in Slovakia targeting clients like Volkswagen and Volvo, which will contribute to revenue and profit elasticity [9][10] Domestic Market Strategy - Xinquan has acquired a stake in Anhui Ruichi to establish a foothold in the domestic seating market, aiming for a market share of at least one-third with Chery, potentially generating around 4 billion yuan in revenue [12] - The domestic seating business is expected to be consolidated in Q2 2025, with Chery projects ramping up in Q3 [12] Strategic Goals - The "dual hundred" strategy aims for both overseas and seating business revenues to reach 10 billion yuan each, effectively creating at least two new Xinquan entities [3][13] - Profit expectations are set at 1.4 billion yuan for 2025, 1.8 billion yuan for 2026, and potentially over 2.25 billion yuan for 2027 [3][15] Market Challenges - Short-term pressure on Tesla's global sales may impact Xinquan's overseas business, but the overall effect is expected to be limited due to the company's growth strategy [14] Additional Important Information - The company is actively pursuing orders for seating components for the Cybertruck, indicating a broadening of its product offerings in the overseas market [11]