Group 1 - The company, Jun Ding Da, specializes in the design, research and development, production, and sales of polymer modified protective materials [2] - Main products include functional protective sleeves and functional monofilaments, with no current products directly related to "robot flexible fabric outerwear" [2] - The company commits to strictly adhere to information disclosure rules if there are substantial developments or business layouts in emerging fields in the future [2]

Core Viewpoint - The company, Jun Ding Da (301538.SZ), specializes in the design, research and development, production, and sales of polymer modified protective materials, with no current products directly related to "robotic flexible fabric outerwear" [1] Group 1 - The main business of the company includes functional protective sleeves and functional monofilaments [1] - The company has stated that if there are substantial developments or business layouts in emerging fields in the future, it will strictly adhere to information disclosure regulations [1]

Group 1 - The company, Jun Ding Da (301538.SZ), specializes in the design, research and development, production, and sales of polymer modified protective materials, with main products including functional protective sleeves and functional monofilaments [2] - Currently, the company does not have any products directly corresponding to the "robot flexible fabric outerwear" mentioned in the investor inquiry [2] - The company stated that if there are any substantial developments or business layouts in emerging fields in the future, it will strictly adhere to information disclosure regulations [2]

Group 1 - The company, established in 2004, specializes in functional protective sleeves and monofilaments, widely used in automotive, construction machinery, rail transportation, and communication electronics sectors [1] - The products are known for their excellent temperature resistance, UV resistance, flame retardancy, and chemical corrosion resistance, providing safety protection for wiring systems and fluid pipelines [1] - The projected net profit for the company from 2025 to 2027 is 226 million, 290 million, and 364 million yuan, with current market valuations corresponding to PE ratios of 32.3, 25.2, and 20.1 times [1] Group 2 - The demand for functional protective sleeves is expected to grow due to the electrification of vehicles and the increasing requirements for protection in wiring systems and fluid pipelines [1] - The market size for functional protective sleeves in China's new energy vehicle sector is projected to reach 4.932 billion yuan in 2024 [1] - The company aims to leverage its experience in the automotive industry to expand into the robotics sector, focusing on functional protective sleeves and tendon protection components [2] Group 3 - The company's tendon protection sleeve mimics the human tendon sheath structure, addressing key issues such as lubrication, flame retardancy, heat insulation, wear resistance, and lifespan [2] - The protective sleeves for wiring systems are suitable for robotic joints and arms, ensuring reliability under long-term high-load operations [2]

Group 1: Financial Performance - The company achieved a revenue of approximately 864.5 million yuan in 2024, representing a year-on-year growth of 34.3% [29] - The net profit for 2024 was approximately 176 million yuan, with a year-on-year increase of 26.01% [29] - In the first quarter of 2025, the company reported a revenue of approximately 229.3 million yuan, showing a year-on-year growth of 39% [29] Group 2: Gross Margin Trends - The gross margin for 2024 was 42.78%, while it decreased to 39.63% in the first quarter of 2025 [4] - The decline in gross margin is attributed to multiple factors, including production ramp-up from new facilities and changes in product and customer structure [4][20] Group 3: Market Expansion and Product Development - The company is actively expanding into emerging markets such as medical devices and energy storage, with revenue from the medical sector reaching nearly 3 million yuan in 2024 [7] - The company has initiated preliminary business discussions with well-known clients in the low-altitude flying car sector [12][18] Group 4: Production Capacity and Utilization - The company currently has a high capacity utilization rate due to sufficient orders on hand [14] - Ongoing projects include the construction of a new facility in Dongguan for functional protective materials [22] Group 5: Competitive Advantages and Technology - The company has developed core technologies in material formulation and product design, achieving performance metrics that are competitive with foreign manufacturers [15] - The company emphasizes vertical integration in production, which enhances product quality and reduces costs [10] Group 6: Industry Outlook and Challenges - The automotive industry is projected to grow, with global passenger car sales expected to increase in 2024 [12] - The company faces challenges from price competition among electric vehicle manufacturers, which may impact profitability [11]

Financial Performance - From 2019 to 2024, the company's revenue and net profit have shown a steady growth, with a compound annual growth rate (CAGR) of approximately 25% for both metrics [2] - In 2024, the company achieved a revenue of 865 million yuan, representing a year-on-year growth of 34.30%, and a net profit of 176 million yuan, up by 26.01% [2] - For the first quarter of 2025, the company reported a revenue of 229 million yuan, a year-on-year increase of 39.00%, with a net profit of 47 million yuan, growing by 3.24% [2] Cost and Margin Analysis - The change in gross margin for Q1 2025 was primarily due to increased operating costs, influenced by factors such as rising material costs and production ramp-up in new facilities [3] - The functional protective sleeve products accounted for 78.04% of total revenue in 2024, with other products contributing 21.96%, amounting to approximately 190 million yuan [4] Market Expansion and Investment - The company plans to establish a subsidiary in Morocco to serve existing European customers and explore new markets [3] - The Mexican subsidiary began operations in late November 2024, with a focus on quality management and customer engagement [3] - The company is also investing in capacity enhancement projects, including the construction of a new facility in Dongguan and the Moroccan subsidiary [4] Revenue Sources and Client Segmentation - In 2024, revenue from the automotive sector reached 567 million yuan, accounting for 65.60% of total revenue, with a year-on-year growth of 42.51% [4] - Revenue from the new energy vehicle sector grew by 72.61% [4] - The company is actively exploring emerging markets such as aerospace, wind power, and medical sectors, with a focus on precision medical catheter design and assembly [5] International Sales and Future Outlook - In 2024, the company's overseas sales revenue was approximately 172 million yuan, with the U.S. market contributing about 50 million yuan, representing 5.91% of total revenue [5] - The company is considering establishing sales and production facilities in Southeast Asia to enhance its global market presence [5] Shareholder Engagement and Future Plans - The company has developed a three-year dividend return plan for shareholders, emphasizing the importance of reasonable investment returns [6] - The top five customers accounted for 32.23% of total sales in 2024, an increase from 26.44% in 2023 [6]