康斯特 20251027 摘要 公司前三季度总收入 5.86 亿元，同比增长 7.6%，其中国内市场收入 2 亿元，同比增长 11.3%，国际市场收入 1.93 亿元，同比增长 8.7%。 美国市场增速从-11%恢复至 2%，欧洲、中东、非洲市场从-7%恢复至 14%。 公司主营检测产品前三季度收入 3.75 亿元，同比增长 9.4%，单三季度 同比增长 21%。数字化平台收入 1,400 万元，同比增长 36%。综合毛 利率为 65.4%，同比波动 0.8%。 公司三费占比 41.7%，同比上升 0.8%。研发费用 5,768 万元，同比增 长 18%；管理费用 4,515 万元，同比增长 18.4%；销售费用 6,163 万 元，同比增长 3.7%。 公司通过新加坡子公司出口，降低了美国关税成本，目前占比接近 40%。销售仍由美国子公司承担，新加坡子公司负责运营和出口，从北 京发货至新加坡后再退税。 压力控制器品类受高额关税影响较大，但康斯特在该领域竞争优势明显， 盈利状态良好，并计划批量出货以提升市占率和盈利能力。主要面向国 内江浙地区的仪器仪表和传感器企业。 Q&A 公司在 2025 年前三季度的整体 ...

Summary of the Conference Call for 康斯特 (Kangst) Company Overview - 康斯特 is a company operating in the calibration and sensor industry, focusing on both domestic and international markets. Key Financial Performance - Total revenue for 2024 reached 575 million RMB, a year-on-year increase of 15.5% [3] - Net profit attributable to shareholders was 125 million RMB, up 23.1% year-on-year [3] - Non-recurring net profit attributable to shareholders was 115 million RMB, reflecting an 18.5% increase [3] Revenue Breakdown - Domestic market revenue was 287.9 million RMB, a 1.5% increase [5] - International market revenue was 287.5 million RMB, a 34% increase [5] - Calibration testing products generated 544.2 million RMB, accounting for 94.6% of total revenue, with a 16.3% increase [5] - Digital platform revenue was 26.55 million RMB, a 5.5% increase, representing 9.2% of domestic market revenue [5] Strategic Adjustments - The company is shifting its overseas sales strategy from the U.S. to Singapore to avoid tariffs and reduce costs, with expectations that the Singapore subsidiary will handle at least 40% of international sales by the end of 2025 [4][7] - The Singapore laboratory has received certification from the U.S. technical authority, allowing it to issue certificates traceable to U.S. standards [4][24] Product Development and Market Focus - The first phase of the sensor project has been completed, with in-house medium-range sensors now used in digital pressure calibration products [6] - The company plans to produce over 8,000 sensors for internal use and external sales, targeting industries such as meteorology, marine, and process industries [4][8] - The digital platform is expected to see significant growth in 2025, following an upgrade in architecture aimed at meeting the needs of various manufacturing and quality assurance sectors [4][8] Profitability and Cost Management - Gross margin improvement in 2024 was driven by increased sales of high-margin pressure testing products [4][14] - The company maintains a cash flow of approximately 350 million RMB, sufficient to support capital expenditures for the next three to five years without additional financing [17][18] - R&D expense ratio is around 13%, with a decision made to cease capitalizing R&D expenses to enhance financial transparency [20] Inventory and Supply Chain Management - Finished goods inventory reached a historical high of 73 million RMB, primarily due to inventory buildup from the transition of the European shipping center from the U.S. to Singapore [22] - The company has implemented detailed inventory management strategies to ensure timely delivery of new products [23] Market Outlook and Challenges - The domestic market shows positive demand changes, particularly in sectors like metrology, electricity, petrochemicals, and metallurgy [12] - The company anticipates stable growth in the oil and gas sector, despite challenges posed by the increasing use of electric vehicles affecting gasoline demand [33] Tariff Impact - U.S. tariffs have significantly impacted the company, with U.S. customers accounting for about 50% of total revenue [34] - The company has adjusted its strategy to mitigate tariff impacts by shifting non-U.S. sales to Singapore [34] Future Plans - The company is open to acquisition opportunities that align with its strategic goals, particularly in enhancing its product lines and digital platform capabilities [27] - The sensor business aims to target high-precision markets, with products designed for various demanding applications [28][29] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic adjustments, product development, and market outlook.