Core Viewpoint - Kuntai Co., Ltd. is advancing its globalization strategy by establishing a subsidiary in Morocco with an investment of up to 100 million yuan, aiming to enhance its automotive carpet business and meet the growing demand in the European market [1][2] Group 1: Investment and Expansion - Kuntai Co., Ltd. plans to set up a production base in Morocco through its wholly-owned subsidiary, focusing on manufacturing and selling carpets, mats, and automotive interiors [1] - The investment aims to create a new growth point for the automotive carpet business and implement a global collaborative supply strategy [1] - The establishment of the Moroccan base is intended to build a production and development platform for the European market, enhancing local service networks [1] Group 2: Business Performance and Market Trends - Kuntai Co., Ltd. has seen rapid growth in its needled carpet business, driven by supportive policies and the fast development of the new energy vehicle market [2] - The company has established stable partnerships with several well-known automotive brands, actively expanding its overseas market presence [2] - The automotive industry's long-term transition towards electrification and intelligence, along with global supply chain restructuring, has led Kuntai Co., Ltd. to strengthen its global layout and technological innovation [2]

Company Overview - Shandong Kuntai New Materials Technology Co., Ltd. specializes in the R&D, production, and sales of automotive interior materials and products, listed on February 16, 2023 [2] - The company’s main products include automotive tufted carpets and needle-punched carpets, primarily serving the complete vehicle matching market [2] Market Position and Growth - The company has established stable partnerships with brands such as BMW, Audi, Mercedes-Benz, and NIO, and is actively expanding overseas with subsidiaries in the USA, Singapore, and Mexico [2] - The needle-punched carpet segment has seen rapid growth due to favorable industry policies and increasing demand for new energy vehicles [3] Production Capacity and Investment - The company’s production capacity for needle-punched carpets has significantly increased following the launch of a project to produce high-grade needle-punched materials and 15,000 tons of BCF yarn [3] - The project is expected to enhance market share in the needle-punched carpet sector [3] Future Development and Market Expansion - Kuntai plans to strengthen its domestic market while expanding its presence in overseas markets, aiming to increase global market share [3] - The company is also focusing on R&D in the fiber sector to develop products that meet customer needs, enhancing overall competitiveness and profitability [3] Joint Ventures and Strategic Partnerships - The establishment of a Sino-Japanese joint venture aims to improve collaboration with Japanese clients and expand into the Japanese market [3] - The joint venture will facilitate resource integration and joint development in areas such as fiber and automotive carpets [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Report's Core View - No information provided 3. Summary by Relevant Catalogs 3.1.调研基本情况 - 调研对象为坤泰股份，接待时间是2025年5月15日，上市公司接待人员有董事、副总经理、财务总监耿佳辉，副总经理、董事会秘书王翔宇，证券事务代表孙兆学 [17] 3.2.详细调研机构 - 接待对象类型有投资者网上提问等，机构相关人员包括接待对象 [20] 3.3.调研机构占比 - No information provided 3.4.主要内容资料 - 墨西哥生产基地主要生产汽车簇绒地毯、汽车针刺地毯等产品 [24] - 截止目前，墨西哥生产基地已实现小批量量产，公司将根据客户订单安排稳健经营，争取早日全面量产 [24] - 2024年坤泰股份母公司实现净利润78,279,898.72元，2023年为55,459,795.81元，较去年增加22,820,102.91元，同比增长41.15% [24]

Group 1: Company Overview - The company is Shandong Kuntai New Materials Technology Co., Ltd. with stock code 001260 [1] - The investor relations activity was an earnings briefing held on May 15, 2025 [1] Group 2: Production Plans - The Mexican subsidiary is set to produce automotive tufted carpets and automotive needle-punched carpets [1] - As of now, the Mexican production base has achieved small-scale production [1] Group 3: Financial Performance - The net profit for the parent company in 2024 was ¥78,279,898.72, compared to ¥55,459,795.81 in 2023 [2] - This represents an increase of ¥22,820,102.91, which is a growth of 41.15% year-on-year [2]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company [1]. Core Insights - The company, Kuntai Co., specializes in automotive carpet products, which are used in various parts of vehicles, including main carpets, trunk carpets, and seat backs, offering features such as mildew resistance, antibacterial properties, flame retardance, low odor, and sound absorption [18]. - The Mexican production base has completed equipment installation and is in the preparation stage for mass production [18]. - The company's products are primarily exported to countries and regions including Japan, the Middle East, New Zealand, Australia, the United States, and Europe [18]. - As of the first half of 2024, the revenue share of tufted carpets was 34.38%, while needle-punched carpets accounted for 34.85% of the company's total revenue [18]. - The company aims to deliver products economically and defect-free, focusing on high-value automotive interior materials and expanding its market presence in North America through its Mexican subsidiary [18]. Summary by Sections 1. Basic Research Information - The research was conducted on Kuntai Co. on March 11, 2025, with participation from Shanxi Securities [13]. 2. Detailed Research Institutions - The research involved personnel from Shanxi Securities [16]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [17]. 4. Main Content Information - The main content includes a detailed discussion on the company's product applications, production base status, export markets, revenue breakdown by product type, and future business plans [18].