Group 1 - The company Longhai Co., Ltd. confirmed on September 18 that its fiberglass products, including thermoplastic short-cut fibers, short-cut mats, and fiberglass yarns, are widely used as reinforcement materials in the automotive sector [1] - The company indicated that its products extend to downstream processes involving multiple industries, which entails several processing stages before reaching the end products [1]

Summary of Conference Call Notes Industry Overview - The focus of the discussion is on the specialty glass fiber industry, particularly the Low CTE (Coefficient of Thermal Expansion) glass fiber cloth segment [1][1]. Key Points and Arguments 1. **Supply Shortage of Low CTE Glass Fiber Cloth** - Global leader in BT substrate materials, Mitsubishi Gas Chemical, has notified customers of delivery delays extending to 4-5 months [1]. - The demand for advanced packaging from TSMC's CoWoS is driving tight supply for ABF substrate materials, which is now affecting BT substrates [1]. - There is an expectation of price increases for upstream Low CTE glass fiber cloth due to rising substrate material prices [1]. 2. **Price Increase by Nitto Denko** - Nitto Denko announced a 20% price increase for its composite materials division, which includes products like woven fabrics and chopped strands [1]. - These products were previously operating at a loss, indicating a strategic shift to improve profitability [1]. 3. **Impact of Tariffs on Exports** - The price increase may be influenced by tariffs that have hindered some Chinese exports to the U.S., leading to tight overseas supply, particularly for chopped products [2]. 4. **Real Estate Market Trends** - In the real estate sector, the rolling weekly transaction area for new homes in 30 major cities has decreased by 3% year-on-year, consistent with the previous week [3]. - Conversely, the transaction area for second-hand homes in 12 cities has increased by 3% year-on-year, although this is a decline from the previous week's 16% [3]. Additional Insights - The price increase for Nitto Denko's products is expected to benefit Chinese companies with overseas production capabilities, such as China Jushi [3]. - A recommended investment strategy includes focusing on domestic substitution chains, with a preference for Zhongcai Technology, and considering companies like Keda Manufacturing and Huaxin Cement in the African supply chain [4]. - The report suggests that despite low market expectations, companies like Sankeshu and Rabbit Baby are showing signs of operational improvement in Q2 [4].

证券代码：300196 证券简称：长海股份 江苏长海复合材料股份有限公司投资者关系活动记录表 编号：2025-005 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □√业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （线上电话会） | | 参与单位名称及 | 参与长 通过全景网"投资者关系互动平台"（http://ir.p5w.net） | | 人员姓名 | 海股份 2024 年度网上业绩说明会的投资者 | | 时间 | 年 月 2025 4 29 日 15：00-17：00 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | 上市公司接待 | 董事长杨国文先生、总经理杨鹏威先生、董事会秘书费伟炳 | | 人员姓名 | 先生、财务总监周熙旭先生、独立董事陈文化先生 | | | 1、请问公司产品每年用于新能源汽车的量大不大？在机 | | | 器人领域有没有用到公司产品？ | | | 您好，公司的主营业务产品为玻璃纤维纱及制品的生产、 | | | 销售，玻纤纱作 ...

Summary of Changhai Co., Ltd. Q1 2025 Earnings Call Company Overview - **Company**: Changhai Co., Ltd. - **Industry**: Glass Fiber and Resin Products Key Financial Metrics - **Q1 2025 Revenue**: 763 million CNY, up 31.35% YoY, up 0.53% QoQ [3] - **Net Profit**: 82.17 million CNY, up 61.78% YoY, up 13.62% QoQ [3] - **Net Profit (Excluding Non-recurring Items)**: 87.19 million CNY, up 92.63% YoY, up 38.64% QoQ [2] - **Glass Fiber Sales Volume**: 97,000 tons, with glass fiber yarn accounting for 56% and products for 44% [2] Product and Market Insights - **Product Structure Adjustment**: The company plans to increase the production of wind power-related products, expecting a semi-annual output of 40,000 tons [2][6] - **Export Proportion**: Approximately 23% of sales were exports in Q1, with Europe accounting for about 30% of exports [2][7] - **Profitability**: Glass fiber net profit per ton is around 770 CNY, while resin is about 570 CNY [2][3] Cost Management - **Cost Reduction**: Achieved through new kilns reducing energy consumption and a new powder processing plant expected to lower costs by approximately 100 CNY per ton [4][19] - **Product Pricing**: Price increases for thermoplastic and wind power-related products were noted, while other glass fiber product prices remained stable [3] Inventory and Production Capacity - **Inventory Level**: Approximately 35 days as of April 2025 [16] - **Production Capacity**: Near full production capacity with actual output of 97,000 tons in Q1, aiming for over 400,000 tons for the year [17] Trade and Regulatory Environment - **Impact of Tariffs**: The company is considering passing additional tariffs onto customers to avoid significant declines in gross margin and net profit [12] - **EU Anti-dumping Duties**: The outcome of the EU's anti-dumping duties is expected in May or June, which could impact sales depending on the tariff levels [9] Future Outlook - **Sales Forecast**: The company anticipates maintaining strong sales momentum, with a target of over 400,000 tons for the year if market conditions remain favorable [17] - **Focus Areas**: Future development will prioritize chemical business, optimizing new kilns and powder plants, and monitoring the impact of tariffs on overseas demand [24] Additional Insights - **Product Mix Strategy**: Plans to reduce production of thermosetting and aggregate products while increasing direct yarn and product production, as the latter is a competitive advantage [14] - **Market Demand**: Wind power fabric demand is significant, with the company seeking to balance production capacity to meet multiple customer needs [18]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 763 million CNY, representing a year-on-year increase of 31.35% and a quarter-on-quarter increase of 0.53% [1] - The net profit attributable to shareholders was 87.19 million CNY, showing a year-on-year growth of 92.63% and a quarter-on-quarter increase of 38.64% [1] - The gross profit margin improved to 61.78% in Q1 2025, with a quarter-on-quarter increase of 13.62% [1] Group 2: Product Pricing and Sales - In Q1 2025, the prices of thermoplastic and wind power-related products saw a slight increase, while other fiberglass products maintained stable pricing [1] - The sales volume of fiberglass reached approximately 97,000 tons, while resin sales were around 14,000 tons [1] Group 3: Capacity and Production Planning - The company is currently focused on digesting new production capacity, with future capacity planning to be arranged based on market demand and order growth [2] - There is an expectation of cost reduction due to lower energy consumption from new kilns and the anticipated production of a self-built powder plant within the year [2] - The company plans to gradually increase the supply of fiberglass fabrics and non-woven products in the future [2] Group 4: Market Outlook and Strategic Focus - The company anticipates that product prices will be influenced by macroeconomic conditions and market supply-demand dynamics, making predictions challenging [2] - The application of chopped mats in traditional automotive markets remains stable, while growth is notable in the new energy vehicle sector, with an expected increase in penetration rates [2] - The decision regarding the adjustment of convertible bond conversion prices will be made cautiously, considering the company's operational status and market conditions [2]