问：空气悬架今年和明年的业务规划是怎样的？ 证券代码：002283 证券简称：天润工业 天润工业技术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 | | | 新闻发布会 路演活动 | | 类别 | 现场参观 | | | 其他（电话会议） | | | 会议采用电话会议形式，具体参会人员详见附件。 | | | 上市公司接待人员： | | 活动参与人员 | 董事、董秘、副总经理、财务总监：刘立 | | | 证券办公室部长：冯春 | | | 证券事务代表：吕旭艺 | | 时间 | 2025 年 8 月 22 日（星期五）10:00-10:50 13:30-14:30 | | 地点 | 天润工业技术股份有限公司 | | 形式 | 电话会议 | | | 一、公司简介： 公司董事会秘书刘立女士对公司 2025 年半年度报告 | | 交流内容及具体 | 进行简单解读。 | | | 二、投资者问答： | | 问答记录 | 问：今年上半年公司大马力业务板块的收入是多少， | | | 下半年和 ...

Core Viewpoint - The completion of the headquarters building for Suzhou Konghui Automotive Technology Co., Ltd. marks a significant step in the company's strategic layout in the Yangtze River Delta integration and the establishment of China's first dual-chamber electronic control suspension production line [1] Group 1: Project Overview - The Suzhou Konghui headquarters project, a key initiative in Suzhou, began construction in November 2024 and was topped off in 10 months [1] - The project covers an area of 38 acres with a total investment exceeding 1 billion yuan, aiming to create a comprehensive headquarters that includes R&D, administration, manufacturing, and equipment [1] - Upon reaching full production, the project is expected to generate an annual output value exceeding 2 billion yuan [1] Group 2: Company Background - Zhejiang Konghui Automotive Technology Co., Ltd. was founded by Guo Konghui, the first academician in the automotive industry from the Chinese Academy of Engineering, along with his team [1] - The company is the first in China to achieve OEM mass production supply of passenger car air suspension systems, providing services for over 40 vehicle models from 16 automakers, including Lantu, Ideal, and Zeekr [1] - Konghui holds over a hundred invention patents, showcasing its innovation capabilities [1] Group 3: Strategic Advantages - The decision to establish operations in Suzhou is driven by the city's talent advantages, complete industrial chain, and vibrant innovation ecosystem [1] - Suzhou Konghui is also developing Suzhou Hemeida Technology Co., Ltd., focusing on automation equipment manufacturing, which has completed 18 air spring production lines and 10 controller production lines, with an expected output value of 10 million yuan in 2024 [1] - The headquarters' operation will further integrate resources and accelerate technological breakthroughs for Konghui Technology [1]

Group 1 - Wuxi has seen a significant increase in foreign investment, with 168 new foreign projects and actual foreign investment of $2.21 billion in the first half of the year, ranking second in the province and accounting for 19.1% of the total [1] - Major projects such as AstraZeneca's new small molecule drug factory, with a total investment of $475 million, highlight the city's appeal to foreign investors, with AstraZeneca having invested over $1 billion in Wuxi since 1993 [2] - Wuxi's industrial strength and open cooperation environment have attracted over 7,200 foreign enterprises, with one-quarter of the world's top 500 companies investing in the city [3] Group 2 - The actual foreign investment in Wuxi's manufacturing sector reached $860 million, while the modern service sector accounted for $1.34 billion, representing 60.9% of the total foreign investment in the city [3] - Wuxi has introduced policies to encourage foreign companies to reinvest, including a series of measures to support domestic reinvestment, which has led to 13 foreign companies reinvesting a total of $890 million, accounting for 40.2% of the city's actual foreign investment [5] - The city is diversifying its foreign investment sources, with investments from regions like Hong Kong dropping below 50% for the first time, while investments from Japan, South Korea, and Europe have increased significantly [6] Group 3 - Wuxi has become a pilot city for QFLP, facilitating foreign capital investment in domestic industries, with the average approval time for QFLP fund establishment reduced to just two weeks [7] - The financial sector in Wuxi attracted $800 million in actual foreign investment in the first half of the year, accounting for 36.3% of the total, with a year-on-year increase of 11.1% [7] - The city has implemented measures to create a more convenient business environment for foreign nationals, enhancing the overall investment climate [8]

Core Viewpoint - China FAW Group Corporation (China FAW) has evolved from a nascent automotive industry in the early years of the People's Republic of China to a leader in innovation and technology, particularly in the fields of electric and hybrid vehicles, showcasing a commitment to self-reliance and technological independence [1][3]. Group 1: Historical Development - The establishment of China FAW in 1953 marked the awakening of the national automotive industry, producing China's first truck and passenger cars, laying the foundation for the industry [1]. - The joint venture with Audi in 1988 represented a significant milestone in the development of China's high-end automotive manufacturing [1]. Group 2: Technological Advancements - China FAW has accelerated its innovation and transformation, implementing advanced automation in production with a capacity of 240,000 vehicles annually, producing a vehicle every 54 seconds [2]. - The company has achieved 100% localization of key components such as air springs, significantly reducing costs from 15,000 yuan to approximately 2,000 yuan per vehicle [2][3]. - In the past five years, China FAW has made breakthroughs in 1,559 key technologies and filed 30,943 patents, demonstrating its commitment to independent research and development [3]. Group 3: Market Performance - In the first half of the year, China FAW's total vehicle sales reached 1.571 million units, a year-on-year increase of 6.1%, with a notable 95.5% increase in sales of new energy vehicles [3]. - The company has maintained a leading position in the market, with joint venture brand sales at 1.121 million units [3]. Group 4: Environmental Commitment - China FAW's Audi FAW Super Intelligent Eco-Factory operates entirely on green energy, with 100% recycling of production waste and wastewater, reflecting the company's commitment to sustainable practices [3].

Core Viewpoint - The article highlights the transformation and advancements of China FAW Group (China First Automobile Works) over the past 72 years, showcasing its evolution from manual production to highly automated and flexible manufacturing processes, particularly in the production of electric vehicles and key automotive components [1][3][11]. Group 1: Historical Context and Evolution - China FAW was established on July 15, 1953, and produced the first car in New China [1]. - The first high-end car, "Hongqi," was handcrafted in 1958, taking 33 days to complete, contrasting sharply with the current production time of 54 seconds for electric vehicles [3][11]. Group 2: Production Capabilities - The current workforce at China FAW is approximately 120,000, with total assets exceeding 670 billion yuan, and cumulative vehicle production surpassing 62 million units [3]. - The Hongqi Prosperity Factory has been operating at full capacity since its establishment in 2021, producing around 1,000 vehicles daily [3][11]. - The factory features a highly flexible production line capable of accommodating various vehicle models and powertrains, with an automation rate of 71.4% in stamping and 100% in welding [5][11]. Group 3: Technological Advancements - China FAW has achieved significant breakthroughs in key automotive technologies, including the development of domestically produced air springs, reducing costs from 15,000 yuan to approximately 2,000 yuan per vehicle [6][8]. - The company has successfully localized core systems and components for its electric vehicles, achieving nearly 100% domestic production for critical parts [8]. Group 4: Market Performance - In the first half of the year, China FAW's total vehicle sales reached 1.571 million units, a year-on-year increase of 6.1%, with a notable 95.5% growth in sales of its new energy vehicles [11]. - The company maintains a leading position in the joint venture segment, with 1.121 million units sold [11]. Group 5: Innovation and Collaboration - China FAW emphasizes innovation-driven development, collaborating with local universities and research institutions to enhance its technological capabilities [9][11]. - The company has filed over 6,000 invention patents and tackled nearly 400 key technologies as of 2024 [9][11].

Core Viewpoint - The construction of "Six Districts and One High Ground" in Chongqing is a significant initiative for promoting high-quality development in the western region of China, focusing on the transformation of traditional development zones into green and smart development zones through technological innovation and digitalization [1] Group 1: Digital and Green Development - Chongqing High-tech Zone is the only high-tech development zone among the first batch of ten regions piloting digital and green collaborative transformation, aiming to become a national benchmark for this initiative [1] - The zone is building a modern manufacturing cluster system worth 2 trillion yuan, focusing on new intelligent terminals, software information, smart connected vehicles, and integrated circuits [2] - The implementation of intelligent production lines at Chongqing Konghui Automotive Technology Co., Ltd. has significantly reduced production time and energy consumption, showcasing the effectiveness of digital industry in promoting green development [2] Group 2: Industrial Upgrading and Automation - The manufacturing sector in Chongqing is rapidly transitioning towards intelligent upgrades, with automation rates reaching 100% in key positions at various companies [3] - The Science Valley Energy Storage Power Station has achieved a reduction of 76,000 tons of CO2 emissions annually, marking a significant breakthrough in renewable energy applications [3] Group 3: Practical Pathways for Transformation - The introduction of new energy dump trucks in Chongqing High-tech Zone has led to substantial reductions in carbon emissions and fuel costs, demonstrating effective practices in the transportation sector [4] - A digital management platform for construction resources has streamlined processes, resulting in efficient collaboration among various stakeholders and improved land utilization [6] Group 4: Innovation and Standardization - By the end of 2024, Chongqing High-tech Zone aims to establish 43 key innovation platforms and increase the number of high-tech enterprises significantly [7] - The construction of the Science Valley Smart Innovation Park incorporates smart management practices, leading to cost savings and reduced construction waste [8][9] Group 5: Collaborative Standards and Pilot Projects - Chongqing High-tech Zone is actively developing a standard system for digital and green collaborative transformation, with specific targets for zero-carbon smart parks and enterprises [9] - Numerous enterprises are undergoing pilot explorations under the collaborative standards, resulting in significant improvements in production efficiency and energy utilization [10][11]

Group 1: Company Strategy and Market Position - The company aims to strengthen customer cooperation and expand high-quality domestic and international customer resources to enhance market share [2][3] - Focus on cost control through a low-cost strategy and improving operational quality across the entire value chain [2][3] - Emphasis on R&D in "lightweight, electrification, intelligence, and connectivity" to accelerate product transformation and upgrade [2][3] Group 2: Financial Performance and Management - In Q1 2025, the company reported a revenue of CNY 3.627 billion, a decrease of 3.64% year-on-year, while net profit increased by 0.26% to CNY 163 million [11] - In 2024, the company achieved a revenue of CNY 16.468 billion, a growth of 3.95%, with net profit rising by 11.93% to CNY 676 million [12][13] - The net cash flow from operating activities increased by 961.69% in 2024, attributed to improved cash management practices [14] Group 3: R&D and Product Development - The company plans to increase R&D investment in 2025, focusing on core technologies such as chassis systems and electric systems [15] - The company has successfully developed electric control shock absorbers, leading to significant revenue growth and market share in this segment [6][9] Group 4: Market Expansion and Order Growth - In 2024, the company secured 307 new orders, with external market orders accounting for 48% of total revenue, and over 80% of new energy orders [8] - The company’s strategy includes differentiated market expansion tactics tailored to various customer groups to achieve significant order growth [8] Group 5: Industry Trends and Challenges - The automotive parts industry is rapidly transforming towards electrification, intelligence, connectivity, and low-carbon solutions, requiring stronger R&D capabilities [9][10] - The company aims to adapt to these changes by enhancing its core competencies and maintaining a flexible operational strategy [10]

Core Viewpoint - The company reported a revenue of 7.025 billion yuan for 2024, a year-on-year increase of 19.12%, but a net profit attributable to shareholders of 303 million yuan, a decrease of 20.14% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 1.999 billion yuan, up 14.71% year-on-year, with a net profit of 54 million yuan, an increase of 34.71% [1] - For Q1 2025, the company reported a revenue of 1.905 billion yuan, a year-on-year increase of 28.46%, and a net profit of 95 million yuan, up 39.99% [2] - The company's performance in 2024 was temporarily under pressure due to significant stock incentive expenses and rising shipping costs, but profitability is expected to recover in 2025 as these costs stabilize [2] Business Segments - Traditional business segments showed steady growth, while emerging businesses are rapidly expanding. In 2024, revenue from various segments included: - TPMS: 2.146 billion yuan, up 12.3% - Automotive metal pipes: 1.448 billion yuan, up 1.89% - Intelligent suspension: 999 million yuan, up 41.8% - Valves: 780 million yuan, down 0.55% - Automotive sensors: 665 million yuan, up 25.37% [2] - The company’s traditional business is expected to provide stable cash flow, while new businesses are anticipated to contribute significantly to revenue growth [2] Strategic Initiatives - The company signed a strategic cooperation agreement with Thyssenkrupp Bilstein in April 2025, aiming to target the global automotive intelligent suspension market, particularly in China and Europe [3] - This partnership is expected to enhance the competitiveness of both companies' products in the global market for dampers and air springs [3] Investment Outlook - The company is projected to achieve revenues of 9.024 billion yuan, 11.105 billion yuan, and 13.286 billion yuan from 2025 to 2027, with net profits of 534 million yuan, 683 million yuan, and 810 million yuan, reflecting year-on-year growth rates of 76.4%, 27.9%, and 18.6% respectively [3]

Group 1: Company Overview - The company specializes in the research and manufacturing of automotive turbochargers, engine components, and aerospace military parts [3] - Key products include camshaft assemblies, belt pulley assemblies, connecting rod assemblies, structural parts, sheet metal parts, system components, and shaft components [3] Group 2: Automotive Business Performance - Turbocharger sales from 2022 to 2024 were 321,700 units, 932,900 units, and 1,189,600 units respectively, indicating rapid growth [4] - Engine component revenue is expected to see significant growth in 2025 due to new client product launches and increased capacity utilization [5] - The company is focusing on new product development, including electric air conditioning compressors and brake motors, which will provide new growth opportunities [5] Group 3: Aerospace Business Outlook - The aerospace parts business is expected to grow rapidly in 2025, with an improved customer and product structure [6] - The company plans to expand into drone assembly business, enhancing its aerospace parts segment [6] Group 4: Robotics Business Strategy - The company positions robotics components as a key future business, with full support in funding, R&D, and talent development [7] - Current development includes harmonic reducer products, with plans to explore other robotics components based on market demand [7]