证券代码：002849 证券简称：威星智能 浙江威星智能仪表股份有限公司 投资者关系活动记录表 （2025-6-24） （2）公司 2025 年初收购了上海埃科燃气测控设备有限公司， 目前情况如何？ 2025年初，公司完成对上海埃科燃气测控设备有限公司的收购。 上海埃科在流量计产品布局上与威星智能形成有效互补，助力公司 完善流量计产品线矩阵。收购后，双方在业务流程、团队融合等方 面已实现有效衔接，目前整体发展态势良好，正稳步推进新市场开 拓工作，持续释放并购协同价值。 （3）目前公司燃气表的增量市场主要在哪？ 公司燃气表的增量市场主要集中于以下维度：新增城市人口与 住宅建设带来的刚性需求，随着城镇化进程持续释放；气化乡村工 程深入推进，为农村地区燃气基础设施配套创造一定空间；老旧小 区改造全面铺开，促使表具加速升级迭代。这些共同构建起支撑公 司燃气表业务增长的市场格局。 （4）公司怎么看待超声波的国产化？ 威星智能坚定不移超声波国产化的决心，将依托松下在超声波 领域的核心技术优势，结合公司对中国市场的深刻洞察，围绕智慧 能源管控、全域安全管理等前沿领域展开深度协同，进一步加速超 声波技术的研发与产品迭代，推动 ...

Financial Data and Key Metrics Changes - The company reported first quarter net sales of $1,900,000,000, marking a 10% increase year-over-year, with adjusted EBITDA rising 3% to $224,000,000, both representing all-time highs for the first quarter [5][20][24] - Gross margins improved sequentially to 26.7% from 26.6% in the previous quarter, although down from 26.9% year-over-year [21][24] - Diluted earnings per share increased approximately 6% to $0.52 due to higher net income and a lower share count following share repurchases [23][24] Business Line Data and Key Metrics Changes - The company achieved mid single-digit organic sales growth, with notable performance in meters (10% growth) and double-digit growth in treatment plant and fusible high-density polyethylene offerings [9][20] - Storm drainage products outperformed with a 17% growth, driven by road and bridge projects and increased distribution opportunities [71] Market Data and Key Metrics Changes - The municipal construction market remains stable, supported by funding from the Infrastructure Investment and Jobs Act, with a growing pipeline of projects [6][94] - Residential lot development showed resilience, but signs of softening were noted due to economic conditions and affordability pressures [7][62] Company Strategy and Development Direction - The company is focused on expanding its presence through both organic growth and acquisitions, with a healthy acquisition pipeline and plans to open 5 to 10 new greenfield locations in 2025 [12][87] - The strategic plan emphasizes local service, product line expansion, and leveraging market intelligence to drive growth [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near and long-term outlook for municipal construction, despite short-term uncertainties in residential development [8][27] - The company reaffirmed its full-year guidance for net sales between $7,600,000,000 and $7,800,000, with adjusted EBITDA expected between $950,000,000 and $1,000,000, reflecting stable demand and project activity [25][26] Other Important Information - The company has been actively managing its supply chain to mitigate impacts from tariffs and trade restrictions, with minimal direct effects noted so far [11][21] - The company continues to invest in employee training and development, which has been recognized in industry awards [17] Q&A Session Summary Question: Insights on SG&A productivity for the year - Management indicated that SG&A expenses increased 14% due to acquisitions and inflation, but productivity gains were noted, with expectations for improved rates in the second quarter [30][33] Question: Top-line guidance and market conservatism - Management expects the market to be roughly flat for the full year, with stronger performance in the first half and potential challenges in the back half due to economic uncertainties [36][37] Question: Pricing dynamics and commodity impacts - Pricing improved sequentially, with expectations for flat pricing for the year, despite some inflationary pressures on certain product categories [44][46] Question: Residential construction market outlook - Management noted a potential slowdown in residential development, with bidding activity scaling down, but emphasized that this segment represents only about 20% of the business [62][63] Question: Employee retention and poaching concerns - Management reported high employee retention rates and viewed occasional poaching as an opportunity to attract talent [102][103] Question: Cost-out initiatives and SG&A alignment - Management is focusing on aligning resources to areas of growth, with some cost-out initiatives underway, but no substantial quantification provided [104][106]