证券日报网讯1月8日，美畅股份（300861）在互动平台回答投资者提问时表示，当前钨丝母线技术正在 快速发展中，现阶段公司对钨丝母线采取的供应策略有助于构建兼具韧性、效率与竞争力的供应链体 系。通过科学平衡外采与自供的比例，公司既能有效应对市场波动、分散潜在经营风险，也能集中内部 资源，聚焦核心工艺的迭代升级，最终为客户持续提供可靠、高品质的产品与服务。 ...

Core Viewpoint - The company emphasizes a demand-driven procurement strategy for tungsten powder and wire, incorporating industry trend analysis for proactive inventory planning [1] Group 1: Procurement Strategy - The procurement pricing is based on market mechanisms and negotiated with key suppliers [1] - The company has established a dynamic cost management mechanism to address raw material price fluctuations [1] Group 2: Production and Supply Chain - The self-supply ratio of tungsten wire mother lines is currently about 50%, with future increases planned based on market and production conditions [1] - The tungsten wire diamond wire is a key product line for the company, with specific annual percentage data, average selling price, and gross margin to be disclosed in regular reports [1] Group 3: Expansion and Quality Control - The expansion project for tungsten wire mother lines is progressing smoothly, with all equipment installed and debugged [1] - The company is continuously improving quality control and process research and development to steadily enhance capacity release and yield [1]

Core Viewpoint - The company is actively managing its tungsten procurement and production strategies to adapt to market fluctuations and enhance operational efficiency [1] Group 1: Procurement and Inventory Strategy - The company follows a demand-driven procurement principle and conducts forward-looking inventory planning based on industry trend analysis [1] - The pricing mechanism for tungsten procurement is market-based and determined through negotiations with key suppliers [1] - A dynamic cost management system has been established to address raw material price fluctuations, utilizing process optimization, supply chain coordination, and tungsten scrap recycling [1] Group 2: Production and Supply Chain - The current self-supply ratio of tungsten wire busbars is approximately 50%, with future targets for increasing this ratio dependent on market and production conditions [1] - Tungsten wire diamond wire is a key product line for the company, with specific data on annual share, average selling price, and gross margin to be disclosed in regular company reports [1] - The expansion project for tungsten wire busbars is progressing smoothly, with all equipment installed and debugged, while the company continues to enhance quality control and process research and development [1]

Core Viewpoint - The company reported that inventory impairment is primarily concentrated in the micro-powder segment, with specific challenges related to the production of diamond micro-powder [1] Group 1: Inventory Impairment - The company produces diamond micro-powder, which results in a portion of the output being unsuitable for its diamond wire due to size, leading to inventory impairment as market prices are below production costs [1] - Additionally, the transition from hot-drawing to cold-drawing processes in the tungsten wire industry has resulted in unusable spare parts and materials, contributing to signs of inventory impairment [1] Group 2: Inventory Management - The company is actively seeking methods to manage and reduce these inventory levels, with some inventory that has already been impaired potentially being written back if suitable disposal methods are found in the future [1]

Core Viewpoint - Meichang Co., Ltd. (300861) reported a significant cost reduction of approximately 12% in the second quarter of this year, driven by improvements in production maturity and self-manufacturing processes [1] Cost Reduction Analysis - The cost of tungsten wire motherlines decreased by over 10% in the second quarter, attributed to both industry-wide production maturity and a decline in the price of externally sourced coarse tungsten wire motherlines [1] - The company has improved its self-manufacturing processes and increased the proportion of self-supplied materials, contributing to the reduction in tungsten wire motherline costs [1] - Increased production volume has led to the dilution of fixed costs, such as reduced depreciation expenses, contributing approximately 1% to the overall cost reduction [1] - Process improvements have minimized ineffective losses of micro-powder and nickel, adding another 1% to the cost reduction [1]

Group 1: Company Performance Overview - In the first half of 2025, the global photovoltaic industry showed a mild recovery but with slowing growth, leading to a challenging adjustment period for the industry [6] - The sales volume of diamond wire saw a slight increase of 6.89% compared to the second half of last year, with total revenue reaching CNY 1 billion, a 28% increase from the previous half [6] - The net profit attributable to shareholders was CNY 84.66 million, representing a 165% increase compared to the second half of last year [6] Group 2: Revenue and Profit Growth - In Q2 2025, revenue was CNY 584 million, a 38% increase from Q1 [6] - The net profit for Q2 was CNY 58 million, a 120% increase from Q1 [6] Group 3: Cost Management - Overall cost reduction in Q2 was approximately 12%, with tungsten wire costs decreasing by over 10% due to improved production maturity and increased self-supply ratio [6][7] - Fixed cost dilution contributed about 1% to the cost reduction due to increased production volume [6] Group 4: Market Share and Product Mix - The market share for tungsten wire diamond saw an increase of approximately 5-6 percentage points in Q2 compared to Q1 [6][9] - In Q2, tungsten wire diamond accounted for nearly 55% of total diamond wire shipments, with a slight price decrease of about 2% for both tungsten and carbon steel diamond wires [9] Group 5: Future Outlook and Business Development - The company is focusing on enhancing customer value through technological iterations and service upgrades, aiming for sustainable growth [6] - The self-supply ratio of tungsten wire is expected to increase to around 50% by Q4 2025 as production capacity expands [8] - The company is exploring new business opportunities but has not yet made specific advancements [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.271 billion yuan in 2024, a year-on-year decrease of 50%. The net profit attributable to the parent company was 146 million yuan, down 91% year-on-year [1] - In Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year decline of 51%, with a net profit of 26 million yuan, down 86% year-on-year [1] - The company has successfully turned a profit in Q1 2025, with significant improvements in cost optimization [4] - The expansion plan for tungsten wire busbars is underway, with a target of reaching a monthly production capacity of 6 million kilometers, which is expected to enhance cost efficiency [4] - Profit forecasts for 2025-2027 are 139 million, 266 million, and 383 million yuan respectively, with year-on-year changes of -5%, +92%, and +44% [4] Financial Summary - Total revenue for 2023 was 4.512 billion yuan, with a year-on-year growth of 23.3%. The projected revenue for 2025 is 2.208 billion yuan, reflecting a decrease of 2.8% [3] - The gross profit margin for 2025 is expected to be 15.3%, down from 50.2% in 2023 [3] - The diluted EPS for 2025 is projected to be 0.29 yuan, compared to 3.31 yuan in 2023 [3] - The P/E ratio for 2025 is estimated at 64.16, indicating a significant increase from 10.06 in 2023 [3]

Group 1: Company Performance - In 2024, the company achieved a revenue of 5.085 billion CNY and a net profit of 13.6075 million CNY [2] - In Q1 2025, the revenue was 1.117 billion CNY, with a net profit of 5.67 million CNY, representing a 390.50% increase compared to the same period last year [2] Group 2: Competitive Advantages - The company possesses independent intellectual property rights and has a cost advantage due to proximity to resources like methanol and hydrochloric acid in the production area [2] - Continuous technological upgrades and market management strategies are being implemented to enhance competitiveness and reduce costs [2] Group 3: Future Growth Prospects - The company is focusing on deepening its development in the metal products and chemical sectors, aiming to improve profitability and brand value [3] - The company has acquired mining rights for the Longtoushan gold mine and is conducting detailed exploration to assess gold resource reserves [3]