证券代码：300218 证券简称：安利股份 安徽安利材料科技股份有限公司投资者关系活动记录表 编号：2025-039 | | 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： | | 参与单位名称及 | 1、长城证券：肖亚平； | | 人员姓名 | 2、中金公司：傅锴铭。 | | 时间 | 年 月 日 2025 12 8 9:40-11:30 | | 地点 | 公司行政楼九楼会议室 | | 上市公司接待人 | 董事会秘书、副总经理：刘松霞 | | 员姓名 | 证券事务代表：陈丽婷 | | | 一、参观公司展厅； | | | 二、主要问题及回答： | | | 1、公司经营业绩是否存在明显的季节性？订单能见度如 | | | 何？ | | | 答：行业的周期性因下游应用领域的不同而有所区别。鞋 | | | 类、手袋箱包、服装服饰、文具证件等快速消费品领域的产品， | | 投资者关系活动 | 受经济周期的影响较小，周期性不明显；沙发家居、汽车等领 | | 主要内容介绍 ...

Industry Overview - Synthetic leather is a man-made material that simulates natural leather, composed of various synthetic fibers, resins, and plastics, offering similar or superior performance to natural leather at a lower cost and higher durability [1] - The main types of synthetic leather include PU synthetic leather (polyurethane leather), TPU synthetic leather, and microfiber synthetic leather [1] Industry Classification and Applications - PU synthetic leather is commonly used in clothing, gloves, belts, and other products, known for its softness, breathability, and high simulation degree, but it has drawbacks like poor abrasion resistance and easy yellowing [2] - TPU synthetic leather features alternating soft and hard segments, allowing for adjustable physical and chemical properties to meet diverse application needs, primarily used in automotive seats [2] - Microfiber synthetic leather, made from ultra-fine fibers, is lightweight, soft, breathable, and durable, but it is more expensive and prone to wrinkling [2] Industry Supply and Demand Status - China's synthetic leather industry has grown significantly since its inception in 1958, currently accounting for over 80% of global production, with a domestic consumption increase year-on-year [6] - In 2024, China's synthetic leather production is projected to reach 1.897 million tons, with a demand of 1.84 million tons [6] Industry Competitive Landscape - The synthetic leather industry in China is characterized by complete competition, with relatively low barriers to entry in terms of capital and technology, leading to robust competition [8] - Major regions for synthetic leather production include Zhejiang, Fujian, Jiangsu, Anhui, and Guangdong [8] - Leading companies in the industry include Anli Materials, Shuangxiang Co., Huafeng Superfiber, and Tongda Co. [8] Key Companies Analysis - Anli Materials Technology Co., Ltd. is the largest producer of ecological functional polyurethane synthetic leather and composite materials in China, with a projected revenue of 2.403 billion yuan in 2024, a year-on-year increase of 20.12% [9] - Huafeng Superfiber Technology Co., Ltd. specializes in ultra-fine fiber PU synthetic leather, with a projected revenue of 4.582 billion yuan in 2024, showing a slight decline of 0.12% [11]

Group 1: Financial Performance and Capital Expenditure - The company has maintained annual capital expenditures below 100 million CNY since 2016, while annual depreciation and amortization exceed 100 million CNY, indicating a cautious approach to capital investment [2][3] - The company’s cash flow is currently sufficient, with a healthy debt-to-asset ratio, reducing the need for refinancing [3] - Cumulative cash dividends over the past three years accounted for 96.05% of the average annual net profit attributable to ordinary shareholders [8] Group 2: Production Capacity and Market Position - The company’s production capacity has increased by 1.5 times since its IPO, with a total of 44 production lines planned in both domestic and Vietnamese operations [2][4] - The domestic synthetic leather market is approximately 90 billion CNY, with PU synthetic leather accounting for about 40% of this market [4] - The company holds over 20% market share in certain mid-to-high-end segments, indicating significant growth potential in overall market share [4] Group 3: Competitive Advantages - The company is recognized as a "National Key High-tech Enterprise" and has multiple core technologies and patents, enabling rapid customization of products based on client needs [5][6] - Strong relationships with well-known brands across various industries enhance the company's brand and customer advantages [6][7] - The company has 40 production lines with advanced technology, allowing for high-efficiency flexible production and improved production quality [6][7] Group 4: Environmental and Sustainability Initiatives - The company adheres to an "environmental first, green development" philosophy, developing low-carbon and eco-friendly technologies [7] - Recognized as a "National Green Factory" and a leader in industrial carbon peak initiatives, the company has consistently passed international environmental certifications [7] Group 5: Pricing Strategy and Profitability - The company employs a flexible pricing strategy based on customer needs, competitive landscape, and target profit margins, rather than a simple cost-plus model [13] - The gross profit margin for electronic products and automotive interior products is relatively high, while functional footwear and home furnishings show a "layered differentiation" in margins [10][12] - The gross profit margin for the first three quarters of 2025 was 25.21%, indicating a return to normal operating conditions [12]

Group 1: Company Overview - Xinyuan Co., Ltd. is a leading semiconductor IP company that provides platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [3] - The company's main business applications include consumer electronics, automotive electronics, computers, and peripherals [3] - According to IPnest, Xinyuan ranks eighth globally in terms of IP licensing revenue for 2024 and is second in terms of IP variety [3] Group 2: Stock Performance - On August 20, Xinyuan's stock price surged, reaching a "20cm" limit up during trading, but closed with a gain of 15.52% after the limit was quickly lifted [1] - The stock's closing price was 147.04, with a trading volume of 30.94 million shares and a turnover rate of 6.18% [2] - The stock's highest price during the day was 152.74, while the lowest was 121.00 [2] Group 3: Market News - There were rumors that ByteDance was collaborating with Xinyuan to design an advanced AI computing chip, but ByteDance denied any such cooperation [1]

Summary of Key Points from Conference Call Records Industry Overview - **Nuclear Fusion Projects**: The construction of domestic nuclear fusion projects is accelerating, with experimental reactors rapidly being established, which is expected to benefit related companies in the upstream equipment supply chain [6][8] - **Commercialization Acceleration**: The nuclear fusion sector is entering a period of rapid development, with significant projects like BEST and CRAFT expected to drive growth in the upstream equipment industry [6][8] Core Insights and Arguments - **BEST Project**: The BEST project has commenced two months ahead of schedule, aiming to demonstrate energy generation from nuclear fusion, which will support the development of fusion energy in China [6][8] - **CRAFT Project**: CRAFT is projected to be completed by the end of 2025, becoming a leading international research and testing platform for fusion technology [6][8] - **Investment Opportunities**: Companies such as 合锻智能 (Hezhuan Intelligent) and 联创光电 (Lianchuang Optoelectronics) are positioned to benefit from the rapid development of nuclear fusion technology, with significant involvement in core component manufacturing [6][7] Company-Specific Insights - **安利股份 (Amway Co., Ltd.)**: Recently upgraded to a strategic partner of Nike, with multiple product development projects underway, indicating a positive trend [9] - **Market Position**: Amway is a leader in the PU synthetic leather industry, with strong positions in furniture and emerging automotive sectors [9] - **Financial Outlook**: Expected EPS for 2025-2027 are projected at 1.17, 1.48, and 1.75 CNY, with a target price of 23.4 CNY based on a 20x PE ratio [9] - **Operational Challenges**: Amway Vietnam reported a loss of 17.42 million CNY in 2024, with plans to improve operational efficiency and reduce losses in 2025 [9] Additional Important Content - **Risks**: Potential risks include project development delays, changes in material technology paths, and macroeconomic risks affecting the nuclear fusion sector [8] - **Market Reactions**: Stock performance of related companies shows mixed results, with 安利股份 down 0.46%, while 合锻智能 increased by 5.59% [10]