明新旭腾2024年中报业绩交流会

Financial Performance and Key Metrics - The company achieved sales revenue of RMB 460 million in the first half of 2024, with a gross margin of approximately 28% [1] - The gross margin for the leather business was 31%, while the gross margin for microfiber was 17%, and PU leather was 5% [1] - The gross margin for the main business increased from 29.5% in Q1 to 30.8% in Q2 [1] Business Line Performance - In Q2, the leather business revenue was approximately RMB 150 million, accounting for 70% of total revenue, while microfiber revenue was RMB 67 million, accounting for 30% [2] - The improvement in microfiber gross margin was due to scale effects and internal cost improvements [2] - PU leather revenue was RMB 1.6 million, and by-product revenue was RMB 25 million [2] Market Performance - The top five customers accounted for 23%, 15%, 13%, 10%, and around 5% respectively, with a shift from joint venture brands to domestic brands [3] - The new energy vehicle business accounted for 65% of revenue, with an expected growth rate of 70% in the second half of the year [4] Strategic Direction and Industry Competition - The company plans to transfer some orders from the Liaoning factory to Jiangsu to achieve cost reduction and efficiency improvement [5] - The Mexico factory, targeting the North American non-leather material market, is expected to achieve sales of RMB 150-200 million in 2024 and RMB 700 million by 2028 [5] Management Commentary on Operating Environment and Future Outlook - The company expects the gross margin for leather to remain above 30%, with potential pressure from customer price reductions [12] - The gross margin for microfiber is expected to be between 20% and 25%, while microfiber suede is expected to be between 35% and 37% [12] Other Important Information - The company is developing economical microfiber suede materials to reduce customer costs, with prices expected to drop from RMB 150-180 to around RMB 120 [28] Q&A Session Q: What is the revenue breakdown and gross margin change for leather and microfiber in H1 2024? - Total revenue in H1 2024 was RMB 467 million, with leather accounting for 73% and non-leather accounting for 26% [6] - The gross margin for leather was 31%, microfiber suede was 28.49%, suede was 35%, microfiber was 17%, and PU leather turned positive at 5% [6] Q: What is the specific breakdown of leather and microfiber in Q2? - In Q2, leather revenue was divided into cut pieces (RMB 100 million) and whole leather (RMB 50 million), while microfiber revenue was RMB 70 million, with suede and microfiber each accounting for RMB 35 million [7] Q: What is the gross margin for each business in Q2? - The gross margin for leather increased from 35% in Q1 to 36.64% in Q2, while cut pieces increased from 26.5% to 29% [8] - The gross margin for microfiber was 19.5%, suede was 38%, and PU leather turned positive at 11.5% [8] Q: What is the gross margin for waste materials? - The gross margin for waste materials was 7% in Q1, with prices fluctuating significantly with the market [9] Q: What is the outlook for future gross margins? - The gross margin for leather is expected to remain above 30%, with potential pressure from customer price reductions [12] - The gross margin for microfiber is expected to be between 20% and 25%, while microfiber suede is expected to be between 35% and 37% [12] Q: What is the future outlook for PU products? - The gross margin for PU products is expected to be around 15%, with the company focusing on market share despite low margins [13] Q: What is the revenue trend in Q2 and the impact of joint venture and domestic brands on gross margin? - Joint venture brands performed poorly, while domestic brands increased their share, with little change in overall gross margin [14] Q: What is the difference in payment terms between new energy and joint venture brands? - New energy business has longer payment terms and stricter repayment conditions compared to joint venture brands [15] Q: What is the revenue outlook for H2 and next year, and which key customers will drive growth? - New energy business is expected to grow by 70% in H2, with key customers including Huawei, XPeng, Chery, and Changan [15] Q: What is the impact of Li Auto and BYD on the company's performance? - Li Auto's platform adjustment affected performance, but recovery could significantly boost next year's performance [16] - BYD's cost reduction strategy impacted some projects, but the company remains a supplier for PU and PVC [16] Q: What is the company's overall performance expectation for 2024? - Revenue for 2023 was adjusted from RMB 1.3 billion to RMB 1.15 billion, with 2024 revenue expected to be between RMB 1.6 and 1.7 billion [16] Q: What are the specific projects and value for Li Auto and BYD? - Li Auto's L9 model has a value of over RMB 2000, while BYD's PU and PVC procurement platform accounts for 10-20% of the company's share [17] Q: What is the usage of leather and suede materials in BYD? - BYD uses leather and suede materials for high-end models, despite cost reduction strategies [18] Q: What is the usage of suede materials in Han EV and Tang EV models? - Han EV and Tang EV use suede materials in high-end models, with some usage remaining after price reductions [19] Q: What is the supply situation for Huawei's M9 model steering wheel and seats? - The company is the sole supplier for the M9 model steering wheel and a risk controller for seats, with significant supply volumes [20] Q: What is the supply situation for XPeng? - The company supplies leather and PU materials for XPeng's G9 and G6 models, with expectations for high sales [21] Q: What is the supply situation for Changan? - The company supplies leather materials for five Changan models, with significant contributions from the UNI-T, UNI-V, and Deep Blue series [22] Q: What is the progress of water-based polyurethane production and its impact on gross margin? - Water-based polyurethane is in small-scale production, with mass production expected in August, contributing to gross margin improvements [23] Q: What is the progress and characteristics of the Xinyi factory? - The Xinyi factory is expected to be operational by December 2024, with a focus on green and low-carbon production [24] Q: What is the production plan for Liaoning and Jiangsu factories? - The company plans to gradually adjust production between Liaoning and Jiangsu factories, with a focus on new energy customers in Jiangsu [24] Q: Will the product prices from Jiangsu factory be higher than those from Liaoning? - Initially, the company may offer price concessions to customers during the industrial adjustment period [25] Q: What is the progress of the Mexico factory and its targeted projects? - The Mexico factory was ready by June 30, targeting the North American non-leather material market, with certifications from Tesla, KIA, and Johnson [26] Q: What is the revenue expectation for the Mexico factory? - The Mexico factory is expected to achieve sales of RMB 150-200 million in 2024 and RMB 700 million by 2028 [27] Q: Is the company planning to develop economical microfiber suede materials? - The company is developing economical microfiber suede materials to reduce customer costs, with prices expected to drop from RMB 150-180 to around RMB 120 [28]