望变电气(603191) - 投资者交流活动记录表2024-009

Group 1: Company Performance - The company experienced a 15% increase in revenue in the first half of 2024 compared to the same period last year, despite facing challenges from intensified market competition and rising raw material prices [3] - Net profit decreased by 77% year-on-year due to significant impacts on gross margin [3] - The company successfully completed various production and operational targets, ensuring timely delivery of products [2] Group 2: Acquisition Impact - The acquisition of Yunbian Electric in April 2024, with a 79.97% stake, contributed nearly 200 million in diversified revenue [3] - The integration of Yunbian Electric is ongoing, with the original management team remaining largely unchanged [3] - The gross margin of Yunbian Electric is expected to improve, with a projected increase of 4-5 percentage points in the third quarter of 2023 [4] Group 3: Export and Market Strategy - The export proportion of oriented silicon steel was approximately 31.87% in the first half of 2024, with adjustments based on international economic conditions [4] - The company has signed multiple export contracts worth nearly 50 million for its power distribution segment in 2024 [7] - The company is expanding its global presence, establishing sales centers in Southeast Asia and Africa to enhance its export capabilities [7] Group 4: Future Outlook - The company anticipates stable or rising prices for high-grade oriented silicon steel due to increased demand from energy-efficient transformers [6] - Future capacity expansion is expected to be moderate, with an estimated annual increase of around 300,000 tons over the next 2-3 years [6] - The company is committed to improving operational efficiency and reducing costs through technological advancements and quality control [8]