润农节水(830964) - 投资者关系活动记录表

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on September 19, 2024, at the company's location in Tangshan, Hebei [2] - The visiting unit was the Kaiyuan Securities Research Center, with key personnel from the company including the Chairman and the Secretary [2] Group 2: Impact of High-Standard Farmland Construction - High-standard farmland construction significantly impacts the water-saving drip irrigation industry and the company, involving projects like efficient water-saving, irrigation drainage, and land improvement [4] - The national plan for high-standard farmland construction aims for investment exceeding 100 billion annually, with a target set for 2035 [4] - The company benefits from national policy support, focusing on agricultural water-saving technology research and promotion [4] Group 3: Product Comparison with Foreign Brands - The company's drip irrigation products match foreign brands in technical performance but are approximately 33% cheaper [5] - Domestic brands dominate the market, with foreign brands holding a minimal market share due to lower demand for their products [5] Group 4: Smart Agriculture Project Insights - The company has developed a proprietary smart agriculture management platform, applied in over 100 projects, offering customized solutions [6] - The platform includes functions like precise water and fertilizer management and farmland monitoring, with pricing varying based on customization [6] Group 5: Revenue Sources and Project Management - The company operates production bases in Hebei, Gansu, Sichuan, Yunnan, Henan, and Shanxi, ensuring proximity to project sites for efficient delivery [7] - The engineering department has over 170 professional project managers to oversee project implementation [7] Group 6: Profit Margin Trends - The decline in gross margin is attributed to overall industry trends and an increase in lower-margin direct sales products [8] - The company plans to focus on higher-margin projects, such as EPC and smart agriculture, to improve profitability [8] Group 7: Drip Irrigation Product Lifecycle - The replacement cycle for drip irrigation products varies, with most used in major crops requiring annual replacement, while some products can last 5-7 years [9]