XINYA(605277)2024-10-23 07:53Group 1: Product Structure and Revenue - As of the 2024 semi-annual report, the main products of the company include consumer electronics and industrial control wires (41%), communication cables and data cables (37%), new energy series cables and components (14%), and automotive cables (4%) [3] - The revenue from communication cables and data cables reached CNY 59,531.88 million, with high-frequency high-speed data cables generating CNY 5,012.47 million, reflecting a year-on-year growth of 96.29% [3] Group 2: Key Partnerships and Client Relationships - The company has been serving Amphenol for over 20 years, providing high-frequency high-speed data cables and related consumer electronics and industrial control wires [3] - The high-frequency high-speed data cables are primarily used for internal system connections in servers, while the accompanying wires are used for weak current and signal transmission [3] Group 3: Product Development and Market Adaptation - The company actively communicates with major clients to conduct technological research and development, ensuring product upgrades to meet evolving technical requirements such as signal attenuation, crosstalk, transmission rate, and durability [3] - Currently, the company is delivering high-frequency data cables in bulk, including PCIe 5.0 and PCIe 6.0, with PCIe 7.0 under development [3] Group 4: Expansion and Production Capacity - In 2022, the company established a production base in Thailand to meet development and client demands, which has since achieved bulk supply capabilities for consumer electronics wires and high-frequency high-speed data cables [4] - The company has completed audits from international clients such as Canon and Samsung, with some products already in bulk supply and others awaiting further client feedback [4] Group 5: Impact of Raw Material Prices - The pricing of the company's products is based on copper prices using a "cost + target gross profit" model, allowing for the transmission of copper price increases [4] - The wholly-owned subsidiary Zhongde Cable primarily acquires orders through bidding, with monthly adjustments based on copper price fluctuations, which may have short-term impacts [4] Group 6: Future Development Strategy - The company aims to strengthen its core business in consumer electronics and industrial control wires, communication cables, new energy series cables, and automotive cables, which are widely used across various sectors of the national economy [4] - The strategy includes closely aligning with key clients and continuously seeking new business growth points to achieve stable and sustainable development [4]