Jia Yuan Technology(688388)2024-11-01 10:11Group 1: Company Performance - In the first three quarters of 2024, the company achieved operating revenue of 4.339 billion CNY, a year-on-year increase of 17.71% with a gross margin of 1.96% [2] - In Q3 2024, the company reported operating revenue of 1.916 billion CNY, a quarter-on-quarter increase of 28.36% [2] - The company's losses in Q3 2024 decreased compared to Q2 2024, attributed to sustained growth in downstream demand and an increasing proportion of high-value-added products [2] Group 2: Industry Trends and Challenges - The copper foil industry has experienced rapid expansion and severe competition, leading to overcapacity and price competition, resulting in a significant decline in processing fees [3] - The processing fees for copper foil have reached a bottom level, with some product fees showing signs of recovery [3] - The market remains oversupplied, and a turning point is expected only after capacity is cleared [3] Group 3: Production and Cost Management - The company maintains a production model based on sales, continuously innovates technology, and optimizes production processes to enhance efficiency and product yield [4] - The copper loss rate during production is between 0.1% and 0.3%, with an annual production capacity exceeding 100,000 tons, ranking among the top in the domestic copper foil industry [4] - The company is actively expanding its overseas customer base and forming strategic partnerships with leading international clients [3] Group 4: Governance and Investor Relations - The company emphasizes optimizing its governance structure to reduce operational risks and enhance decision-making [5] - It adheres to strict information disclosure practices to ensure equal access to information for investors [5] - The company has established diverse communication channels with investors to ensure transparency and responsiveness to investor concerns [6] Group 5: Future Strategies and Innovations - The company plans to continue focusing on cost reduction, efficiency improvement, and market expansion to enhance competitiveness in the lithium battery copper foil sector [9] - In the first three quarters of 2024, R&D investment totaled 227 million CNY, a year-on-year increase of 42.87% [8] - The company is developing high-performance electronic circuit copper foils and exploring new technologies to enrich its product structure [8] Group 6: Dividend Policy - The company prioritizes shareholder interests and implements a stable dividend policy, with a cash dividend ratio exceeding 30% since its listing [7] - A three-year dividend return plan was disclosed in April 2024, ensuring continuity and stability in profit distribution [7]