KBC(688598)2024-11-21 15:15Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses Jinbo Co., Ltd., focusing on its developments in the carbon-ceramic brake systems, silicon-based anodes, lithium battery materials, and photovoltaic sectors [2][6][28]. Core Insights and Arguments Carbon-Ceramic Brake Systems - Target Clients: The company is a designated supplier for major automotive manufacturers including Aion, Xiaomi, and BYD [2][7]. - Sales Forecast: Expected sales for 2024 are between 20,000 to 30,000 vehicles, with a gross margin of 20%+ and a net margin of 5-8% [2][9]. - Pricing: The price for short fiber is 999 RMB, while long fiber is priced at 2000+ RMB. Each vehicle requires four units [2][11]. - Revenue Projection: Anticipated revenue from brake systems in 2025 is 3 billion RMB [2][15]. - Weight Reduction: The carbon-ceramic brake discs can reduce vehicle weight by 40-50 kg [13]. - Cost Reduction Potential: If production scales to one million vehicles, costs could potentially decrease by 30-40% [14]. Silicon-Based Anodes - Ownership: The company holds a 4% stake in Jinsilicon, which is a major supplier for precursor materials [3][16]. - Development Status: The company is developing porous carbon materials and has completed initial samples using petroleum coke, with ongoing validations for asphalt-based and resin-based materials [3][18]. Lithium Battery Materials - Graphite Processing: The company plans to ship 30,000 tons of processed graphite in the coming year, with a selling price of 8000 RMB per ton [4][27]. - Thermal Field Materials: The company has begun bulk deliveries of thermal field materials, with a projected capacity of 20,000 to 40,000 tons and a selling price of 10,000 RMB per ton [4][25]. - Market Potential: The market for thermal field materials is estimated at 5 billion RMB annually [26]. Photovoltaic Sector - Profitability Concerns: The photovoltaic segment is currently not very profitable, with an expected revenue contribution of 50% in the coming year [5][30]. - Operational Challenges: The sector faces weak downstream demand and low operational rates, impacting profitability [28][29]. Other Important Insights - Future Planning: The company aims to optimize its customer structure without overly pursuing market share [32]. - Profitability Outlook: The company anticipates being profitable in the next year without considering subsidies, despite not receiving expected subsidies this year [5][31]. This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic focus areas, financial projections, and market dynamics.