民爆光电(301362) - 投资者关系活动记录表（2024年11月21日）

Business Overview and Strategy - The company, established in 2010, is a national-level specialized and innovative "little giant" enterprise focusing on R&D-driven LED green lighting products [2] - Main business segments include commercial lighting and industrial lighting, with expansions into plant lighting, emergency lighting, beauty lighting, explosion-proof lighting, and sports lighting [2] - Operates under a "multi-sector, multi-entity" model, primarily serving overseas regional brand owners and engineering contractors through ODM (Original Design Manufacturing) [2] Financial Performance and Competitive Advantages - Sales gross margin/net profit margin is slightly higher than peers due to differentiated market competition strategy and refined scientific management [3] - Key factors contributing to higher margins: targeting mid-to-high-end markets in developed countries, strong R&D team, flexible delivery system, diversified quality control, and refined customer management [3] - Americas revenue grew 34.24% YoY in the first three quarters of 2024, with a gross margin of 29.78% [3] Market Expansion and Future Plans - North America accounts for approximately 30% of the global LED lighting market [3] - Two strategies for North America: subsidiary Aigeste focuses on customized industrial lighting for engineering clients, while Shenzhen Yixin Optoelectronics targets commercial and general industrial lighting [3] - Established Yixin Optoelectronics (Vietnam) in 2022 to handle North American orders and expand overseas manufacturing capacity [4] - Business has expanded to over 60 countries along the "Belt and Road" initiative, with Southeast Asia being a key growth market [4] Product Development and Innovation - Plans to develop more intelligent products in commercial and industrial lighting sectors [4] - Aims to integrate LED lighting technology with agriculture, safety, urban, sports, and medical beauty lighting [4] - Continues to enhance market penetration of existing products through deeper customer collaboration and new client acquisition [4] Operational Efficiency and Automation - Adopts a "production-to-order" model, ensuring high capacity utilization [5] - Achieved automation in PCB assembly and power supply manufacturing, with partial automation in final assembly and packaging [5] - Established an automation equipment R&D department to improve production efficiency for "small batch, multi-variety, customized" orders [5] Financial Management and Shareholder Returns - Implements an active, sustainable, and stable profit distribution policy [4] - Plans to distribute at least 50% of annual distributable profits in cash for three consecutive years (2023-2025) [4] - Completed a share repurchase of 1,483,309 shares (1.4171% of total shares) for RMB 49,495,173.73, intended for employee stock ownership or equity incentives [5] Cost Reduction and Efficiency Improvement - Focuses on cost reduction through optimized design and production processes, supply chain management, refined project management, and strict budget control [5]