精达股份20250210

Summary of Conference Call Company and Industry - The conference call involved Jinta Co., Ltd., focusing on the telecommunications and computing power industry. Key Points and Arguments 1. Market Conditions: The computing power sector has experienced significant adjustments recently, but the fundamental situation of the company remains strong. There is a growing demand from downstream customers, with many orders extending into the second half of the year, particularly October [3][4][10]. 2. Product Transition: The company is transitioning from DAC copper cables to AEC copper cables, which is expected to increase demand per cabinet. The specifications for conductors are becoming more standardized, which will enhance production capacity [3][4][10]. 3. Production Capacity: Despite the Chinese New Year affecting shipping schedules, production in the conductor workshop continued without interruption. The company shipped over 200 tons in January, indicating a month-on-month growth trend [4][5]. 4. International Expansion: The company plans to visit international clients in regions such as the Americas, Europe, and East Asia to discuss future strategies and assess overseas market conditions [5][10]. 5. Pricing Strategy: Currently, there are no price increases for high-speed lines, although there have been price hikes for some ordinary products. The competitive landscape is intensifying, with new customers entering the market [7][15]. 6. Domestic Market Confidence: There is confidence in domestic computing power solutions, with potential customers expressing optimism about future volumes, although the production process is somewhat lagging [10][12]. 7. Customer Segmentation: Approximately 60% of sales are to overseas clients, while 30-40% are domestic. Each customer has a unique sales distribution [11][12]. 8. Profitability Insights: Profit margins vary by customer, with some products potentially yielding 30-50% higher profits compared to others [15]. 9. Automotive Applications: The company is testing flat cables for automotive applications, with expectations for small-scale supply to begin in the second half of the year [16][17]. 10. Robotics and Electronics: The company is exploring opportunities in the robotics sector, particularly with electric motors, although the volume of demand remains relatively small [18]. Other Important but Overlooked Content - The company is actively working on enhancing the quality of materials used in production, particularly focusing on aluminum-based materials and insulation formulations [17]. - The transition to AEC cables is anticipated to significantly increase the demand for longer cable lengths, although quantifying this increase remains challenging [13][14].