MYS(002303)2025-03-05 09:24Group 1: Industry Overview - The domestic packaging industry is gradually increasing in concentration, but it remains relatively fragmented overall. The rise in concentration is linked to industry consolidation and leading companies gaining more orders due to competitive advantages. Future concentration may depend more on the elimination of outdated production capacity [2]. Group 2: Company Performance and Goals - The company aims for continuous growth in performance, with a focus on overseas new business opportunities while maintaining stability in the domestic market. Specific performance targets will be announced in official announcements [3]. - The company has five overseas factories located in Vietnam, Thailand, Malaysia, and Mexico, with overseas revenue accounting for approximately 20% of total revenue in the first three quarters of 2024, showing a relatively fast growth rate [3]. Group 3: Customer and Market Dynamics - The company's customer base is relatively dispersed, with no single customer accounting for a significant proportion of revenue [3]. - The expansion of overseas business is driven by the competitive advantages of domestic packaging companies in product quality, service, and R&D design. The company has provided services to several Fortune 500 companies, with some clients shifting orders overseas, prompting the establishment of factories to support these clients [3]. Group 4: Production and Technology - The company does not experience significant seasonal variations in production due to a diverse customer base [3]. - AI is currently used as an auxiliary tool to enhance work efficiency, with some projects utilizing AI-assisted design, although these projects are still limited in scale [4]. Group 5: Future Plans and Dividends - The company is exploring the health industry as a new business venture, currently in its early development stage with a relatively small scale [4]. - The company has maintained a stable cash flow, allowing for consistent cash dividends in recent years. Future dividend policies will depend on operational performance, financial conditions, and capital expenditures [4]. - The company plans to expand overseas production capacity based on customer demand and market conditions, with new capacity currently under construction [4].