Vontron Technology(000920)2025-04-18 07:32Group 1: Business Overview - The company's operations are divided into three main segments: core membrane business, membrane separation engineering, and plant fiber business [1] - Core membrane business includes research, manufacturing, and sales of separation membrane products such as reverse osmosis, nanofiltration, and ultrafiltration membranes, with applications in over 130 countries [1] - The membrane separation engineering business focuses on promoting and applying membrane separation technology, providing comprehensive services and project operation maintenance [1] Group 2: Membrane Product Classification - Membrane products are classified based on two dimensions: separation precision and functionality, categorized into ultrafiltration (UF), nanofiltration (NF), and reverse osmosis (RO) membranes [2] - Further segmentation includes household membranes for domestic use and industrial membranes for large-scale production [2] Group 3: Revenue and Pricing - There is a significant price difference between household and industrial membranes, with household membranes benefiting from standardized designs and economies of scale [3] - The revenue ratio for household membranes to industrial membranes is approximately 3:7 for 2024 [4] Group 4: Profitability and Capacity - The gross margin of the membrane business has shown stable growth due to increased production scale, production line upgrades, and improved supply chain management [5] - The company has reserved capacity for expansion and can quickly initiate new production lines, ensuring capacity will not be a bottleneck for growth [6] Group 5: Export and Market Expansion - Approximately 30% of the company's membrane product revenue comes from exports, with a small proportion exported to the United States [6] - The overseas market is expected to grow by over 20% in 2024 [6] Group 6: Future Development and Strategy - The membrane separation engineering business aims to explore broader application scenarios and enhance core competitiveness through upstream and downstream collaboration [8] - The company plans to undertake more projects with higher process solution requirements and expand into new downstream application areas while managing payment risks [8] Group 7: Plant Fiber Business - The plant fiber business is developing steadily, focusing on strengthening sales channels, brand image, and optimizing product structure to maintain a leading position in the coconut fiber industry [8]