Group 1: Sales Performance - The sales revenue of incentive fuses reached 137 million yuan in 2024, with a year-on-year growth of approximately 189%, particularly strong in the electric vehicle sector [2] - The company aims to achieve a revenue target of over 250 million yuan in 2025, driven by increased market demand and potential benchmark effects from clients like BYD [2] Group 2: Profitability and Margins - The gross margin in 2024 showed a slight increase compared to the beginning of the year, attributed to cost reduction and efficiency improvements [2] - The overall pressure for price reductions this year is less than last year, with hopes for a stable or rising gross margin [3] Group 3: International Revenue and Tariff Policies - The overseas revenue for 2024 is approximately 93 million yuan, accounting for 6.55% of total revenue, with direct exports to the U.S. around 20 million yuan [2] - The company has established production capabilities in Thailand to mitigate potential tariff risks and will continue to monitor international policy changes [2] Group 4: Production Capacity - The company is currently operating at a high capacity utilization rate, with the first phase of its industrial base capable of supporting over 2 billion yuan in production capacity [3] - There are no anticipated delivery issues due to capacity constraints, even with increasing order volumes [3] Group 5: Stock Incentive Expenses - The stock incentive expenses for 2024 are estimated at over 56 million yuan, with 2025 expenses projected at around 37 million yuan [3] Group 6: Industry Trends - The revenue growth in the wind and solar storage industry is limited due to price reductions and lower configurations, although the company maintains a stable share with major clients [3] - The data center industry is evolving with the rise of AI, requiring various power supply systems, including fuses, to support its infrastructure [3] Group 7: New Product Development - The company completed the acquisition of Ningbo Gaoshi Electric Measurement, focusing on current sensors, with initial projects underway [3] - In 2025, the company plans to increase investment in relay and integrated product development, establishing a research center in Shanghai to respond to new industry demands [3]
中熔电气(301031) - 301031中熔电气投资者关系管理信息20250428