SANYOU CORP.(SZ:300932)2025-04-28 13:20Company Overview - The company is a high-tech enterprise specializing in the R&D, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2]. - The product range includes six major categories: general power relays, latching relays, automotive relays, new energy relays, photovoltaic relays, and signal relays, along with inductors and transformers [2]. Revenue Distribution - In 2024, domestic revenue accounted for 76.3%, while overseas revenue made up 23.7% [3]. - The overseas market primarily focuses on general power relays and electrical board products, which have a significant share in overseas revenue [3]. Production Capacity and Strategy - The automotive and new energy relay production line expansion is nearing completion, with increasing capacity utilization [3]. - The company aims to enhance production efficiency and market expansion, targeting long-term value creation for investors [3]. Strategic Layout - The company plans to strengthen its core businesses in general power relays, latching relays, transformers, and magnetic materials while developing new profit centers in signal relays and inductors [4]. - The "42+" strategy focuses on four core businesses and deepening efforts in inductors and signal relays, with potential acquisitions to enhance the ecosystem [4]. - The company is advancing smart manufacturing through automation, digital upgrades, and intelligent warehousing [4]. International Expansion - The Vietnam base is fully operational, with plans for balanced domestic and international market development [4]. - Subsidiaries have been established in North America, South Korea, Germany, and Vietnam, with the Vietnam facility producing latching relays and plans to increase production of general power relays and transformers [4]. Raw Material Management - Raw materials, including silver, copper, iron, and plastics, significantly impact production costs, necessitating proactive measures to manage price fluctuations [4]. - The company employs cost-sharing through scale effects, internal cost reduction initiatives, and supply chain optimization to mitigate risks [4]. Tariff Impact - The company has a forward-looking approach to overseas market expansion, with minimal exposure to high-tariff regions, reducing the risk from trade barriers [4]. - Overall, the company's overseas business fundamentals remain stable, with a positive growth outlook [5].