QJIANG(SZ:000913)2025-05-29 07:36Group 1: Market Performance - In April, the company's sales data was generally weak due to supply chain adjustments and the timing of new product launches [2] - The Turkish market experienced normal shipments in April, but there was a significant decline of approximately 20% compared to the same period last year [2] - The European markets with better growth expectations include Italy, France, and Spain, primarily driven by large displacement products [2] Group 2: Profitability Concerns - Potential adverse factors affecting this year's profit include increased competition in the domestic large displacement market, which may lead to a decline in gross margin [2] - Decreased expectations for financial returns due to lower bank interest rates [2] - Anticipated significant increases in depreciation expenses due to the gradual commissioning of new factories [2] Group 3: Corporate Strategies - The company is considering a new round of equity incentive plans to attract and retain talent, with a focus on stock options and employee stock ownership plans [3] - There are currently no plans for capital market financing [3] - The board has suggested increasing dividends and the frequency of dividend payments, but no specific ratio has been established yet [3] Group 4: Manufacturing and Expansion - The company manufactures its engines in-house, with some limited external sales planned [3] - Current manufacturing bases include two main vehicle factories in Wenling, a factory in Fuling, Chongqing, and a factory in Indonesia, with potential future capacity expansion in Guangdong [3] - The Wenling factory is the primary base for large displacement products and all-terrain vehicles, while the Fuling factory focuses on models for the southwestern region [3] Group 5: Competitive Landscape - The company does not face direct price competition in overseas markets as it primarily deals with importers, employing a country-specific pricing strategy [3] - Competitive pricing may be used strategically to gain market share in certain regions [3]