ANLI(SZ:300218)2025-06-23 10:40Revenue and Market Share - As of April 2025, the revenue from functional shoe materials and sofa home categories accounts for approximately 70% of total revenue, while other categories account for about 30% [1] - The domestic market size for synthetic leather is estimated to be around 800-900 billion CNY, with PU synthetic leather making up about 40% of this market [1] - The company's market share in certain mid-to-high-end segments exceeds 20%, indicating significant growth potential in overall market share [1] Product Applications and Trends - PU synthetic leather is increasingly used in the interior of new energy vehicles, driven by consumer preferences for its superior tactile and aesthetic qualities compared to genuine leather [2] - The application of PU materials in automotive interiors is expected to rise, providing a good alternative to natural leather and PVC synthetic leather, with a broad market space [2] - The company's automotive interior products can be used in various components, with a single vehicle requiring approximately 2-15 meters of PU synthetic leather and composite materials [2] Impact of Tariffs - The "reciprocal tariff" policy implemented by the U.S. in April 2025 has a limited impact on the company, as direct exports to the U.S. accounted for about 2.55% of total revenue in 2024 [3] - The company's products have strong differentiation and high technical content, making it difficult for U.S. clients to find substitutes in the international market [4] - The sales revenue from products exported to the U.S. by major clients in the sofa home and sports sectors is relatively small, further minimizing the impact of tariffs [4] Production Capacity and Strategy - The company operates on a sales-driven production model, resulting in flexible and variable capacity utilization, which is generally aligned with order demand [6] - The establishment of a factory in Vietnam is part of the company's strategy to adapt to the shifting production bases in Southeast Asia and to mitigate tariff risks [6] - Since 2025, production and sales in Vietnam have improved, with plans to expand capacity to four production lines by the second half of the year [6] Product Differentiation - Ultra-fine fiber synthetic leather offers a similar appearance to natural leather with superior mechanical properties, although it is generally more expensive [5] - Eco-functional PU synthetic leather is made from various substrates and features high performance and eco-friendliness, with a wide range of applications [5]