雅葆轩20251015

Summary of Yabo Xuan's Conference Call Company Overview - Yabo Xuan was established in July 2011 and is located in Wuhu, Anhui Province, with a registered capital of 80.08 million yuan. The company went public on the Beijing Stock Exchange on November 18, 2022, becoming the first listed company in Wuhu. [4][5] Financial Performance - In Q3 2025, Yabo Xuan reported revenue of 419 million yuan, a year-on-year increase of 55.9%. Net profit reached 48.72 million yuan, up 36.59%, while the net profit excluding non-recurring items was 48.02 million yuan, reflecting a 61% increase. All three metrics exceeded the total for the previous year. [2][8] - The company’s revenue for the first three quarters of 2025 is projected to reach 1.7 billion yuan in the consumer electronics sector, over 2 billion yuan in automotive electronics, and approximately 1.5 billion yuan in industrial control. [35] Business Segments - Yabo Xuan operates in three main segments: automotive electronics, industrial control, and consumer electronics. - Automotive electronics saw a significant revenue increase of 263.10% in Q3 2025, while industrial control grew by 26.41%. Consumer electronics experienced a slight decline due to a strategic shift away from low-value products. [10][12] - The average price for automotive electronics products ranges from 80 to 100 yuan, with major clients including Leap Motor, Xpeng, BYD, Huawei, and Geely. [25][29] Orders and Client Relationships - The company has a robust order backlog, with approximately 2 billion yuan in automotive electronics orders, 1.5 to 2 billion yuan in consumer electronics, and around 1 billion yuan in industrial control. [12] - Yabo Xuan is actively working to become a primary supplier for Schneider Electric, with expected revenue contributions increasing to between 50 million and 200 million yuan from 2026 to 2028. [3][36] Production Capacity and Expansion Plans - Yabo Xuan's new factory is designed to have a capacity of 3.5 billion points, with an additional 700 million points expected to be added by the end of 2025. This expansion aims to meet the growing production demands, including projects for Schneider and other new clients. [14][9] Strategic Adjustments - The company is focusing on high-margin products in the consumer electronics sector, such as laptops and tablets, while reducing investments in low-margin products. This strategic adjustment aims to enhance overall profitability. [17] - Yabo Xuan plans to expand its FPC soft board business through mergers and acquisitions or self-construction, targeting revenue of 500 million to 1 billion yuan within three years. [21][20] Market Position and Competitive Landscape - Yabo Xuan is positioned to leverage its existing relationships with leading clients to gain a competitive edge in the FPC soft board market. The company is currently a qualified supplier for several major clients and is in the sample testing phase for new products. [20][18] Conclusion - Yabo Xuan is demonstrating strong growth across its business segments, with a solid order backlog and strategic plans for expansion and product optimization. The company is well-positioned to enhance its market presence and profitability through its ongoing initiatives and partnerships. [9][36]