Jinfei Kaida(SZ:002863)2025-11-20 12:32Group 1: Business Strategy and Market Positioning - The company is focusing on structural adjustments in the domestic OEM market to enhance high-margin and high-growth business lines while reducing reliance on low-margin segments [3] - The new Anhui factory, operational since September 2025, is expected to solidify order growth by serving major automotive clients like Chery and BYD [3] - The domestic AM market is projected to grow significantly, with the company leveraging digital platforms to explore new business models [3] Group 2: International Expansion and Production Capacity - The second phase of the Thailand factory is set to commence production, targeting overseas OEM clients and benefiting from tariff advantages [4] - The company has established partnerships with key players in Southeast Asia, enhancing its competitive edge in the international market [4] - The dual development model of OEM and AM markets, along with the expansion into motorcycle wheel production, is expected to drive revenue growth [4] Group 3: Product Development and Innovation - The company plans to introduce a forging production line for lightweight and high-strength wheels, with production expected to start next year [6] - The magnesium-aluminum alloy wheels are currently in the product verification stage, with potential for mass production based on market demand [9] - The company is actively investing in robotics technology, with plans to develop core components and expand into high-end equipment manufacturing [7] Group 4: Financial Performance and Market Dynamics - The company employs an aluminum price linkage strategy to mitigate the impact of raw material price fluctuations [6] - The overseas AM market has a higher gross margin due to the diverse product offerings and tariff advantages, making it more profitable than the domestic OEM market [10] - The company anticipates a strong order pipeline for the fourth quarter, aligning with the peak production season [6]