Group 1: Company Overview and Financial Performance - Jinlu Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on the automotive electronics sector since 2016, particularly in the new energy vehicle market [2][3] - In the first three quarters of 2025, the company achieved a revenue of CNY 146,170.75 million, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of CNY 6,145.79 million, with a growth of 7.93% [2] Group 2: Production Capacity and Utilization - As of the end of 2024, the company has a production capacity of 700,000 square meters across its two main production bases in Guangdong and Hubei, with plans to add a new base in Sichuan [3] - The current capacity utilization rate is high, particularly in the Qingyuan base, which has been operating at full capacity, while the Hubei base has reached expected utilization levels after ramping up [3] Group 3: Market Dynamics and Customer Structure - The company is experiencing a shift in customer structure, reducing reliance on trading customers and expanding its client base in the automotive sector, including vehicle manufacturers and Tier 1 suppliers [4] - The visibility of orders is currently around 1-2 months, influenced by the customized nature of products and fluctuations in raw material prices [3] Group 4: Raw Material Costs and Strategies - Rising prices of key raw materials, such as copper and gold, have increased procurement costs, impacting profit margins; the company is negotiating price adjustments with clients and optimizing product structures to mitigate these effects [5] - If raw material prices continue to rise significantly, the inability to fully pass on costs to customers may further erode profits [5] Group 5: Future Market Outlook - The penetration rate of new energy vehicles in China is expected to reach or approach 50% by 2025, with the "three electric systems" being major contributors to growth during the 14th Five-Year Plan [9] - The promotion of advanced intelligent driving and smart cockpits, driven by AI, is anticipated to be a new growth driver for the automotive PCB market in the upcoming 15th Five-Year Plan [9]
金禄电子(301282) - 2026年1月9日投资者关系活动记录表