贵航股份20240509

Summary of Conference Call Records Company and Industry Overview - Company: 贵航股份 (Guizhou Aviation Industry Group) - Main Business: Automotive components for Huawei's intelligent driving systems and aviation onboard systems [1][5] Key Points and Arguments Automotive Sector - Partnership with Huawei: The company supplies key components such as MDC liquid cooling plates and DriveONE heat exchangers for Huawei's intelligent driving systems, with normal supply operations ongoing [5][6] - Product Value: The MDC liquid cooling plate has a value of 600-700 RMB, while the MCU heat exchanger is valued at 450 RMB [6] - Expansion to Other Clients: The company is actively developing relationships with other clients, including Xiaopeng Motors and Xiaomi [5][6] Aviation Sector - Involvement in C919: The company is actively participating in the supply of onboard systems for China's C919 large passenger aircraft [2][4] - Drone Applications: The company has products that are compatible with drones, including electric motors and control systems [2][3] - Collaboration with Aviation Industry: The company is a supplier and potential supplier for various aviation manufacturers, including AVIC and Chengdu Aircraft Industry Group [2][3] Low Altitude Economy - Research and Development: The company is engaged in R&D for low-altitude aircraft and is exploring collaborations with other aviation entities to strengthen its position in the low-altitude economy [2][4] Financial Performance and Future Outlook - Stable Operations: The company has maintained stable operations over the past decade, focusing on core business and improving asset quality [8] - Cash Dividends: The company has consistently returned value to investors through cash dividends, totaling 7.03 billion RMB over the past 15 years [8] - Acquisition Plans: The company is actively seeking suitable acquisition targets to enhance its business operations [8] Additional Insights - Public Relations and Marketing: There is a noted lack of proactive marketing in the aviation sector, with the company adhering to confidentiality agreements with clients [3][4] - Technological Capabilities: The company’s subsidiary, Wanjing, is recognized for its unique capabilities in electric motors, gear reducers, and electric actuators within the aviation sector [3][4] Other Important but Overlooked Content - Product Development: The company is focusing on the development of electric and hybrid propulsion systems for low-altitude vehicles, indicating a forward-looking approach to emerging technologies [3] - Logistics and Supply Chain: The company has established efficient logistics for its products, particularly in relation to its operations in the southwestern region of China [6]