CIXING(SZ:300307)2024-05-22 09:28Group 1: Company Overview - The company is a leading enterprise in the knitting machine industry and is a drafting unit for national industry standards, having received the National Science and Technology Progress Award (Second Class) and recognized as a "Manufacturing 2025" demonstration enterprise [3] - The company has over 20,000 existing customers, with a market share of approximately 27% in 2023 [3] Group 2: Inventory and Sales - The increase in inventory in 2023 is primarily due to unrecognized revenue from products shipped by the subsidiary Dongguan Zhongtian and an increase in stock for certain knitting machine orders [3] - The sales model involves sales consultants who act as intermediaries without labor relations with the company, with direct contracts signed between the company and customers [3] Group 3: Export Performance - In 2023, the export ratio was 9.92%, a decrease of 22.35% compared to 2022, mainly due to foreign exchange issues affecting customer purchasing behavior in Bangladesh [3] - The situation is improving as Bangladesh has received World Bank loans, easing the issuance of letters of credit [3] Group 4: Future Growth Points - Future growth points for the company's products include: 1. Upgrading existing equipment 2. Replacing imported machines with domestic knitting machines 3. Increased demand for production due to difficulties in hiring sewing workers 4. E-commerce trends leading to factories shifting to self-production and sales 5. Growing demand for fine needle machines due to changing fashion styles 6. Strong R&D capabilities and a comprehensive after-sales system attracting major clients and their subcontractors [4]