QI AUTOMOTIVE CO.(BJ:837242)2023-11-29 10:37Group 1: Company Overview and Market Position - Qingdao Jianbang Automotive Technology Co., Ltd. received 19 institutional investors for a research meeting on November 28, 2023 [1][2] - The company primarily supplies non-wear parts to the aftermarket, focusing on vehicles beyond their warranty period, with nearly 30,000 SKUs managed [5][4] - The company aims to establish itself as an international player, focusing on both domestic and overseas markets [7][8] Group 2: Market Dynamics and Competition - The front market relies on new vehicle production and large orders from manufacturers, while the aftermarket is characterized by a diverse range of products and longer product lifecycles [5][4] - The overseas automotive aftermarket is more mature, with higher demands for suppliers regarding payment terms, R&D capabilities, and delivery times [8][7] - The domestic aftermarket shows significant growth potential but lacks mid-tier supporting companies, with a low online revenue share in non-wear parts [8][7] Group 3: Financial Performance and Growth Drivers - The company's revenue growth in the first three quarters is attributed to increased R&D investment, improved internal management, and optimized supply chain practices [9][10] - New product launches, particularly in automotive electronics, have contributed to higher revenue and profit margins [10][11] Group 4: Product Development and Innovation - The company has a robust pipeline of new products, including components for four-wheel drive vehicles and automotive electronics [11][10] - The company is focusing on remanufacturing parts for electric vehicles, anticipating significant market demand for such products [11][12] Group 5: Sales Strategy and Customer Engagement - The company employs various customer acquisition strategies, including participation in automotive exhibitions and leveraging word-of-mouth marketing [6][7] - Online and offline product offerings overlap by 70% to 80%, with a focus on service-oriented products sold through offline channels [12][11] Group 6: Supply Chain Management and Quality Control - The company maintains a rigorous supplier selection process, ensuring quality through a comprehensive evaluation of suppliers based on various criteria [14][13] - The company has established a qualified supplier system to dynamically manage supplier performance and product quality [14][13] Group 7: Industry Trends and Future Outlook - The automotive aftermarket in China is expanding rapidly due to rising consumer income and vehicle longevity, with a trend towards consolidation among smaller repair shops [15][14] - Key players in the market include Tuhu Car Maintenance, Tmall Auto Care, and JD Auto Care, with the company positioned as a supporting entity in the aftermarket [15][14]