望变电气(603191) - 投资者交流活动记录表

Financial Performance - Company's overall performance in 2023 showed growth, but the growth rate slowed down [2] - Oriented silicon steel revenue decreased in the first three quarters of 2023, with price declines exceeding cost reductions, leading to a narrowing of gross margin [2] - Power transmission and distribution sector revenue increased by approximately 57%, offsetting the profit decline from oriented silicon steel [2] Export and Market Strategy - Oriented silicon steel exports decreased in the first half of 2023 due to weakened price advantages in overseas markets [2] - Company plans to increase the proportion of oriented silicon steel exports in 2024 based on market conditions [2] - Power transmission and distribution sector has signed multiple export contracts totaling nearly 50 million yuan in 2024, covering countries like Laos, Tanzania, and Sri Lanka [3] Production and Capacity - The 80,000-ton high-end magnetic new material project is expected to be fully operational by June 30, 2024, with trial production of high-grade oriented silicon steel starting in Q2 2024 [5] - The 110kV and below energy-saving transformer intelligent factory technical transformation project is expected to be completed by April 2024 [5] Market and Industry Trends - High-grade oriented silicon steel prices are expected to stabilize or rise due to increased demand for energy-efficient transformers, while general oriented silicon steel prices are expected to remain stable [4] - The market is unlikely to see a significant expansion in oriented silicon steel production capacity due to low prices and cautious investment [5] - High-grade oriented silicon steel is not expected to face overcapacity due to the "dual carbon" policy and the rapid development of the new energy industry [6] Competitive Advantages - Company has a strong brand advantage with 30 years of market presence and is a leading enterprise in the 110kV voltage level power transmission and distribution control equipment in the Southwest region [7] - Company has a cost advantage in the new energy sector due to its oriented silicon steel production line [8] Strategic Acquisitions - Company is considering acquiring Yunnan Transformer to enhance its R&D capabilities and market competitiveness in 220kV and below transformers, and to gain 500kV transformer production capacity [9]