望变电气(603191) - 投资者交流活动记录表

Group 1: Company Performance Overview - In the first three quarters of 2023, the company's overall performance maintained growth, although the growth rate has slowed down. The revenue from oriented silicon steel decreased year-on-year, with a significant drop in prices exceeding the decline in costs, leading to a narrowing of the gross margin in this segment. The revenue from the power distribution segment increased by approximately 57%, compensating for the profit decline from oriented silicon steel [2][3]. Group 2: Export and Order Situation - In the first half of 2023, the company's export share of oriented silicon steel decreased due to weakened price advantages in overseas markets. However, there was a certain degree of improvement in export share in the third quarter as prices stabilized. The company plans to adjust its strategic layout based on international and domestic market conditions [2][3]. - The power distribution segment has a saturated order situation, with stable growth over the years. As of early 2024, the company has signed multiple export project contracts totaling nearly 50 million yuan, covering energy-efficient dry-type transformers, oil-immersed transformers, and high and low voltage intelligent switchgear, with exports to countries like Laos, Tanzania, and Sri Lanka [2][3]. Group 3: Future Projections - For 2024, the company expects a certain degree of capacity increase in the power distribution and control equipment segment as related fundraising projects are completed. This segment is anticipated to maintain stable growth, while the oriented silicon steel segment is expected to contribute positively to operational performance with the release of new capacity from the 80,000-ton high-end magnetic material project [3][4]. - The company’s high-end magnetic material project has already commenced production for domestic lines as of June 30, 2023, with plans for full production by June 30, 2024. The trial production of high-grade oriented silicon steel is expected in the second quarter of 2024 [4][5]. Group 4: Market and Policy Impact - The overall price of oriented silicon steel has seen a decline since the second quarter of 2023 due to various factors. However, with the implementation of national policies aimed at carbon neutrality and transformer energy efficiency upgrades, the demand for high-grade oriented silicon steel is expected to stabilize or increase [4][5]. - The company believes that the current market for oriented silicon steel is in a low-price situation, and new investors are likely to be cautious due to reduced gross margins, which may prevent significant capacity expansion in the industry [5][6]. Group 5: Competitive Advantages and Strategic Moves - The company has competitive advantages in the power distribution and control equipment sector, including short delivery times and a strong brand presence built over 30 years. It is a leading enterprise in the southwest region for 110kV voltage level equipment [6][7]. - The company is considering the acquisition of Yunnan Transformer, which specializes in producing 220kV and below transformers, and has the capability to produce 500kV transformers. This acquisition is expected to enhance the company's R&D capabilities and market competitiveness [7][8].