GSP GROUP(605088)2024-03-21 09:24Market Distribution - North American market accounts for approximately 20% of the company's revenue [5] - Domestic market accounts for approximately 9% of the company's revenue [5] Strategic Development - The company attributes its steady growth to the increasing global car ownership in the aftermarket and the growing strength of China's manufacturing industry [5] - The company has built a global smart supply chain system, including a global warehouse network, localized distribution teams, and a catalog system, which ensures 48-hour delivery in specific regional markets [5] - The company's own brand, GSP, is positioned as a mid-to-high-end product in the European and American markets, with a brand share exceeding 40% [6] Domestic Market Expansion - The company has strategically planned distribution networks in over 200 prefecture-level cities across China and established partnerships with companies like Tuhu, Kaisi, Kangzhong, and Kuaizhun [6] - The company focuses on channeling down to county-level small distributors but does not extend to store-level operations due to heavy asset investment [6] Overseas Market Advantages - The company has a strong brand advantage in overseas markets, with GSP accounting for over 40% of its market share [6] - The company's localized distribution teams and global warehouse network ensure timely delivery and efficient after-sales service [6] - The company's unique aftermarket catalog system addresses information asymmetry between the market and manufacturing ends [6] Battery Business Expansion - The company has invested in the battery sector, leveraging its global smart supply chain system and overseas channel capabilities to expand into the global household energy storage market [7] - The company has partnered with Dongchi Energy, which has a strong R&D team and over 60 patents in polymer solid-state batteries [7] - The company plans to produce approximately 2.1 million semi-solid lithium iron phosphate batteries annually in the first phase of its battery project [8] - The company is currently focusing on the overseas household energy storage market but may expand into other energy storage applications in the future [8]