Haosen(SH:688529)2024-03-04 07:36Group 1: Overseas Orders and Market Strategy - In 2023, the company signed overseas contracts worth 991 million CNY with Volvo for battery production lines, highlighting its competitive strengths in technology, cost, experience, delivery, and service [3] - Since 2017, the company has secured over 50 overseas orders and established subsidiaries in the US, India, and Germany, indicating a strong global development strategy [3] - The company is enhancing its production capacity in Europe to meet the increasing demand from overseas orders, with expectations to achieve production and delivery capabilities by 2024 [3] Group 2: Revenue Recognition and Order Conversion - The revenue conversion period for overseas orders is generally longer than for domestic orders due to the complexity of planning and validation required by high-end clients [4] - Domestic customers are experiencing delays in order acceptance, which may extend the revenue conversion cycle [7][8] Group 3: Product Development and Market Trends - The company is monitoring developments in humanoid robotics but has not yet initiated substantial business in this area [5] - The domestic hybrid vehicle market is growing rapidly, with key clients like Li Auto, Geely, and Great Wall Motors, which are expected to drive order growth [6] - The overseas electric vehicle market is characterized by significant investment and a strategic shift towards electrification by 2030-2035, presenting ongoing opportunities for the company [6] Group 4: Domestic Market Conditions - Domestic orders still represent a significant portion of the company's backlog, but overall capacity utilization among domestic clients is low, leading to potential delays [7] - The company is implementing measures to improve on-site management and expedite order conversion cycles [8]