Jia Yuan Technology(688388)2023-11-24 08:48Investor Relations Activities - The company held an online investor conference on November 23, 2023, with participation from 38 institutional investors and analysts, including Guohai Securities [1] - The conference was conducted in a Q&A format, with company representatives addressing investor concerns and providing insights into the company's operations [1] Composite Current Collector Development - The company ordered two-step process equipment at the end of 2022, which has been installed and is now in the product development phase [3] - In September 2023, the company collaborated with Sanfu New Materials to develop a "one-step wet process" for composite copper foil production, though the equipment has not yet arrived [3] - The composite current collector project is still in the R&D phase, with no samples currently being sent for testing [3] Composite Copper Foil Technology - The market application of composite copper foil in end products is still unclear, and further observation and verification are needed [3] - The company is actively researching and developing composite copper foil using PET, PP, and PI routes, with no final decision on the preferred technology yet [4] Product and Market Strategy - Since June 2023, the company has been supplying high-strength, high-ductility electrolytic copper foil products to downstream customers, which offer superior performance and higher processing fees compared to standard products [4] - The company primarily serves power battery and energy storage battery customers [4] - The company has begun small-scale supply to some overseas customers, though the certification process for overseas markets is lengthy and requires ongoing efforts [5] Equipment and Competitive Advantages - The performance gap between domestic and imported equipment is narrowing, with imported key equipment showing better consistency and stability in production [5] - The company holds a leading position in the industry for ultra-thin copper foil products (e.g., 4.5 microns) and has a competitive edge in high-performance product development, with high-strength, high-ductility products already in stable supply to downstream customers [5] - With over 20 years of experience in electrolytic copper foil production, the company has accumulated significant technological and resource advantages in R&D, production processes, product quality, talent reserves, and management innovation [6] Financial Strategy - The company's convertible bonds (Jianyuan Convertible Bonds) are set to mature in 2027, and the company will assess its cash flow situation to determine whether to convert or repay at maturity [6]