中钨高新(000657) - 中钨高新2023年8月23日投资者关系活动记录表

Group 1: Product Pricing and Market Trends - The average price of CNC blades increased by approximately 3% in the first half of the year, with prices for Zhuzuan's CNC blades maintaining above 10 yuan, showing a year-on-year growth higher than the average [2] - The average price of traditional blades and PCB tools has seen a significant decline due to changes in product structure and downstream demand [2][3] - Overall, the prices of cutting tools in the industry have remained relatively stable, with a slight increase of about 8% for other general tools and CNC tools [3] Group 2: Company Performance and Strategy - The company anticipates that the revenue and gross margin of the cutting tool segment will maintain growth despite overall industry demand being below expectations [3] - Zhuzuan's export growth in the first half of the year increased by 18% year-on-year, indicating a strong performance in overseas markets [3] - R&D investment has increased by 27.99% year-on-year, ensuring stability and growth potential for the company's future development [3] Group 3: Production and Capacity - The company has achieved significant technological breakthroughs in tungsten wire production, with the new production line for high-strength fine tungsten wire expected to reach production capacity by Q4 [4] - The company is gradually ramping up production of fine tungsten wire with a diameter of 35 microns, which is crucial for meeting market demands [4] Group 4: Business Adjustments and Risks - The company has streamlined its trade business, leading to a significant revenue decline, but the gross margin has improved [5] - The company emphasizes the importance of managing credit and operational risks, resulting in reduced pressure on receivables and inventory [3][5] Group 5: Market Position and Competitive Edge - Jinzhu Company focuses on dental tools due to its strong core competitiveness in ultra-small diameter products, with the smallest drill bit reaching 0.01 mm [5] - Zhuzuan's direct sales accounted for 30% of revenue in the first half of the year, with a gross margin exceeding 50%, outperforming the distribution model [5]