Cangzhou Mingzhu(SZ:002108)2022-12-03 09:56Group 1: Financial Performance - The main reason for the decline in Q1 performance is the drop in prices of film and diaphragm products, while the profit margin for pipeline products remains stable [2] - The company expects Q2 performance to improve compared to Q1 due to seasonal demand increases for pipeline products and normalization of diaphragm sales [5] Group 2: Product Pricing and Capacity - The price of film products has increased but remains below the levels of the previous two years [3] - The company anticipates pipeline production and sales to reach 160,000 tons this year [3] - New capacity of 15,000 tons for pipeline products has been added in Wuhu, with production bases in Cangzhou, Wuhu, and Chongqing to address transportation issues [3] Group 3: Market Dynamics and Competition - The market demand for BOPA products has been strong, contributing to price increases [4] - The company has no current plans for expanding film product capacity, which stands at 28,500 tons with actual sales around 33,000 tons [4] - The annual target for diaphragm production and sales is set at 260 million square meters, with approximately 130 million square meters for both dry and wet methods [4] Group 4: Customer Relationships and Collaborations - The largest customer remains BYD, with other major domestic manufacturers also receiving supplies [4] - Collaboration with CATL has progressed to product trials and is currently in the process of product introduction [5] Group 5: Risk Management - The major shareholder, Dongsu Group, is taking measures to mitigate risks associated with share pledges, including timely margin additions and maintaining share stability [5]