利欧股份(002131) - 机构调研

Group 1: Business Structure and Operations - The company operates under a dual-driven model of "mechanical manufacturing + internet" [2] - The mechanical manufacturing segment includes the production of pumps, garden machinery, cleaning, and plant protection machinery, with a complete industrial chain in the pump sector [2] - The company has established three major production bases in China: Taizhou (civil pumps), Xiangtan (industrial pumps), and Dalian (petrochemical pumps) [2] Group 2: Market Presence and Export - The civil pump production base in Taizhou exports to over 140 countries, with Europe being the largest market [2] - The industrial pump base in Xiangtan covers a land area of over 200 acres and is a leading brand in domestic large-scale water conservancy projects [3] - The Dalian petrochemical pump base is a key supplier for major chemical industries in China, with some products recognized as industry-leading [3] Group 3: Digital Marketing and Growth - The digital marketing segment has seen a slowdown in overall growth, with significant increases in short video and live streaming sectors, where short video revenue has surpassed RMB 100 billion [3] - The company achieved over 100% growth in short video business volume compared to the previous year [3] - The company is focusing on optimizing its team and adapting to changes in live streaming to enhance creative capabilities [3] Group 4: Financial Insights and Future Plans - Approximately 6% of convertible bonds have not been converted into company stock, which could save financial costs upon conversion [4] - The company plans to strengthen its capabilities in advertising production and live streaming, including overseas live streaming [6] - For 2020, the company aims to maintain its position as a top three agent for short videos on platforms like Toutiao and Kuaishou [5]