CITC(SZ:002190)2022-11-22 02:54Group 1: Revenue Structure and Growth - In 2020, the revenue from automotive molds, automotive parts, and aerospace parts was approximately 420 million, 430 million, and 120 million respectively, with a ratio of automotive to aerospace business being roughly 9:1 [1] - The expected revenue for aerospace parts in 2021 is 120 million, with a gross margin of 22.35%, and a projected growth of over 30% due to the gradual production of the new aerospace industrial park [1] - The automotive parts orders are expected to increase, but revenue growth is anticipated to be modest due to intensified competition and price declines [1] Group 2: Competitive Analysis and Cost Structure - The company’s net profit margin is lower compared to some private enterprises due to high overall management costs, R&D investments, and labor costs [2] - The company focuses on high value-added and high-tech products to improve automation processing through technological investments [2] Group 3: Production Capacity and Future Plans - The new aerospace industrial park is currently undergoing installation and debugging, with most equipment expected to be operational by the end of 2021, leading to significant revenue growth in aerospace parts in 2022 [2] - The total investment for the new aerospace industrial park is projected to be around 200 million, funded entirely by self-raised capital [2] - The company plans to vigorously develop aerospace parts while stabilizing the automotive mold and parts business, aiming for dual development of military and civilian products [2] Group 4: Impact of New Energy Vehicles - The rapid development of new energy vehicles has a minimal impact on the company, as the demand for body molds and parts remains largely unchanged [2] - However, the revenue share from new energy vehicles within the automotive mold and parts business is expected to increase [2]