拓邦股份(002139) - 拓邦股份调研活动信息

Market Position - The company is a leader in the domestic smart controller industry and is also competitive internationally, having narrowed the gap with global peers since the 1990s [2][3] - The market for smart controllers is large with low concentration, indicating significant growth potential [2] Acquisition Strategy - The company has begun acquisitions in recent years to enhance its market share and technical capabilities, with a dedicated team focusing on horizontal mergers and investments in smart home, IoT, and sensor sectors [3][4] - The integration effects of recent acquisitions have met expectations, and future acquisitions will continue [3] Material Costs and Profit Margins - The upstream raw materials market is stable, but there was a structural shortage of certain MLCCs last year, leading to price increases that affected profit margins; prices have since returned to normal [3][4] Export and Revenue - In 2018, direct exports to the U.S. generated over 200 million yuan, accounting for more than 8% of total revenue, with primary products being LED lights and mobile power sources [3][4] Domestic Market Challenges - The slowdown in domestic appliance growth and the company's capacity transition may impact short-term performance; however, the long-term trend favors the integration of the smart controller industry in China [4] Capacity and Production - The company plans to build production facilities in Shenzhen, Ningbo, and Huizhou, with future capacity expansion also in India and Vietnam [4] - The production strategy is based on sales forecasts, minimizing the risk of idle capacity [4] Shareholder Value - The company aims to improve management and operational efficiency to enhance performance and shareholder value, alongside maintaining a sustainable cash dividend policy [4]