JIANGSU TONGRUN(SZ:002150)2022-12-07 08:24Group 1: Company Overview - Jiangsu Tongrun Equipment Technology Co., Ltd. was established in 2002 and listed on the SME board in 2007, initially focusing on metal tool cabinets and office furniture, primarily for export [1] - The company has expanded its operations through acquisitions, including Tongrun Group's general electrical factory and switch factory, and is now a leading manufacturer in the domestic tool cabinet industry [1] Group 2: Financial Performance - In 2014, the company achieved total revenue of 990.79 million CNY, a year-on-year increase of 4.52%, with an operating profit of 81.01 million CNY [1] - Net profit for 2014 was 60.74 million CNY, reflecting a year-on-year growth of 19.97%, and earnings per share were 0.23 CNY [3] - Revenue from tool cabinets reached 627 million CNY, up 13.43% year-on-year, while revenue from high and low voltage switch cabinets declined by 8.10% to 279 million CNY [3] Group 3: Market Outlook and Challenges - The company anticipates a decline in European market orders due to the continuous depreciation of the Euro, with previous sales in this market around 80-90 million CNY [3] - The outlook for growth in the power distribution and control equipment segment appears limited, with expectations of a downturn [3] Group 4: Strategic Transformation - The company is planning to develop new industries, including agricultural machinery through its subsidiary, which has successfully developed products like tillers and grass cutters [3] - A new subsidiary, Changshu Tongrun Electromechanical Equipment Manufacturing Co., Ltd., aims to transform the electrical factory's operations by developing new electromechanical products closely related to existing technologies [3] - The company is actively responding to the "Made in China 2025" initiative by promoting innovation and improving production efficiency through process innovation and automation [3] Group 5: R&D Projects - Key R&D projects include a wheel obstacle walking test machine for tool cabinets, a feeding mechanism for stamping machines, and new agricultural products like tillers [3] - The company currently has no plans to expand investment in the photovoltaic inverter project due to long capital recovery cycles and low market prices [3]