通达股份(002560) - 2015年12月9日投资者关系活动附件之座谈内容

Company Overview - Henan Tongda Cable Co., Ltd. was listed on the Shenzhen Stock Exchange on March 3, 2011, with the stock code 002560 [1] - The company specializes in producing overhead conductors for ultra and extra-high voltage transmission lines, including various product series such as steel core aluminum stranded wire and new copper alloy contact network wires for electrified railways [1] Market Dynamics - In 2015, the company secured significantly more orders from the State Grid compared to 2014 due to increased national investment in power line construction, including a substantial rise in investment for ultra-high voltage projects and rural network upgrades [1] - The price of primary raw material aluminum ingots was relatively low and stable in 2015, which encouraged the company to increase its bidding efforts [1] Client Base - Major clients include the State Grid Corporation of China and China Railway Corporation, with a shift in client structure where the State Grid's share has decreased from over 80% pre-listing to around 20% currently, while the railway and overseas markets have seen faster growth [2] Financial Performance of Subsidiaries - The two small loan companies controlled by the company contributed significantly to profits in previous years, but their performance has declined recently due to economic conditions, although they maintain normal operations with enhanced risk control [3] Strategic Direction - The company aims to maintain steady growth in its core business while exploring entry into the military industry, leveraging national policies that encourage military-civilian integration [4] - Future strategies include potential mergers and acquisitions, starting with Chengdu Hangfei, to strengthen the aviation and military supply chain [4] Employee Incentives - A recent equity incentive plan for core employees aims to boost market confidence and retain talent, with performance targets set for 2015-2017 that are considered ambitious within the industry [4] - The targets are based on thorough analysis and align with national strategies such as the Belt and Road Initiative and increased investments in ultra-high voltage construction and railway development [4]