Sales Performance - The company's revenue in Q1 2023 decreased by 6.68% year-on-year, with pipeline business declining by approximately 10% and solar energy business growing by over 20% [2] - The sales distribution among business units shows that channel distribution accounts for about 60%, real estate direct supply for about 8%, engineering direct bidding for about 5%, home decoration for about 6.5%, and exports for approximately 20%-22% [3] Product Applications - The company’s pipeline products include PVC, PE, and PPR, with applications in construction water supply, drainage, power cable protection, and agricultural irrigation for PVC; municipal water supply and low-pressure gas transmission for PE; and hot and cold water supply for PPR [2] Export and Distribution - The main export products include solar photovoltaic components, solar lamps, plastic pipes, and fittings [3] - The company has over 2,600 primary distributors, with approximately 2,000 in China, covering most regions, and 60% of sales revenue comes from the East China region [3] Inventory and Pricing - Generally, distributors maintain low inventory levels due to space constraints and the company's timely delivery [3] - The company does not strictly control the terminal prices of industrial products but provides market guidance for home decoration products [3] Financial Risks - The company has approximately 110 million yuan in receivables from Evergrande that have not been provisioned, including over 70 million yuan in property-for-debt agreements [4] - Other real estate clients do not have significant bad debt provisions [4] Home Decoration Business - The home decoration business currently accounts for about 6.5% of the company's revenue, with plans to increase this to over 10% in the next 3-5 years through enhanced service capabilities and brand recognition [4] - The sales model for home decoration relies on existing distribution channels and partnerships with home decoration companies, with over 300 primary distributors [6] Company Strategy and Branding - The company rebranded from "永高股份有限公司" to "公元股份有限公司" to unify its brand identity, with over 85% of main business revenue coming from the "公元" brand [4] - The acquisition of a solar company is part of the strategy to develop smart pipeline systems, integrating sensors and automatic controls [5] Production Capacity - After reaching full capacity, the Jiangsu facility will add approximately 100,000 tons, bringing the total production capacity to around 1.1 million tons [5]
公元股份(002641) - 2023年5月4日投资者关系活动记录表