KDXC(SZ:002669)2022-11-21 15:38Group 1: Company Overview - Kangda New Materials focuses on two main business segments: New Materials and Military Electronics, driving dual-wheel development [1] - The New Materials segment produces high-end adhesives, functional polymers, and fine chemicals, with applications in wind power blade manufacturing, transportation, and construction [1][2] - The Military Electronics segment includes products for aerospace, naval, and army markets, such as electromagnetic compatibility devices and power modules [2] Group 2: Product Performance and Market Position - The company has over 60% market share in the wind power blade structural adhesive market [2] - Key products include epoxy adhesives, polyurethane adhesives, and acrylic adhesives, with performance meeting or exceeding international standards [2] - In the military sector, subsidiaries focus on electromagnetic compatibility and power conversion modules, generating nearly 180 million CNY in revenue and approximately 42 million CNY in net profit in the first three quarters [2] Group 3: Raw Materials and Cost Impact - Major raw materials for wind power adhesives include epoxy resin, curing agents, and silica, with significant price fluctuations affecting gross margins [3] - The price increase of liquid epoxy resin has a substantial impact on the company's profitability [3] Group 4: Strategic Developments - The company is actively expanding its production scale for epoxy infusion resins and increasing innovation in the wind power sector [2] - Recent acquisitions align well with the company's resources, marking a significant step in the transformation towards advanced materials [4]