XINGYE TECH.(SZ:002674)2023-08-25 10:33Group 1: Financial Performance - The company's total revenue for the reporting period reached 1.196 billion yuan, representing a year-on-year increase of 61.5% [3] - The net profit attributable to shareholders was 92.84 million yuan, showing a year-on-year growth of 80.64% [3] - Sales revenue from leather for shoes and bags was 855 million yuan, with a year-on-year growth of 30.86% [3] Group 2: Market Dynamics - The recovery of domestic consumption has significantly boosted terminal market vitality, leading to a noticeable recovery in consumer spending [2] - The automotive sector has seen a substantial increase in new energy vehicle sales, benefiting from government policies aimed at stabilizing and expanding automotive consumption [3] - Revenue from automotive interior leather reached 243 million yuan, with a gross margin of 27.3%, showing significant improvement compared to the same period last year [3] Group 3: Customer and Product Development - Major clients for automotive leather include Ideal Auto, NIO, AITO, Geely, and Mazda [3] - The company is actively expanding its customer base by engaging with multiple domestic automotive manufacturers to provide services for new models [3] - The acquisition of Hongxing Leather has enhanced the company's resource reserves, production capacity, and management efficiency, contributing to cost reduction and efficiency improvement [4] Group 4: Industry Position and Future Outlook - The concentration of procurement in the leather industry has increased due to the exit of some small and medium-sized enterprises, solidifying the company's market position [4] - The market capacity for automotive interior leather is continuously expanding, driven by the rapid development of new energy vehicles [4] - The company anticipates steady growth in its shoe leather business, supported by the recovery of the domestic macro economy and the resurgence of overseas orders [4]