Hoshion(002824)2024-02-29 09:28Group 1: Company Overview - Guangdong Hesheng Industrial Aluminum Co., Ltd. is a technology-driven provider of new materials and integrated components, focusing on high-end industrial aluminum alloys in consumer electronics and new energy sectors [1] - The company offers a "one-stop" solution utilizing various processes such as casting, extrusion, deep processing, and integrated assembly [1] Group 2: Key Products and Clients - Main products include battery trays, cell casings, and structural components for the new energy industry, as well as smartphone frames for consumer electronics [1] - Major clients in the new energy sector include CATL, GAC Aion, and BYD; in consumer electronics, clients include Foxconn, BYD Electronics, and AAC Technologies [1][3] Group 3: Cost Structure - The primary costs are derived from raw materials, labor, and manufacturing expenses, with aluminum ingots being the main cost component [1] - The company employs flexible pricing mechanisms, hedging, and cost management strategies to mitigate raw material price fluctuations [1] Group 4: Research and Development - The company consistently increases R&D investment, focusing on aluminum alloy materials, products, and production processes, with R&D expenses accounting for over 5% of revenue [3] - R&D personnel represent over 10% of the total workforce, and projects are often driven by customer needs [3] Group 5: Revenue Composition - Revenue is primarily generated from the new energy vehicle business (70%), consumer electronics (18%), durable consumer goods (8%), and other categories (4%) [3]