智能自控(002877) - 2023年07月20日投资者关系活动记录表

Market Overview - The intelligent control valve industry has a low concentration, with a total market size of approximately ¥60 billion, maintaining an annual growth rate of 5%-6% [3] - Currently, over 50% of the market is dominated by foreign products, especially in the high-end control valve segment [3] - The company's market share is around 1.5%, indicating significant room for growth as domestic technology improves [3] Industry Characteristics - The industry is characterized by high technical requirements and significant barriers to entry [2] - The product market is segmented into high-end, mid-high-end, and ordinary levels, with mid-high-end products holding the largest market share [2] - The competitive landscape is evolving, with mid-range products increasingly targeting high-end markets due to advancements in industrial automation technology [3] Downstream Market Structure - The control valve applications span various sectors, including energy, petrochemicals, metallurgy, and environmental protection, with a low concentration in downstream industries [3] - The petrochemical sector accounts for approximately 65% of the company's business, while new energy and new materials contribute about 20% [3] Product Features and Development - The company's products are known for their wide application range, strong adaptability, and focus on the mid-high-end market [4] - The company emphasizes independent R&D and innovation, particularly for products used in harsh conditions, enhancing product value [4] - A rapid response mechanism is in place to meet customer-specific requirements, providing tailored solutions [4] Financial Performance - The company has experienced negative operating cash flow due to rapid growth and increased inventory and accounts receivable [4] - The accounts receivable rose due to sales growth and delayed payment cycles, but decreased by approximately ¥50 million in Q1 2023 [4] - Inventory levels are high due to customized products, with 85% of inventory adequately provisioned for potential write-downs [5]