通裕重工(300185) - 通裕重工调研活动信息

Group 1: Company Development Projects - The company plans to issue convertible bonds worth 1 billion to invest in energy-saving and material-saving projects and offshore wind power projects, enhancing its core component manufacturing capabilities [2] - The energy-saving project aims to upgrade forging processes, increasing production efficiency and reducing costs, with an expected increase in forging capacity by 100,000 tons [3] - The offshore wind power project is expected to achieve an annual production capacity of 360 large offshore wind structural components [3] Group 2: Product Composition and Market Strategy - The company has developed a comprehensive manufacturing platform, supplying various wind power products including forged and cast components [3] - The company is transitioning to a modular supply model for wind power key components, enhancing customer loyalty and reducing transportation costs [3] - The company’s marketing strategy is based on "sales-driven production," adapting to customer orders for both forged and cast main shafts [4] Group 3: Financial Performance and Challenges - The company's gross profit margin decreased from 23.78% in 2020 to 18.35% in the first nine months of 2021, with main shaft gross margin at 29.36% and casting gross margin at 16.82% [4] - Rising raw material prices have significantly impacted the company's cost structure, necessitating a mixed procurement strategy to manage costs [4] - The company’s wind power main shaft production reached over 150,000 tons in 2020, accounting for approximately 60% of total forging capacity, but faced a decline in orders in 2021 [5] Group 4: Management and Incentives - Following the acquisition by Zhuhai Port Group, the company has implemented performance-based incentives linked to net profit growth and individual performance [4] - A development quality reward fund has been established to incentivize management based on achieving net asset return targets [4]