Yonggui(SZ:300351)2022-12-07 09:40Group 1: Company Overview and Market Position - The company has obtained supply qualifications from North Vehicle, with expectations to supply in bulk next year [2] - The company estimates its market share in urban rail vehicle connectors to be around 32%-35% [3] - The company’s products have the longest fault-free operation time in the industry, highlighting its reliability in the subway market [2] Group 2: Product and Sales Insights - The sales revenue from the EMU (Electric Multiple Unit) segment is significant, with CRH2 being the main contributor [1] - The company’s connectors for 350 km and 250 km trains are identical, thus there is no differentiation in market share [2] - The maintenance period for EMU connectors is 18 months for minor repairs and 5 years for major repairs, with replacements typically sourced from original manufacturers [2] Group 3: Competitive Landscape - Major competitors for EMU connectors include Amphenol for South Vehicle and HARTING for North Vehicle [2] - In the new energy vehicle sector, the main competitors are AVIC Optoelectronics and Amphenol [3] Group 4: Strategic Developments - The acquisition of Beijing Bode is expected to enhance customer relationship maintenance and market channel synergy [2] - The company has received a Level 3 military confidentiality qualification, allowing for small batch supply, with potential for large-scale supply after further certifications [3] Group 5: Future Outlook - The company anticipates stable growth rates in the passenger car and locomotive connector segments for the upcoming year [3] - The company is actively expanding its presence in the telecommunications connector market through investments and partnerships [3]