合纵科技(300477) - 2015年8月27日投资者关系活动记录表

Product Structure - The company's product structure remains unchanged from the prospectus, with six main categories: switchgear, box-type substations, pole-mounted switches, and transformers, which account for 95% of sales revenue; other switchgear accounts for 5% [1][2] - The ring main unit is the most profitable product, with strong competitiveness; the transformer business has seen rapid growth, especially energy-saving transformers [2] Market Competition - The railway system has opened up supplier qualifications, increasing competition; however, the company's main competitors are still large enterprises [2] - The gross profit margin for railway market orders is generally lower than that of the power market [2] Future Growth - The sales growth of ring main units has slowed, with limited growth potential in major market areas; however, sales are increasing in other regions [2] - The company anticipates significant sales growth in transformers due to the long-standing gap in rural power grid construction [3] Bidding and Orders - The company disclosed major bidding amounts of CNY 360 million and CNY 170 million for the first half of the year, with scattered orders accounting for about 10% of total orders [3] Market Expansion - The company is focusing on expanding into international markets, particularly in regions related to the "Belt and Road" initiative, although it is still in the trial phase [4] - A new subsidiary in Tianjin is expected to generate an estimated output value of CNY 3-4 billion [4] Employee Stock Ownership - The current market price of the company's stock is below the employee stock purchase price, creating pressure on management; high-level executives have a higher purchase ratio due to confidence in the company [4] Material Costs - Raw material costs for copper and stainless steel have decreased, while silicon steel prices have increased; the company negotiates prices annually with suppliers [5] Mergers and Acquisitions - The company seeks acquisitions that complement its resources, aiming for a synergistic effect rather than just a stock price increase [6]