BAOSE(SZ:300402)2023-07-13 09:54Group 1: Company Overview and Strategic Positioning - Baose Co., Ltd. is a key player in the titanium and titanium alloy industry, with its parent company, Baoti Group, being the largest specialized rare metal production and research base in China [3] - The company aims to leverage its strengths in the titanium industry to enhance its operational performance and technological innovation capabilities [3] - Baose Co., Ltd. is positioned as a window for Baoti Group in the Yangtze River Delta region, focusing on modern industrial system construction [3] Group 2: Market Trends and Revenue Breakdown - In 2022, the revenue breakdown for Baose's products was as follows: Petrochemical (59.66%), New Energy (31.01%), Marine Engineering (5.35%), and Environmental Protection (1.25%) [4] - The revenue share from the new energy sector increased by 25.22 percentage points compared to 2021, indicating a significant growth trend [4] Group 3: Competitive Advantages and Key Technologies - Baose Co., Ltd. has established a strong brand image and is recognized as a leading manufacturer in the non-standard equipment sector, particularly in heavy and special material equipment [5] - The company possesses advanced manufacturing technologies and certifications that meet international standards, enhancing its competitive edge [5] - Key technologies include specialized welding techniques for titanium, nickel, and zirconium, which are critical for ensuring product quality and efficiency [6] Group 4: Future Growth Strategies - The company plans to accelerate the construction of its manufacturing base in Tongzhou Bay to overcome capacity bottlenecks and expand its business scale [6] - Continuous investment in R&D is prioritized, with approximately 4% of annual revenue allocated to innovation, focusing on high-end, green, and intelligent manufacturing [6] - Baose aims to diversify its product offerings and explore new markets while optimizing management practices to enhance overall efficiency [6] Group 5: Impact of Raw Material Prices - The main raw materials for Baose's products include titanium, nickel, and zirconium, which are subject to market fluctuations [7] - The company employs a "sales-based ordering" procurement model to mitigate the impact of raw material price volatility, ensuring stable profit margins [7] Group 6: Shareholder and Employee Incentives - The company is considering implementing equity incentives to enhance employee motivation and align interests with long-term performance [8] - This initiative aims to attract and retain key management and technical personnel, thereby promoting sustained growth and operational efficiency [8]