全信股份(300447) - 2021年12月15日投资者关系活动记录表

Group 1: Business Focus and Market Position - The company's military-civilian business remains stable, with military-related operations accounting for over 95% of its activities [2] - The expansion into civilian products aims to increase market share, focusing on high-end manufacturing sectors such as rail transit and aviation [2] - The company has made significant progress in developing mature products for the civilian market [2] Group 2: Domestic Replacement and R&D Efforts - The domestic replacement rate varies by sector, with aerospace being particularly challenging [3] - The company has maintained substantial R&D investments to support the development of new models and components [3] - Achieving self-sufficiency in domestic production will require collaboration with industry peers [3] Group 3: Financial Health and Cash Flow - Increased procurement of raw materials has impacted cash flow, but government policies are expected to support funding for military-related enterprises [3] - The company anticipates an improvement in cash flow trends moving forward [3] Group 4: Product Development and Market Expansion - The company is actively expanding its presence in the naval sector, with expectations of increased demand for naval products next year [3] - Current production capacity is nearly saturated, and new funding will be directed towards capacity expansion to meet anticipated orders during the 14th Five-Year Plan [4] - Projects include high-performance cables for aerospace and data cables for rail transit, with production expected to begin gradually next year [4] Group 5: Taxation and High-Tech Status - The company is currently subject to a 25% corporate tax rate, which may change if it successfully obtains high-tech enterprise status [4] - Achieving this status could positively impact future operational performance [4] Group 6: Future Product Applications - The company's primary focus remains on military information transmission, with no current plans to expand into automotive applications [4]