久吾高科(300631) - 久吾高科调研活动信息

Group 1: Company Overview - Jiangsu Jiuwu High-Tech Co., Ltd. focuses on material research and application, particularly in separation membrane materials and adsorbents [2] - The company has multiple first-of-its-kind application cases in various fields, including resource utilization solutions for industrial by-products [2] Group 2: Financial Performance - The company's gross margin decreased in the first half of the year due to raw material price fluctuations and lower margins in new demonstration projects [3] - Government subsidies averaged over 10 million annually in the past three years but are not sustainable [3] Group 3: Operational Insights - Sales expenses increased due to significant upfront costs in new field promotions, while management expenses rose due to wage increases [3] - High accounts receivable ratio is attributed to engineering projects with longer payment cycles, though the risk of bad debts is low due to strong client backgrounds [3] Group 4: Research and Development - The company is actively developing adsorbents and has begun small and pilot tests using its produced adsorbents [4] - Future projects include high-performance filtration membrane industrialization, with a focus on environmental policy compliance [4] Group 5: Market Position and Strategy - The membrane materials market is competitive, with both complementary and substitutive relationships among different types of membranes [4] - The company plans to invest more in external development, particularly in membrane materials, while also enhancing its technological innovation capabilities [5] Group 6: Future Plans - The company aims to optimize its revenue structure while ensuring the safety of its funds and considering investment in operational projects [5] - Recent projects in the field of carbon monoxide to ethanol production have seen contract amounts exceeding 100 million in the past three years [5]