Keshun(SZ:300737)2022-12-03 08:56Group 1: Company Overview - The company introduced its main team and provided an overview of the waterproofing industry, its development history, business model, and management team [1][2]. Group 2: Sales Performance - The rapid growth in sales revenue in 2018 was attributed to several factors: the gradual completion and production of manufacturing bases, enhanced brand influence, and increased investment in sales [3]. - The sales revenue breakdown by product type is approximately: waterproof membranes 65%-70%, waterproof coatings around 20%, and engineering construction about 10%-15% [3]. Group 3: Sales Strategy - The direct sales to distribution ratio is approximately 6:4 [3]. - Major real estate companies consider supplier selection based on brand recognition, product quality, production capacity, delivery capability, past experience with large clients, and financial strength [3]. Group 4: Raw Material Management - The company anticipates that the price of asphalt, which reached a historical high in 2018, is less likely to continue rising in 2019. The company will closely monitor the oil market and establish strategic partnerships with suppliers to mitigate cost impacts [3][4]. - Most asphalt is procured from PetroChina, with a strategic framework agreement in place for procurement from nearby refineries [4]. Group 5: Industry Trends - The infrastructure industry is expected to maintain steady growth in 2019, with an anticipated increase in the company's project revenue proportion [4]. - The waterproofing industry is facing pressures from stricter environmental regulations, rising raw material prices, and increased market scrutiny of substandard products, leading to a consolidation trend where stronger companies gain more opportunities [4]. Group 6: Production Capacity - The company has established production bases in various regions, including Guangdong, Jiangsu, Chongqing, Shandong, and Liaoning, with additional bases under construction expected to trial production this year [4]. - Waterproof products are primarily used in building components such as basements, roofs, kitchens, and exterior walls [4].