凯龙高科(300912) - 凯龙高科调研活动信息

Group 1: Company Overview - Kailong High-Tech Co., Ltd. is one of the most complete enterprises in the domestic internal combustion engine exhaust pollution control industry [3] - The company’s main products include diesel engine SCR system core components, with most parts developed and produced in-house, except for the NOx sensor sourced from a subsidiary of Continental Group in Germany [3][4] Group 2: Market Position - In 2017, the market share of the company's main product, the diesel engine SCR system, was 12.04%, ranking fourth in the domestic industry and first among local enterprises [4] - In 2018, the market share for the diesel engine SCR system and catalyst was 10.32%, ranking third overall and maintaining the first position among domestic companies [4] Group 3: Research and Development - The company has established a leading R&D system and has been recognized as a national enterprise technology center [5][6] - The R&D center has over 20 laboratories and 10 engine test benches, equipped with advanced testing equipment [5] - The company has obtained 164 patents, including 43 invention patents, ensuring its industry-leading position [6] Group 4: Customer Base - The main customers include well-known domestic internal combustion engine manufacturers and commercial vehicle manufacturers, establishing long-term stable partnerships [6] - Key clients include SAIC Hongyan, Weichai, and Dongfeng Chaichai, among others [6] Group 5: Future Capacity Planning - The company plans to invest CNY 347.70 million in expanding the production capacity of the exhaust treatment system, aiming to add 240,000 units of capacity [7] - The new capacity will include 60,000 units for heavy-duty trucks and 120,000 units for non-road mobile machinery [7] Group 6: Profitability Trends - The gross profit margins for the years 2017, 2018, 2019, and the first half of 2020 were 29.41%, 28.12%, 29.95%, and 29.58% respectively, indicating stable and high profitability [8] - The company is expected to face minimal risk of margin decline due to its advanced exhaust treatment technology and management practices [8]