屹通新材(300930) - 屹通新材调研活动信息

Group 1: Market Overview - The domestic iron-based powder market grew from 434,700 tons in 2015 to 679,000 tons in 2020, with a compound annual growth rate (CAGR) exceeding 9% [1] - The downstream application areas for iron-based powder are as follows: Powder metallurgy parts: 71.8%, Diamond tools: 5.5%, Soft magnetic materials: 5.9%, Welding materials: 5.4%, Metallurgical auxiliary materials: 2.5%, Battery materials: 3%, Thermal spraying: 0.3% [1] Group 2: Financial Performance - The main reason for the recent decline in gross margin is the rising cost of raw materials, particularly scrap steel, which has increased alongside commodity prices [2] - The company maintains a low period expense ratio, but future projects may lead to an increase in technical and sales personnel, potentially affecting this ratio [2] Group 3: Product Development - The planned production capacity for magnetic materials is 5,000 tons per year, with an initial phase aiming for 2,000 tons per year [3] - The company is focusing on the development of soft magnetic alloy powders, currently produced using atomization techniques, with no immediate plans to extend downstream [3] Group 4: Project Progress - The annual production project for 70,000 tons of iron and copper-based new materials is in the equipment debugging and trial production phase [3] - The design for the second phase of the 70,000 tons project has been completed, and it is currently in the construction permit approval stage [3] Group 5: Product Comparison - The company’s copper powder production utilizes water atomization and combined atomization techniques, with significant price variations based on added elements [3] - The application fields for iron powder include transportation, household appliances, and medical devices, while copper powder is used in powder metallurgy and microelectronics, indicating some overlap in customer bases [3]