Group 1: Business Overview - The company primarily focuses on the electric motor sector, specifically in the "four doors and two covers" area, which includes the front doors, charging small door covers, and trunk covers [1] - The trunk motor business currently holds a significant share, while the penetration rate of other motor varieties is gradually increasing [1] - The company operates as a Tier 2 supplier, providing components to Tier 1 customers [1] Group 2: Product Development and Market Expansion - The expansion of electric motor products is centered around application scenarios, system integration, and diversification of product functions [2] - New customers in the electric motor sector are continuously collaborating with the company, indicating a growing revenue share [2] - The company has developed specialized products, such as hysteresis motors for specific applications, and is expanding into "motor + actuator" configurations in areas like concealed door handles and charging small doors [2] Group 3: Future Product Value and Market Trends - The ADAS products are designed for high-level autonomous driving, featuring complex structures and higher value due to the increased number of sensors compared to traditional systems [2] - The company’s thermal management system includes products like cooling manifolds and electronic water pumps, with stable supply for cooling manifolds while others are in development or small batch supply [2] - The company targets the "four doors and two covers" market due to its relatively blue ocean status and higher power density and technical barriers [2] Group 4: Profitability and Market Position - The company maintains a competitive gross margin through strong technical reserves, quality customer structure, and effective cost control [3] - Recent fluctuations in raw material prices have impacted gross margins, but improvements have been noted since the second half of 2022 due to increased production capacity and stabilized material costs [3] - The company aims to enhance its core competitiveness by developing new products, exploring new markets, and implementing automation and information technology improvements [3] Group 5: Future Prospects - The electric motor sector is poised for rapid growth, driven by the trends of electrification and intelligence in the automotive industry [3] - The company is positioned to leverage the advantages of domestic electric vehicle development, establishing a technological moat and moving towards mid-to-high-end product breakthroughs [3]
恒帅股份(300969) - 投资者关系活动记录表