天振股份(301356) - 浙江天振科技股份有限公司2022年12月2日投资者关系活动记录表

Company Overview - Zhejiang Tianzhen Technology Co., Ltd. is a leading enterprise in the research, production, and export of new PVC composite flooring, with a product range including WPC, SPC, MGO, and LVT flooring [2][3] - The company has developed a comprehensive PVC flooring product system with hundreds of specifications, making it one of the most extensive in the domestic industry [3] Financial Performance - In 2021, the company's annual output value exceeded 3 billion CNY, with sales volume surpassing 5 million m² [3][7] - Revenue increased from 1.728 billion CNY in 2019 to 3.181 billion CNY in 2021, reflecting a compound annual growth rate (CAGR) of 35.69% [4][10] - The export value of PVC flooring from China grew from 2.175 billion USD in 2015 to 6.685 billion USD in 2021, with a CAGR of 20.58% [5] Market Position - Tianzhen ranks third in the national market share for PVC flooring exports at 4.97%, following two competitors [4] - The company has established long-term strategic partnerships with renowned global brands such as SHAW, TARKETT, and MOHAWK, expanding its market presence in over 20 countries [3][8] Product Insights - PVC flooring is increasingly replacing traditional materials like carpets, wood, and tiles due to its advantages in environmental protection, durability, and ease of installation [4][5] - The market share of SPC flooring is expected to grow significantly, while WPC flooring will also see moderate growth [5][9] Production and Technology - The company has invested 138 million CNY in R&D from 2020 to mid-2022, with a focus on innovative production techniques and materials [6] - Tianzhen operates two major production bases in China and Vietnam, enhancing its production efficiency and capacity [7][9] Cost and Pricing - The main raw materials, including PVC resin powder, accounted for approximately 49.25% of the operating costs in 2021 [9] - The company has implemented strategies to mitigate the impact of rising raw material prices and currency fluctuations on profitability [10] Future Outlook - The demand for PVC flooring is expected to continue growing due to urbanization, rising disposable incomes, and changing consumer preferences [5][10] - The company plans to enhance its production capacity and maintain its competitive edge through continuous product development and market expansion [6][9]