合纵科技(300477) - 2016年4月18日投资者关系活动记录表

Group 1: Financial Performance - In 2015, the company's revenue exceeded 1.1 billion, representing a year-on-year increase of 26.6% [2] - The net profit for 2015 was 87.21 million, up 16.26% year-on-year, with the net profit attributable to the parent company also increasing by 16.22% [2] - The company's gross profit margin fluctuated, impacting the alignment between revenue and profit growth [2] Group 2: Product Performance - The revenue share of transformers has been increasing, but they have a relatively low gross margin [2] - Specific product gross margin changes include: - Ring main unit decreased by 1.17% - Pole-mounted switch increased by 0.87% - Box transformer decreased by 0.04% - Other switches increased by 3.01% - Transformer decreased by 0.78% [2] Group 3: Future Development Plans - The company aims to quadruple its revenue within three to five years, targeting 13 billion in revenue by the end of 2015 [2] - The electric grid business accounted for over 80% of revenue in 2015, with plans for non-electric business to reach around 40% in the next three to five years [2] - The company plans to transition from a pure equipment supplier to a comprehensive service provider, including engineering consulting, design, and operation maintenance [3][4] Group 4: Market Opportunities - The company sees significant growth potential in the Southern Power Grid, user projects, and international business [3] - The company has identified a mature approach to user projects, focusing on total engineering contracting and specialized services [3] - The international business is expected to become a significant direction in two years [3] Group 5: Order Growth and Market Trends - In 2015, the national grid's centralized bidding amount increased by 50% year-on-year, with the company's winning amount rising by 30% [5] - The company's bid-winning rate remains around 2.7%, with a projected 20% decline in the first quarter of 2016 for the national grid's initial investment [5] - The company anticipates optimistic growth in orders for pole-mounted switches, transformers, and low-voltage switch cabinets due to significant investments in rural networks [5] Group 6: Gross Margin Improvement - The company aims to improve its gross margin, which has slightly declined in recent years [5][6] - The overall gross margin for transformers is currently 13.64%, with plans to increase the share of amorphous alloy transformers, which are expected to surpass silicon steel transformers [5][6]