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航民股份(600987) - 航民股份投资者关系活动记录表(2024.5.30、2024.5.31)
ZJHMZJHM(SH:600987)2024-05-31 07:34

Business Operations - The company focuses on dual main businesses: dyeing and gold jewelry, aiming to stabilize volume, improve quality, and increase efficiency through measures like optimizing orders and reducing costs [2][3] - The dyeing industry faces challenges such as overcapacity, environmental regulations, and cost pressures, but the company is enhancing competitiveness through high-end, green, and intelligent production [6] - The company has 6 dyeing enterprises and has been in the dyeing industry for 45 years, while its gold jewelry business, established in 2003, has been part of the listed company since 2018 [7] Financial Performance - Shenzhen Shangjinyuan, a subsidiary, achieved a net profit of 91.88 million yuan last year and is expected to achieve a net profit of at least 60 million yuan in 2024 [5] - The company's fair value change loss of 180 million yuan in the first quarter was due to gold leasing, where market price fluctuations affect both assets and liabilities, but have a minimal impact on total profit [8][9] - Over the past three years, the company's cash dividend payout ratio exceeded 45% of the net profit attributable to shareholders, and it plans to continue providing solid returns to investors [9] Market Trends and Strategies - The dyeing industry is experiencing a trend of "small batches, multiple varieties, and fast delivery," which presents both challenges and opportunities for the company to respond quickly to market demands [3] - The company's gold jewelry business has a diversified customer base, including well-known domestic brands and regional jewelry stores, benefiting from high-quality products and innovative designs [5] - The company is considering the advantages and disadvantages of transferring dyeing production overseas, balancing factors like labor costs and domestic efficiency improvements through digital and intelligent transformation [7] Industry Insights - The dyeing industry's output exceeds 50 billion meters, with overcapacity in low-end production, but the company is focusing on high-end, green, and intelligent production to maintain competitiveness [6] - The company's dyeing business has a high gross margin due to strong R&D, cost control measures, and integrated industrial chain advantages such as thermoelectric and water treatment facilities [6]