江瀚新材(603281) - 投资者关系活动记录表（2024年5月）

Group 1: Company Overview and Strengths - The company has a stable team with key employees having long tenures, preventing market and technology leakage [3] - The company employs a scientific assessment system that includes performance, production, quality, energy consumption, and by-products [3] - Effective incentive mechanisms are in place, linking company performance to employee performance, which enhances motivation [3] - Cost control is strong, with careful budgeting for project construction and equipment procurement [3] - The company has a large production and sales scale, resulting in significant economies of scale [3] Group 2: Production Capacity and Future Plans - The annual production capacity of functional silanes before listing was 92,000 tons, with planned increases of 60,000 tons from fundraising projects and 30,000 tons from the silicon-based new materials green recycling industrial park project, totaling 182,000 tons per year [4] - The company has built a production capacity of 60,000 tons of trichlorosilane, with ongoing projects expected to reach 120,000 tons per year [4] - The company plans to invest 1 billion yuan in four phases of projects to supplement production capacity, responding to market demand [5] Group 3: Market Demand and Sales - The company’s external sales ratio was over 55% in previous years, dropping to 50% in 2023, but recovering to previous levels in the first quarter of 2024 [7] - The company exports approximately 40% to Europe, 33% to North and South America, and 11-13% to Japan and South Korea [8] - High-value-added products have maintained their sales ratio, with significant demand growth in the photovoltaic sector [9] Group 4: Financial Performance and Dividends - The company distributed dividends amounting to 57% of profits in 2023, compared to 30% in 2022, indicating a strong dividend policy [6] - The company aims for stable dividends and a return on investment higher than bank interest rates [6] Group 5: Competitive Landscape - The company’s products are priced higher than domestic competitors but are comparable to international standards, with a focus on quality over price sensitivity [11] - The global market for functional silanes is expected to grow, driven by infrastructure updates in developed regions and economic development in underdeveloped areas [10]