证券代码：301006 证券简称：迈拓股份 迈拓仪表股份有限公司 投资者关系活动记录表 编号:2025-003 | |  特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活动 | 口媒体釆访 | 业绩说明会 | | | 口新间发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | | 东方财富证券高帅、张吉 | | | | 上市行赵秋红李丹 | | | | 天瑞万合私募 | 王钱维 | | 参与单位名称 | 卡比尔基金汤志伟 | | | 及人员姓名 | 允朗投资查桢伟 | | | | 贵山私募邱文杰 | | | | 岱熹投资李俊 | | | | 陆和投资陈雅婷 | | | | 善达投资许婷 | | --- | --- | | | 尚颀投资宋明 | | | 华泰证券强军 | | | 东北证券唐凯 | | | 财联社徐笑言 | | 时间 | 2025 年 8 月 8 日 14:00—16:00 | | 地点 | 公司会议室 | | | 董事长孙卫国 | | 上市公司 | 总经理 张炜 | | 接待人员姓名 | 财务负责人 韩旭 | | ...

Group 1: Company Overview - The company is a comprehensive tourism group integrating business travel, accommodation, and related tourism services, aiming to become a modern comprehensive cultural tourism brand operator with international competitiveness [1][2] - The core enterprise for business travel is Guangzhou Guangzhilv International Travel Agency, a leading domestic travel agency focusing on mid-to-high-end markets [1][2] Group 2: Business Segments Business Travel - Guangzhilv has established a national strategic layout with multiple operational centers across China, enhancing its service and product supply capabilities [2] - The company operates a network covering various markets and departure ports, creating a "national buy, national sell" tourism service ecosystem [2] Accommodation - The accommodation segment includes hotel management and operation, focusing on brand development and capital operation [3][4] - The core enterprise is Guangzhou Lingnan International Hotel Management, ranked 14th among China's top 60 hotel groups [3] Related Industries - The company has diversified into several related businesses, including: - **Catering**: Promoting Lingnan culture through unique cuisine and banquet standards [4] - **Scenic Area Management**: Managing several scenic spots, including 5A and 4A level attractions [4] - **Event Services**: Successfully organizing various exhibitions and events [5] - **Transportation**: Operating a fleet of vehicles for passenger transport and ticket sales for over 120 domestic and international airlines [6] - **Technology**: Focusing on digital empowerment to innovate business models and upgrade traditional industries [6] Group 3: Recent Developments - The company has established a joint venture for duty-free operations in Guangzhou, with a registered capital of RMB 45 million, in which the company holds a 19.5% stake [7][8] - A significant acquisition plan involves the purchase of a 70% stake in Urban Hotel, enhancing the company's hotel management capabilities [8][9]

Financial Performance - In the first half of 2025, the company achieved a revenue of 397.51 million yuan, representing a year-on-year increase of 244.67% [2] - The cost of goods sold was 284.75 million yuan, up 151.60% year-on-year [2] - The net profit attributable to shareholders was 72.89 million yuan [2] Product and Market Strategy - The company is shifting its product focus from low-margin mobile products to high-margin products such as handheld devices, tablets, laptops, and automotive displays [3] - The current capacity utilization rate is around 50%, with a total monthly production capacity exceeding 7 million units across two factories [4] - The company aims to expand its international presence and attract more global top-tier clients [4] Contribution of Nintendo Switch 2 - The overseas revenue reached 275 million yuan in the first half of 2025, a staggering year-on-year growth of 1669.71%, largely driven by the Nintendo Switch 2 [3] - The gross margin for the main products in the first half of 2025 was 28.31%, with potential for future improvement [5][6] - The Nintendo Switch 2 has sold over 5.82 million units by the end of June 2025, setting a record for the fastest sales in Nintendo's history [7] Competitive Position - The company maintains a strong position as the sole supplier of backlight modules for the Nintendo Switch 2, supported by technological advantages and cost competitiveness [8] - The proprietary compression molding technology has reduced production costs by 30%, enhancing competitive strength [8] Future Outlook - Future gross margin growth will depend on order scale effects and optimization of revenue structure [6] - The company will continue to monitor the impact of the Nintendo Switch 2 on its overall financial performance, with detailed results to be disclosed in future reports [7]

Group 1: LCD Market Trends - The LCD industry is experiencing a recovery in demand, with panel prices expected to stabilize or rise again in Q3 2025 after a slight decline [1][2] - In Q1 2025, strong export demand and policies like "trade-in" stimulated overall demand, leading to high operating rates across the industry [1] - By Q2 2025, the international trade environment changed, causing a cooling in panel procurement demand, prompting companies to adjust their operating rates [1] Group 2: Flexible AMOLED Business Development - The company has established a strong capacity and technological advantage in the flexible AMOLED sector, covering major top brand clients in mobile phones and expanding into automotive and IT applications [3] - The shipment volume of flexible AMOLED is expected to increase in the second half of 2025 due to new product launches from downstream brand manufacturers [3] Group 3: IT Sector Technology Trends - LCD remains the mainstream technology in the IT sector, with Mini LED backlit LCD and OLED products expected to grow rapidly in the high-end market [4] - Flexible AMOLED products are anticipated to gain market share in high-end IT products due to their superior display quality and lightweight design [4][5] Group 4: 8.6 Generation AMOLED Production Line Progress - The company announced the investment in the 8.6 generation AMOLED production line in November 2023, aimed at producing high-end touch OLED displays for laptops and tablets [6] - The project is on track, with completion of the foundation in March 2024 and equipment installation starting in May 2025, four months ahead of schedule [6] Group 5: Future Industry Development Trends - The display industry is entering a rebalancing phase, shifting from a focus on scale and market share to high profitability, technology, and added value [7] - LCD will continue to be the mainstream application technology in the medium to long term, while OLED is expected to capture more opportunities in the high-end and mid-size markets [8]

Group 1: Salt Production and Profitability - The company's actual salt production capacity is 1.8 million tons per year, with 346,000 tons of edible salt and 1,319,000 tons of industrial salt expected in 2024. The gross margin for industrial salt is approximately 20% [1][2] - The seasonal sales characteristics of edible salt are influenced by consumer purchasing habits [3] Group 2: Renewable Energy Projects and Performance - In 2025, the company is focusing on the expansion of a 670,000 kW wind power project and an 85,000 kW photovoltaic project, with the 50,000 kW photovoltaic project already connected to the grid as of April 30, 2025 [2] - The average utilization hours for wind power from 2022 to 2024 are 2,533.35 hours, 2,781.26 hours, and 2,489.69 hours respectively [3] Group 3: Financial Performance and Dividends - The cash dividend for the year 2023 accounted for 30.55% of the net profit attributable to shareholders, while the expected figure for 2024 is 45.01%. The company aims to continue a positive and stable dividend policy to enhance shareholder value [4] Group 4: Seasonal Variability and Storage Solutions - The company experiences seasonal performance fluctuations in wind power generation, with a strong wind season from November to May and a weak wind season from June to October [3] - The 350 MW compressed air energy storage project in Kunming has completed feasibility studies and technical evaluations [3]

Market Outlook - The global printed circuit board (PCB) market is expected to grow by 6.8% in value and 7.0% in shipment volume in 2025, driven by increased demand in mobile, server, and communication sectors [2][3] - The company anticipates a significant increase in sales orders in high-demand areas such as mobile and automotive sectors, supported by a recovery in market prices for high-layer boards and HDI products [2][3] Capacity and Production - Current overall capacity utilization is approximately 85% [3] - The company is accelerating the release of high-layer PCB capacity in its Zhuhai plants and planning to establish a new HDI factory in Jiangmen to meet growing customer demand [3][5] Profitability Improvement Measures - The company is focusing on high-value customers and optimizing its sales structure to improve profit margins, with initial positive results observed in early 2025 [4] - Strategies include enhancing the sales team's capabilities, managing costs effectively, and improving order delivery and customer service levels [4][5] Cost Management - The company is implementing detailed cost control measures to address rising raw material costs, including dynamic monitoring of costs and optimizing material usage [7][8] - A structural price adjustment strategy is being considered to ensure the feasibility of price changes in response to market conditions [7] U.S. Market Exposure - Currently, approximately 10% of the company's revenue comes from the U.S. market [9] - The company is diversifying its market strategy to reduce reliance on the U.S. market, with domestic sales now exceeding 50% of total revenue [9][10] Response to Tariffs - The company is negotiating with overseas clients regarding pricing and delivery terms to mitigate the impact of U.S. tariffs [10] - Plans to accelerate the establishment of overseas production bases, such as in Thailand, are underway to localize supply and reduce tariff costs [10]

Group 1: Liquid Cooling Solutions - The company offers a comprehensive liquid cooling solution that includes intelligent engineering, key equipment, IoT software, and smart services, addressing the demand for liquid cooling deployment [1] - Key products include fluorine system cold plate systems, water-cooled cold plate systems, and liquid cooling containers, which have been successfully deployed in the Middle East [1] - The company emphasizes the importance of liquid cooling technology applications and market opportunities, aiming to convert orders quickly [1] Group 2: Overseas Expansion - In 2023, the company began its overseas expansion, initially following the lead of major players like Alibaba and ByteDance, and later shifting to a more proactive approach [2] - The company confirmed overseas order revenue of 47.72 million yuan in 2024, with established subsidiaries in Malaysia and coverage in Southeast Asia and the Middle East [2] - The strategy includes setting up local subsidiaries to meet the demands of expanding overseas markets [2] Group 3: Financial Performance and Strategy - The company has focused on the information data sector, resulting in a revenue increase of 42.84% to 1.145 billion yuan in 2024 and 26.44% to 318 million yuan in Q1 2025 [3] - The company ranks third in the Chinese data center air conditioning market as of 2024, reflecting the effectiveness of its focused strategy [3] - The management emphasizes a flat decision-making structure to quickly respond to key customer needs [4] Group 4: Key Clients and Future Goals - Major strategic clients include Alibaba, ByteDance, Huawei, and Tencent, with ongoing positive order conditions [5] - The company aims to enhance its professional capabilities and expand its strategic customer base and overseas markets in 2025 [5] - Key operational goals for 2025 include promoting refinancing projects, advancing R&D, and optimizing performance management systems [5]

Group 1: Company Overview and Technology Applications - The company specializes in RFID technology, particularly in vehicle electronic identification, with products like anti-tamper electronic tags used in toll systems [2][3] - RFID technology is integrated with AI in key business areas such as smart railways and retail, enhancing core competitiveness and expanding business boundaries [2][3] Group 2: Pet Economy Business - The company is developing AI-enabled smart pet hardware, including smart feeders and RFID tags, with plans to launch in international markets first due to supportive regulations [3] - The pet economy business is in the incubation stage, with low revenue impact currently, but aims for significant growth with targets of achieving tens of millions in revenue by 2025 and over a billion by 2026 [3][4] Group 3: Core Competitive Advantages - The company has over 600 patents and proprietary technologies, with a strong focus on RFID technology development and standard-setting [5][6] - It has received numerous accolades, including being recognized as a national high-tech enterprise and a leader in strategic emerging industries [6][7] - The company maintains a comprehensive product line with over 100 RFID-related products and a cloud platform for various industry applications [8][9] Group 4: Market Position and Brand Strength - The company holds over 50% market share in the railway sector and is a pioneer in the RFID book industry, maintaining a leading position [9][10] - It is recognized as a leading brand in the RFID industry, with multiple awards and a strong reputation in the market [10][11] Group 5: Smart Cultural Tourism Initiatives - The company is leveraging RFID/NFC technology combined with AR and blockchain to enhance the cultural tourism sector, impacting over 800 projects nationwide [11] - It aims to build a digital asset ecosystem for cultural tourism through the "Cultural Chain" platform, utilizing Web3 and RWA technologies [11] Group 6: Revenue Forecast and Business Segmentation - The company plans to disclose its 2025 mid-year revenue report, detailing the revenue distribution across its various business segments [12]

Group 1: Financial Performance - The vertical machining center generated revenue of 1.404 billion yuan in 2024, accounting for 79.81% of total revenue, with a year-on-year growth of 23.42% [2][3] - The horizontal machining center achieved revenue of 61.065 million yuan, a year-on-year increase of 42.24%, but with a decline in gross margin by 6.55% [3] - The gantry machining center's revenue decreased by 39.30% in 2024, now representing 5.49% of total revenue, with a corresponding drop in gross margin [3] - Other CNC machine tools, including grinding machines and lathes, generated revenue of 103 million yuan, reflecting a year-on-year growth of 24.76% and an increase in gross margin by 6.64 percentage points [3] Group 2: Strategic Partnerships and Market Expansion - The company has invested in Shanghai Kepler Robotics Co., focusing on the precision metal hardware required for humanoid robots, leveraging its expertise in CNC machine tools [3][4] - Since 2021, the company has prioritized resource allocation in key sectors such as new energy vehicles, 3C, aerospace, and aluminum die-casting, leading to significant breakthroughs in customer expansion [3] Group 3: Future Growth Drivers - Future profitability is expected to be supported by favorable industry trends, including government support for the machine tool industry and ongoing demand for equipment upgrades [4][5] - The company anticipates growth from enhanced brand influence, new production bases in Dongguan and Nanjing, and the introduction of high-end machining products into mass production [5]

Group 1: Company Overview and Business Segments - The company operates in three main business segments: permanent magnet, soft magnet, and inductance [2] - The permanent magnet ferrite segment has a production capacity of 50,000 tons, with applications in automotive, variable frequency appliances, and power tools [2][3] - The soft magnet production capacity is nearing 10,000 tons, with ongoing construction of a factory in Thailand [2][4] Group 2: Market Position and Competitive Landscape - The competitive landscape for permanent magnet ferrite is characterized by multi-level differentiation, regional concentration, and technology-driven dynamics [3] - China is the largest producer of permanent magnet ferrite, with significant production concentrated in Anhui and Zhejiang provinces [3] - The company aims to increase its permanent magnet capacity from 45,000 tons to 60,000 tons through technological upgrades [3] Group 3: Demand Trends and Future Outlook - Demand for permanent magnet ferrite is expected to maintain stable growth due to its core role in DC motors and adaptability to technological advancements [3] - The company plans to enhance its soft magnet product applications in electric vehicles and power modules, focusing on international expansion and supply chain optimization [4] Group 4: Inductance Business Development - The company is developing chip inductors and automotive inductors, with chip inductors positioned as a second growth curve [5][6] - Initial orders for chip inductors have begun small-scale delivery, with ongoing product validation and factory assessments [5][6] - The automotive sector's increasing electronic demands are driving growth in the automotive inductor market [5] Group 5: Shareholder Actions and Corporate Governance - The company disclosed a plan for its actual controller and board members to reduce their holdings by up to 1,195,000 shares, representing no more than 1.0312% of total shares [6] - This reduction is primarily for personal financial needs and does not reflect concerns about the company's operational outlook [6]