证券代码：002469 证券简称：三维化学 山东三维化学集团股份有限公司 投资者关系活动记录表 编号：2025016 | | ●特定对象调研 □分析师会议 | | --- | --- | | 投资者关 | □媒体采访 □业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 国盛证券：张天祎 | | 参与单位 | 兴业证券：李明 | | 名称及人 | 上海证券：周峰春 | | 员姓名 | 华夏基金：柯若凡 | | | 鲁创基金：王浩鑫、孙浩喆 | | 时间 | 年 月 日 2025 12 4 | | 地点 | 三维化学公司总部 | | 上市公司 | 董事会秘书：张军先生 | | 接待人员 | 证券事务代表：刘财先生 | | 姓名 | | | | 一、公司基本情况介绍 | | 投资者关 | 公司是一家集化工石化技术和产品研发、工程技术服务、催化剂 | | 系活动主 | 及基础化工原材料生产销售于一体、"科技+工程+实业"互驱联动发展 | | 要内容介 | 的科技型特色化学集团公司。主要从事的业务包括工程业务、化工业 | | ...

Group 1: Company Overview and Market Position - The company is a leading player in the ferrite magnetic materials market, with a strong competitive edge in technology, scale, and customer base, serving numerous global top 500 enterprises [2][3] - The company has a production capacity of approximately 300,000 tons of magnetic materials, with over 200,000 tons shipped in both permanent and soft magnetic categories [4] Group 2: Product Applications and Market Share - The company's permanent ferrite materials are widely used in automotive, home appliances, industrial, and medical fields, holding over 20% market share in domestic shipments [3] - The soft magnetic product series, including soft ferrite and metal magnetic powder cores, has a domestic market share exceeding 10%, with applications in new energy vehicles and consumer electronics [3] Group 3: AI and Data Center Market - The company's magnetic materials and inductors have significant applications in AIDC power management, with over 20% of revenue coming from data center support [5] - The demand for chip inductors has surged due to the rapid growth of AI server shipments, with high-performance inductors becoming increasingly necessary [6][7] Group 4: Manufacturing Advantages - The company boasts an independent material R&D team and comprehensive manufacturing capabilities, ensuring high-performance products through custom-designed equipment [8] Group 5: Future Growth and Strategic Plans - The company anticipates maintaining reasonable profitability in the photovoltaic industry with an expected increase in shipments in Q4 2025 [9] - For lithium battery products, the company aims to exceed its target of over 600 million units shipped in 2024, with continued growth expected into 2026 [10] - The company is expanding into energy storage products and collaborating with third parties to explore commercial and large-scale storage markets [11]

Group 1: Industry Overview - The overall situation in the spandex industry is average, with some improvements noted by the company [2] - The spandex production capacity in Yantai is 15,000 tons, which is near the breakeven point [3] - The company has faced quality fluctuations in its products, particularly in Ningxia, affecting pricing and market promotion [3] Group 2: Production and Quality - The company has improved the quality of its spandex products, leading to a slight increase in its average price compared to the industry average [4] - The production capacity in Ningxia is 85,000 tons, with expectations to break even this year [4] - The company is focusing on reducing costs and improving quality to achieve profitability [4] Group 3: Market Dynamics - The spandex market is currently facing challenges due to competition and pricing pressures, with a focus on maintaining quality to capture high-end markets [7] - The company aims to expand its product offerings and move closer to customers by providing comprehensive solutions [8] - The demand for aramid fibers is growing, particularly in protective applications, but overall growth remains modest [8] Group 4: Future Outlook - The company plans to enhance its production capabilities and explore new applications for its products, including in the battery and aerospace sectors [5][6] - There is potential for growth in the aramid fiber market, especially in areas where domestic demand is underdeveloped [8] - The company is committed to improving its operational efficiency and product quality to navigate the current market challenges [8]

Group 1: Business Focus and Strategy - The company consolidates its core businesses in rail transportation and semiconductor materials while focusing on spatial information services to create a "three-dimensional transportation" scenario [2] - Future development will emphasize low-altitude and low-orbit satellite sectors, with the establishment of a research institute dedicated to key technologies such as drone flight control and airspace management [2][3] Group 2: Semiconductor Materials Business - The semiconductor materials division has achieved full coverage of power device semiconductor materials from 3 to 8 inches, indirectly entering partnerships with global companies like Toshiba and Sony [3] - The company is building an international business footprint through a "3+1" base strategy, collaborating with various facilities to enhance its semiconductor capabilities [3] Group 3: Product Development and Innovation - Key products in the low-altitude sector include the UniTFCC flight control computer, UniPort smart takeoff and landing field, and UniSpace low-altitude service platform, all of which have received high industry recognition [3][4] - The company is increasing R&D investments in MBSE (Model-Based Systems Engineering) software, which has already generated sales revenue and is applicable across various engineering fields [4] Group 4: Safety and Quality Assurance - The company has developed a safety management system for rail transit and low-altitude operations, achieving SIL4 certification for its control chip, which has been applied over 2,000 kilometers in rail transit [6] - A comprehensive quality safety system has been established, including ISO26262 and AS9100D standards, to ensure safety in both rail and low-altitude operations [6] Group 5: Market Potential and Financial Insights - The flight control computer is expected to account for approximately 8%-10% of the overall value of eVTOL (electric Vertical Take-Off and Landing) vehicles, with market growth anticipated as more eVTOLs achieve certification [4] - The company aims to leverage its technological advantages and market positioning to enhance its competitive edge in the low-altitude and semiconductor sectors [4][6]

Group 1: Company Overview and Industry Insights - The main business of Huning Elevator Components Co., Ltd. focuses on the design, development, manufacturing, and sales of elevator safety components and core parts, including safety clamps, speed limiters, buffers, rope grippers, roller guides, and UCMP systems, positioning itself as a core supplier in the elevator industry [2] - The elevator industry is closely linked to the real estate sector, which has experienced cyclical fluctuations affecting both upstream and downstream segments. However, the introduction of long-term special treasury bonds in 2024 and their implementation in 2025 are expected to significantly increase the demand for elevator renovations, offsetting the decline in new elevator demand [2][3] - The current operational elevator count in China is estimated at around 12 million units, indicating substantial potential in the stock market, with a persistent demand for upgrades and renovations [3] Group 2: Profit Decline and Challenges - The decline in profits in recent years can be attributed to three main factors: 1. The strong correlation between the elevator and real estate industries has led to a continuous shrinkage in new elevator demand due to cyclical fluctuations, resulting in intensified price competition [3] 2. The construction of the "annual production of 1 million innovative G-series buffer production line" has partially achieved its capacity goals, with related assets now classified as fixed assets and subject to depreciation, impacting short-term profit performance [3] 3. Despite a decline in overall revenue, the company continues to prioritize innovation and R&D, maintaining high investment levels to overcome technical barriers and prepare differentiated products [3] Group 3: Future Plans and Strategic Investments - On November 5, 2025, the company announced plans to invest 40 million yuan in Shanghai Hongjian Optoelectronics Technology Co., Ltd., marking a strategic move into the optoelectronics sector. This investment aligns with national strategic directions and aims to leverage industrial upgrade opportunities [3] - The company intends to integrate its engineering experience in elevator component manufacturing with technological innovations in the optoelectronics field, creating differentiated competitive advantages and facilitating a strategic transition to high-end equipment manufacturing [3] - The core business will continue to focus on elevator safety components while seizing opportunities in the renovation market and responding to national industrial upgrade calls through the investment in Hongjian Optoelectronics [3]

Group 1: Financial Performance - In Q3 2025, the company achieved a revenue of 870 million CNY, a 33.34% increase from 651 million CNY in the same period last year [2] - For the first three quarters of 2025, total revenue reached 2.424 billion CNY, up 44.06% from 1.683 billion CNY year-on-year [2] - The net profit attributable to shareholders in Q3 2025 was 17.6625 million CNY, representing a 153.33% increase [3] - The net profit after deducting non-recurring gains and losses was 7.8984 million CNY, a 120.91% increase [3] - The company’s cash flow from operating activities reached 16.8787 million CNY, a 275.24% increase from -9.6319 million CNY in the previous year [3] Group 2: Debt and Asset Management - The company’s high asset-liability ratio is primarily due to increased funding needs from business expansion [3] - Accounts receivable rose to 1.288 billion CNY, a 50.70% increase year-on-year [3] - The company plans to enhance cash flow management and optimize asset quality to gradually reduce the asset-liability ratio [3] Group 3: Strategic Investment in Wet Electronic Chemicals - The establishment of a joint venture in the wet electronic chemicals sector aligns with the company's long-term strategic development [4] - Wet electronic chemicals are core materials for semiconductor and display panel manufacturing, with higher profit margins than existing backlight module business [4] - The joint venture aims to leverage resources from professional investment institutions to mitigate investment risks and enhance project management [4] Group 4: Synergies from the Investment - The investment is expected to create significant synergies in customer channels, supply chain, and technology [5] - The company has established strong customer relationships in the display panel industry, which will facilitate market access for the new investment [5] - Existing supply chain management expertise can be applied to the wet electronic chemicals business, reducing costs and operational risks [5] - Technical experience in optical materials can complement the development of wet electronic chemicals, potentially accelerating breakthroughs in high-end products [6]

Group 1: Industry Overview - The lighting industry has seen a decline in domestic market demand since 2021, influenced by macroeconomic slowdown and decreased real estate investment [2][3] - The market is entering a phase of stock competition, with intensified competition as overseas exporters shift focus to the domestic market [3] Group 2: Company Performance - In the first three quarters of this year, the company's revenue decreased by 10.78% year-on-year, with a net profit decline of 117.11% [4] - The revenue drop resulted in a decrease of approximately 16 million CNY in revenue and a reduction of about 46 million CNY in gross profit [4] - The gross margin fell from 32.57% in the third quarter of last year to 28.94% this year, a decrease of 3.63 percentage points [4][6] Group 3: R&D Focus - The company plans to focus its R&D efforts on high efficiency, smart technology, and human-centric lighting [5] - New policies in Guangdong Province may present opportunities for the company's emerging business in energy management contracts [5] Group 4: Future Profitability - The company aims to maintain a relatively stable gross margin despite the recent decline, focusing on high-end brand positioning and optimizing supply chain management [6] - Measures to enhance revenue include solidifying existing customer bases, increasing efforts in developing key accounts, and expanding EMC business [7]

Group 1: Domestic Business Outlook - The company aims to maintain steady growth in its domestic business for the upcoming year [2] - Current domestic capacity utilization has significant room for improvement, with plans to relocate some equipment overseas and lease out vacant factory space to enhance asset utilization [2][3] Group 2: Overseas Operations - The company operates six factories in Vietnam, Thailand, Malaysia, and Mexico, all of which still have available capacity [3] - The company has a competitive advantage due to its early entry into overseas markets, along with strengths in product development, service, and multi-regional layout [4] Group 3: Profitability and Cost Management - The company has developed higher value-added clients and reduced low-margin orders, aiming to maintain profit margins at current levels despite growth in overseas business [5] - Raw materials are primarily sourced locally, and the company negotiates product prices with clients during significant raw material price fluctuations [5] Group 4: Currency and Risk Management - Currency fluctuations have had a notable impact on the company's Q3 performance, with ongoing monitoring and potential hedging strategies being considered to mitigate risks [5] - The company holds a certain amount of foreign currency and engages in discussions with banks to manage exchange rate impacts effectively [5] Group 5: Human Resources and Incentives - Management and technical personnel are mainly expatriates, while production line workers are primarily recruited locally, with ongoing training for local management [6] - Currently, the company relies on cash incentives for talent retention and does not have a stock incentive plan in place [6] Group 6: Dividend Policy - Cash dividends are emphasized as a key method for returning value to shareholders, with future dividend amounts and ratios to be determined based on operational performance and capital expenditures [6]

债券代码：123182 债券简称：广联转债 证券代码：300900 证券简称：广联航空 广联航空工业股份有限公司 投资者关系活动记录表 编号：2025-013 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（电话会议） 参与单位名称及 人员姓名 1、国金证券：杨晨、任旭欢、蒋文 2、国联民生：樊景扬 3、鹤禧投资：李峥嵘 4、贝塔投资：陈灏 5、交银施罗德：张三维 6、中邮基金：刘星辰 7、汇丰晋信：胡连明 8、融通基金：樊鑫 时间 2025 年 12 月 4 日 地点 上海 上市公司接待 人员姓名 董事会秘书：毕恒恬先生 证券事务专员：刘金昊女士 投资者关系活动 主要内容介绍 一、介绍会议基本情况 刘金昊女士对公司基本情况进行介绍。 二、交流互动环节 交流的主要问题如下： 1、公司核心发展战略与业务布局逻辑是什么？各业务板块 的核心定位与发展优先级如何？ 答：公司秉持"海-陆-空-天"全空间高端装备一体化发展战 略，以航空航天领域积累的核心技术为根基，向新兴领域赛道 延伸。布局遵循"技术同源、市场互补、产业协同"原则，依托 碳纤维复合材料应用、大型 ...

Group 1: Company Overview - Shenzhen Yingtang Intelligent Control Co., Ltd. focuses on electronic component distribution, covering a wide range of products including main chips, storage, RF, display drivers, power/analog devices, MEMS sensors, and passive components [2]. - The company has developed self-researched chips, particularly in MEMS micro-mirrors and automotive display chips, with significant R&D investment and talent acquisition [2]. - Yingtang has successfully introduced automotive display chip business to several leading screen manufacturers, with the first automotive-grade TDDI/DDIC entering mass production [2]. Group 2: Strategic Acquisitions - Yingtang is preparing to acquire Guilin Guanglong Integrated Technology and Shanghai Aojian Microelectronics to enhance its capabilities in optical communication chips and analog integrated circuits [2]. - The acquisitions aim to create synergies with existing distribution and self-research businesses, leveraging the growth of generative AI, large model training, and cloud computing [2]. Group 3: Technology and Production Capabilities - Guilin Guanglong Integrated focuses on optical switch technology, with expertise in various control methods including mechanical, MEMS, magneto-optical, electro-optical, and waveguide types [3]. - The company has achieved high-precision automated assembly and testing for optical switch systems, enabling mass production and cost control [3]. Group 4: Market Applications and Demand - Guanglong Integrated's products serve various applications, including collaboration between computing power and networks, intelligent management for telecom operators, and testing for optical modules [4]. - The demand for optical switch technology is expected to grow due to the construction and upgrade of high-speed network infrastructure, such as 5G and data centers [6]. Group 5: Risks and Regulatory Considerations - The acquisition process involves regulatory approvals from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, which may impact the transaction timeline [6]. - There are risks associated with the transaction being suspended, interrupted, or canceled, and the company will fulfill its information disclosure obligations accordingly [6].