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    002606 Dalian Electric Porcelain Research Activity Information


    November 27, 2022 - OrbitFin Earnings Transcripts

     

      Listed Company Receptionist Name: Li Jun (Director,Vice General Manager,Chief Financial Officer,Secretary of the Board of Directors) Gui Xuyan (Head of Securities Department,Securities Affairs Representative)

      Start Time: 2022-11-23 05:30:00

      End Time: 2022-11-23 06:30:00

      Statement: Event minutes: one,Interactive communication

      Question: What is the company s core competitive advantage in the field of ultra-high voltage insulators?

      Answer: Power customers have very high requirements for the safety and stability of insulator products operating on ultra-high voltage lines,For enterprises in the formula,workmanship,A series of process management and control aspects, such as control by technicians, have put forward high requirements,At present, it can produce high performance products in large quantities within a certain period of time,Few enterprises have qualified products such as high-quality products,High entry threshold. UHV production technology is a unique technology in China,For historical reasons,At present, most UHV insulators in China are porcelain insulators,Porcelain insulator has good chemical stability and thermal stability,Strong anti-aging ability,Flexible assembly,As the head enterprise of national line insulator,With 100 years of porcelain making experience and brand value,A complete set of process control system has been formed,The product can meet the above requirements,This is also one of the company s core competitive advantages in the ultra-high voltage field

      Question: What is the current customer structure of the company?

      Answer: The company s customers are domestic and foreign power grid companies and their subordinate units,Some products are also supplied to the main engine factory or the general contractor,Domestic customers are mainly State Grid, China Southern Power Grid and their subordinate power companies,State Grid Management North China,northeast,Central China,East China,Five major power grids in northwest China,The business area covers 26 provinces,city,Autonomous Region; China Southern Power Grid Corporation manages China Southern Power Grid,The business area covers Guangdong,Guangxi,Yunnan,Guizhou and Hainan The characteristics of power grid operation and management determine that the main customers of the company are concentrated in the State Grid Corporation of China and its affiliated enterprises, as well as China Southern Power Grid Corporation and its affiliated enterprises,Therefore, the procurement scale of the two power grids has a significant impact on the insulator market,The proportion of domestic and foreign sales is about 8:2,In 2022, the proportion of international sales will be relatively low

      Question: High gross profit margin of domestic products,But what is the main reason for the low gross profit margin of foreign products? From the perspective of capacity configuration,Does the company have such a sign of international efforts?

      Answer: The company began to carry out export business in 1950,The products are applied in nearly 100 countries and regions,In recent years, it is mainly concentrated in Southeast Asia and other countries and regions along the the Belt and Road , combining domestic geographical environment and regional factors of power consumption,And UHV is suitable for long-distance transmission,UHV products are more applicable in China. At present, high-voltage products are mainly under construction internationally,Ultra high pressure products,Compared with UHV,Its technical difficulty is relatively weak,Numerous manufacturers,This will lead to more intense price competition,This will drive down the level of gross profit margin However, the company 's strategic layout also takes into account regional rationality and other factors,Both at home and abroad will match the corresponding capacity according to the demand,Generally, 70~80% of the company 's production capacity is used for domestic production and sales,The remaining 20~30% of the production capacity is used for production and sales abroad. The main reason for the decline in the proportion of the company 's export products in recent years is the impact of the epidemic,Second, in recent years, China has increased investment in the power sector,And the current domestic supplier pattern is relatively stable,Therefore, the company has put some production lines for export products into ultra-high voltage production,It is used to meet the demand of ultra-high voltage market. The layout of Jiangxi factory is based on the consideration of overseas market,At present, new energy is being vigorously developed at home and abroad,The power grid is still being upgraded in foreign markets,As the impact of the epidemic situation gradually weakens,Foreign market channels will also be restored,in addition,Luxi County, Jiangxi Province has kaolin minerals, one of the raw materials for manufacturing porcelain insulators,It also has a hundred year history of porcelain making,So the supply chain is complete,The industrial synergy effect is obvious

      Question: What is the current market share of UHV industry?

      Answer: In the whole line,The proportion of insulators in the total value is small,But it is the operation safety of the whole line,An important link in the performance of power transmission. Specific to a certain line,Each line depends on different geographical environment,Construction requirements and other factors,Insulators of different materials may be used at the same time,The specific use proportion of each type of insulator cannot be generalized. In the long term,From the 12th Five Year Plan,The 13th Five Year Plan,In particular, we can see from the Fourteenth Five Year Plan ,The state has increased the focus on power,5G,new energy,rail transit,Investment in new infrastructure fields such as ultra-high voltage,Among them, fully promote carbon peak ,Carbon neutral energy optimization strategy,Relying on the above layout,On the whole, the market space of domestic porcelain insulators is broad

      Question: What is the current situation of the company s factory? What is the progress of Jiangxi factory?

      Answer: At present, the company mainly includes Dalian,Fujian,And three production bases in Jiangxi in the future,The company optimizes costs through regional location layout. In recent years, the state has increased investment in power infrastructure,The performance transmitted to UHV industry is the increase of demand,At present, Dalian Factory mainly produces ultra-high voltage porcelain insulators,It has reached the state of full load operation. Capacity varies greatly according to different product structures,It can 't be generalized. Fujian Factory mainly undertakes some export products and distribution network businesses. On the one hand, Jiangxi Factory 's current positioning is expected to further increase the demand for UHV products in the next few years,Under full load operation of Dalian plant,The new factory can undertake the increased orders in the future,on the other hand,The impact of superimposed epidemic situation gradually weakens,Global new energy industry development speed up,Factors such as strengthening power grid infrastructure abroad,It is expected that the demand of foreign markets will increase,Under the the Belt and Road plan,Actively expand Southeast Asia,Europe and other markets,So in the future, Jiangxi factories will also undertake the production of some export products. Jiangxi factories will gradually put in production capacity,Expected at the end of the first quarter or the beginning of the second quarter of next year,The first production line can be formally put into production in the long run,Benefited from the completion of Jiangxi Luxi electric porcelain industry chain and the achievement of scale effect,And intelligent design and layout of Jiangxi factory,Whether in terms of labor cost or the supply of some raw materials, such as mineral resources,Have obvious price advantages,Combined with the above factors,There is room for overall cost improvement

      Question: How does the company face the impact of rising raw materials on profits?

      Answer: The main raw materials of the company s porcelain insulators are various mineral raw materials and metal accessories,With the superposition of many factors,Increase in raw material cost,The company adopts price locking in advance,Prepare goods to smooth the impact of price fluctuation,However, the company still produces high-quality products,High performance products,Do not choose cheap raw materials because of the rise of raw materials,Cause the product quality to decline,In the end, it s not just a question of cost,The company s priority is to consider the stability of product performance and product quality,This involves the company s core competitive advantage---In the recipe,workmanship,A series of process control systems for technicians to control,say concretely,From scientific formula,Process improvement,Improve efficiency and other aspects,Through optimization of porcelain insulator head structure,Analyze the marginal cost level of different batch production of various formulas and carry out R&D and innovation,Improve product performance,Increased stability; And reserve and develop new product formula,On the premise of ensuring quality and performance,The application of core technology will also bring about cost reduction and efficiency increase

      Question: Compared with the previous two years,Gross profit margin has decreased this year,But the profit margin is good,What is the main reason?

      Answer: Part of the reason is due to the rise in the price of raw materials,On the whole, the gross profit rate has not changed much,It is within the normal range Part of the reason is that the company has taken a series of management measures to reduce costs and increase efficiency in recent years,For example, reorganizing the management structure,Introduce automation equipment to streamline high-intensity workers,Develop an effective performance appraisal system,Several measures such as upgrading and reforming the company s ERP system,Finally, it will be implemented to the management benefit,It is reflected in the performance

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