**Star News, on December 1, 2023, Weimao Electronics (833346) announced that the company would accept institutional research on November 30, 2023, with the participation of Zheshang ** and Trailwalk Capital.
The details are as follows:
Q: In the face of the rapid development of the new energy vehicle industry, does the company have any future plans for this in terms of production capacity?
A: New energy vehicles are one of the key areas of the company's development in the future. At present, about three-quarters of the plant has been put into use, and the remaining part will be put into use in batches depending on the progress of the project. The company is still in the process of continuously releasing production capacity, and will gradually expand production capacity according to customer needs in the future, and continue to deepen in the field of new energy vehicles to achieve better development.
Q: What is the distribution of the company's product structure?Which type of product is the most profitable?
Answer: The top three industries in the company's current operating income are smart home appliances, automobiles (including new energy vehicles) and industrial automation. In addition, there are high-speed rail, water purification and environmental protection, medical equipment and other fields. Thanks to the company's integration and componentization strategy, the unit price of integrated module products has increased significantly, and the profit margin is relatively high. At the same time, because the company has carried out long-term cooperation with major customers and is familiar with the customer's development process and technical requirements, the company can stably obtain product orders and continue to develop new projects. The company's revenue in the field of new energy vehicles has grown rapidly in recent years, and the proportion of related products in revenue has gradually expanded, and there may be a trend of further growth in the future.
Q: What are the differences between the production process of 400V and 800V in the new energy charging project?
Answer: Compared with high-current and low-voltage charging (400V), the components and materials used in high-voltage (800V) low-current charging, such as cables, connectors, relays, fuses, capacitors, resistors and other withstand voltage levels need to be increased to more than 800V, so for high-voltage wiring harnesses, the requirements are more stringent in terms of material selection, processing technology, and testing. In addition to ensuring the basic electrical performance, it is also necessary to ensure that the wiring harness can pass a higher level of withstand voltage test to ensure that the insulation performance meets the requirements. Therefore, the company has done a series of research and development around 800V high-voltage fast charging technology, and related projects will be mass-produced one after another.
Q: What is the progress of the company's implementation of the digital factory?
Answer: In recent years, the company has gradually implemented digital management methods, including production information management system (ERP), intelligent warehousing and logistics system (WMS) and digital factory system (MES), and then the company will be committed to opening up various intelligent systems to achieve all-round digital transformation of the entire factory. In April 2023, the company's warehousing system was also awarded the title of "Intelligent Warehousing" by the Qingpu District Economic Commission. As an important part of the construction of digital factories, intelligent warehousing has greatly improved the company's logistics efficiency, increased the efficiency of warehousing by nearly 50%, increased the utilization rate of storage space by 3-4 times, and reduced the data admission time by about 40%, greatly improving the company's management level and improving the efficiency of resource allocation. In the future, the company will continue to introduce advanced management systems and continue to optimize the existing digital system to bring production capacity to a new level.
Q: Does the company have any plans to develop a certain industry or subdivision in the future?
A: At present, the three major areas of automobiles, smart home appliances and industrial automation that support the company's revenue have very optimistic development prospects. The company will be committed to keeping up with the development trend of related industries and strive to seize the opportunities that can be deeply explored. With the primary goal of developing the main business and achieving stable growth in performance, the company will optimize costs and improve efficiency through extension and extension in some product lines with room for optimization in the future. Taking connectors as an example, based on the current strategy of componentization and integration, the company may have a greater demand for connectors, and the cost of external procurement is relatively high, coupled with the needs of many foreign customers themselves, the company does not rule out optimization by investing manpower and equipment or other ways.
Weimao Electronics (833346) main business: providing one-stop overall solutions including wires, wiring harness components, injection molded structural parts, PCBAs, coils, products covering automobiles (including new energy vehicles), smart home appliances, industrial automation, high-speed rail, medical, water purification and environmental protection and other fields, covering more than 300 series, more than 4,000 models.
Weimao Electronics' third quarter report in 2023 shows that the company's main revenue is 17.4 billion yuan, an increase of 17 percent year-on-year77%；Net profit attributable to the parent company was 2854370,000 yuan, an increase of 7 year-on-year59%；Deduct non-net profit of 2665190,000 yuan, an increase of 28 year-on-year11%；Among them, in the third quarter of 2023, the company's single-quarter main revenue was 6636660,000 yuan, an increase of 22 year-on-year29%；The net profit attributable to the parent company in a single quarter was 98500,000 yuan, an increase of 032%；The non-net profit deducted in a single quarter was 881740,000 yuan, a year-on-year decrease of 649%；The debt ratio is 1343% and 29% investment income350,000 yuan, financial expenses - 573310,000 yuan, gross profit margin of 2995%。
There are no agency ratings on the stock in the last 90 days. Margin data shows that the stock has a net financing inflow of 134 in the past three months390,000, the financing balance increased;The net inflow of securities lending was 52020,000, the balance of securities lending increased.
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