Securities code: 300700 securities abbreviation: Changsha Dialine New Material Sci.&Tech.Co.Ltd(300700) Announcement No.: 2022-04
Bond Code: 123024 bond abbreviation: Dale convertible bond
Changsha Dialine New Material Sci.&Tech.Co.Ltd(300700)
Record of investor relations activities
No.: 2022-04
Investor Guan ☑ Specific object research □ analyst meeting
Activity □ media interview □ performance briefing
Other □ press conference □ Roadshow
□ site visit ☑ Others: teleconference
13:30-14:30, February 11, 2022 (Friday)
Debang securities, southern fund.
Participants: 15:30-17:30, February 11, 2022 (Friday)
Name China Industrial Securities Co.Ltd(601377) , Huisheng fund, spruce evergreen fund, Huaneng Guicheng trust, Hunan Hantian assets, feiyunding investment, Fosun securities investment, Changsha Haoyuan investment, Hunan Wantai Huarui investment, Hunan Haopu Private Equity Fund Management Co., Ltd., Chu Heng assets and liyuansheng investment.
Time: February 11, 2022
Location: company headquarters
listed company
RECEPTIONIST: Board Secretary & Chief Financial Officer Zhou Jiahua
full name
Q1: the company has recently announced the cancellation of persons acting in concert, equity incentive and additional issuance. What is the overall consideration of the company? Are there differences among those acting in concert?
A: Mr. Duan Zhiming, who holds 23.14% of the company's actual controller, and Mr. Yang Guanghui, who holds 13.08% of the company's shares, signed the termination agreement of concerted action agreement on December 22, 2021 to terminate the relationship between the two parties. The actual controller of the company was changed from two people to one person. First of all, the relationship between the two persons acting in concert has a long history. Mr. Yang Guanghui took the initiative to resign as a director of the company and terminate the relationship between the two persons acting in concert due to personal reasons and his older age. Considering that he did not have enough energy to invest in the company's business decision-making and management. The cooperative relationship between the two sides has been very good until the dissolution of the relationship of concerted action. In order to strengthen the control position of the actual control activity owner over the company and improve the governance structure, which is conducive to the introduction of capital operation in the process of the company's future development. At the same time, based on the confidence in the company's future development, the company timely launched the equity incentive for the core personnel to Shao and the actual controller Mr. Duan Zhiming to increase the shareholding ratio through fixed increase. The company's investment in R & D and technology improvement in the second half of 2021 has not been able to boost the company's employees' confidence, but the company's investment in R & D and technology improvement has not been improved significantly in the second half of 2021, So as to help the company develop better in the future. Q2: how to understand "the change of downstream industrial development structure far exceeds expectations" in the reasons for the loss of performance forecast? What products do the changes of wire diameter products refer to? It is also mentioned that the payment collection time is too long due to the business reasons of some customers? What is the technical transformation mentioned in the performance forecast?
A: for the performance forecast loss in 2021, please refer to the relevant announcements of the company for detailed reasons.
In recent years, the requirements of downstream customers for products have been continuously improved, and the product specification conversion is relatively fast. During the conversion process, some prepared products have not been cleared in time or raw materials have not been digested in time, so some impairment has been made according to the accounting policy. These products or corresponding raw materials with impairment are mainly above 45um specification.
The accrual of customer accounts receivable does not refer to a single customer. It refers to the long overdue period of some customers in the business process. The accrual is carried out by classification according to the accounting accrual policy. The accrual ratio will increase significantly every year, which will have a certain impact on the current period.
Technological transformation refers to the upgrading and transformation of the original equipment in terms of process and structure. In order to cope with the changes of the market, the company has not given up a large amount of investment in R & D and technological transformation under the condition of loss in recent years. On the one hand, technological transformation can increase the value of new parts, but at the same time, some equipment parts will be eliminated. According to the requirements of accounting policies, the performance and value of equipment need to be evaluated. The possible difference between the evaluated value and the book value will be subject to impairment provision. Q3: is the increased investment at this time due to the development of new customers or the breakthrough of products?
A: first of all, the company's previous scale is relatively small. Although the recent growth rate of volume is relatively high, it is not high in absolute terms, and the market share is still low. At present, the growth of volume is based on the guarantee of sufficient orders from customers. Here is the increase of the proportion of orders from core customers and the increase of orders from emerging customers.
At present, the upstream and downstream of the photovoltaic industry are expanding rapidly. It is the consensus of the industry that the development space of the photovoltaic industry will maintain rapid growth in a long period of time in the future. Its demand for diamond line is also predictable. Subsequent companies will quickly expand production according to the cooperation of customers and orders with relative guarantee. Q4: what are the main customers of the company? What's the proportion? Will the proportion of poly GCL increase in the future?
A: many well-known companies at home and abroad in the fields of photovoltaic, sapphire and magnetic materials are the customers of the company. Especially in the field of sapphire, we have always been in the leading position in the industry. In the field of photovoltaic, we have always maintained a dominant position in the field of square cutting and cutting. At present, the demand in the market mainly refers to the demand for photovoltaic silicon chip lines.
Poly GCL is currently a very important customer of the company, and the proportion of using the company's products has been increasing recently. With the continuous expansion of its future production capacity, the company will adjust the supply and demand plan in time according to the needs of customers. Q5: current capacity construction and future construction rhythm?
A: the capacity of the equipment that has been put into operation in 2021 is about 1 million km / month. Through internal technology improvement, the subsequent capacity will be continuously improved. As for the subsequent expansion and saving, we will decide according to the business cooperation with downstream customers, because the basis and technical conditions of expansion are well reserved. Q6: are all 8-wire machines in the company now? When will the company update more iteration lines?
A: the mainstream of the company's existing models is the 8-wire machine.
The company has developed 10-15 line models. If the subsequent market demand increases and the production needs to be expanded, it will be the latest model. Q7: what do you think of tungsten wire?
A: at present, the company has a small batch supply to customers, and the production technology of replacing carbon steel bus with tungsten wire has been fully possessed by the company. The main purpose of using tungsten wire is to solve the problem of thin wire. Whether tungsten wire can completely replace carbon steel wire needs to be verified in the follow-up market. There are several key problems to be solved: the first is the problem of tungsten raw materials. The strength of ordinary tungsten wires is not enough, especially the tungsten materials needed to pull out finer tungsten wires that meet the demand in the future; Second, the cost of tungsten wire is about 4-5 times that of carbon steel wire. Q8: is the customization property of Vajra line strong? Is there a big difference in products?
A: it can not be regarded as a completely customized product. It has certain customized attributes. It is mainly because downstream customers will have differences in the selection of cutting equipment, cutting process control methods and control capabilities, staff operation capabilities and management characteristics. Therefore, online selection mainly gives priority to the one that is most suitable for themselves, that is, measured by output yield and cost consumption. Q9: are there big differences in the same 40 line products? Will the finished wire diameter be less 1-2um?
A: the product specifications are mainly named after the bus wire diameter, but the actual product application will focus on the wire diameter of the product itself. Due to different production technologies, there will be differences in the consistency level of the wire diameter. I believe it will not be too large, otherwise the downstream customers will not use it. The change of wire diameter will affect the cutting effect of the product, so the customer will evaluate the performance of the product through the cutting effect. Q10: progress, income and scale of new energy permanent magnet motor?
A: the permanent magnet motor required by the new energy vehicle will use a large number of magnetic materials. Because of the cutting efficiency, environmental protection and cost advantages, it is currently being fully converted to diamond wire cutting. At present, the company has carried out large-scale production of diamond wire required for magnetic material cutting, and will continue to expand production capacity according to the changes of market demand in the future. Q11: at present, peers are expanding production, which has exceeded the market demand. What do you think of the market competition and the company's competitive advantage? Will the subsequent production expansion equipment be updated?
A: at present, the production expansion prepared or being carried out by Vajra line enterprises is believed to be based on the expectation that the downstream photovoltaic industry will have huge development space in a long period of time in the future. In this process, there may be unbalanced fluctuations in supply and demand, which is very normal. From the experience of the development of diamond thread industry in the early stage. The future sustainable survival and development of Vajra line enterprises are still inseparable from profound technology accumulation and strong capital strength, otherwise they will be easily eliminated in the process of technology upgrading and rapid product transformation.
The company's main customers have long-term cooperation experience with the company, mutual understanding and trust, and have always advocated quality and service to the customer company. The subsequent production expansion plan will mainly expand production steadily on the premise of ensuring relatively stable orders according to the in-depth cooperation of downstream customers. The company has a complete plant and mature equipment development technology. If the production is expanded in the future, the new investment will be new equipment. Q12: are there any plans related to M & A projects considered in the new business development? Upstream and downstream?
A: if the new business is expanded in the self-study mode, there will be a long cycle and high risk. Considering the investment efficiency and benefits, M & A is a fast and effective way. M & A is not the purpose, and project selection is the most important. If there is a specific plan in the future, the company will announce it in time. Q13: can semiconductors be cut? Is this cutting equipment imported or domestic?
A: the company's products can be applied to the cutting of electronic grade silicon. At present, the company serves some semiconductor customers. This piece of equipment is both imported and domestic. Q14: what is the reason for the change of proportion in the competition between friends and merchants? Downstream buy Cutting opportunities to specify a manufacturer line?
A: the main factors affecting the change of customer demand are: first, strong large-scale supply capacity; second, continuous and stable quality; The third is whether the specification conversion can adapt smoothly. The fourth is the quality of technical service.
Customers generally choose 2-3 suppliers as qualified suppliers, and the supply proportion will be adjusted according to the use situation in the future. Q15: is there any opportunity for sapphire downstream this year?
A: sapphire is growing every year, but because its volume is not very large, its growth has little impact on the company's performance. If there is a major breakthrough in consumer electronics (such as mobile phones) and 5g applications, it will bring explosive demand for Vajra line.
Q16: what is the business situation in marble cutting?
A: at present, the cutting and processing of stone are traditional processing methods. There are short boards with low efficiency, low output and non environmental protection. Diamond wire cutting technology is an alternative and upgrading of its traditional processing methods, which is intelligent, low-carbon and environmental protection. The goal of this year is to create the basic conditions for the completion of industrialization and lay the foundation for the large-scale industrialization in the next year.
Annex list none (if any)
Date: February 11, 2022
