Aerospace Ch Uav Co.Ltd(002389)
Record of investor relations activities
No.: 2022005
□ specific object research □ analyst meeting
Investor relations event □ media interview □ performance briefing
Event category □ press conference □ Roadshow
□ site visit
▇ others (teleconference)
Secretary of the board of directors of the listed company: Du Zhixi
Personnel name: securities affairs representative: Guo Jingrui
China Industrial Securities Co.Ltd(601377) , e fund, Yinhua Fund, Yongcheng property insurance, Changsheng fund, institutions participating in the bidding activities, CIGNA asset management, China Shipping fund, AVIC fund, CICC fund, Zhongrong Huixin investment, Citic Securities Company Limited(600030) , China Post venture fund and rosefinch fund, with a total of 15 institutional investors.
Time: April 1, 2022
Location: Beijing office area
Formal teleconference
1. From the annual report, the gross profit margin of UAV sector has decreased in the past three years. Are there any changes in product structure? What is the gross profit margin of airborne weapons compared with UAV and what is the future growth trend?
A: the revenue structure of the company’s UAV sector has changed greatly in recent three years. The revenue of the domestic market has increased significantly, realizing the “two wheel drive” of the international and China. In terms of gross profit margin of products, the gross profit margin of sales in China is relatively low compared with that at home and abroad, resulting in the decline of the overall gross profit margin of UAV sector. In the future, the company will continue to optimize the contents and Strategies of competitive communication, and strive to form a product premium in Chinese projects. At the same time, from the aspect of cost control, we can record the questions and answers
Start with, strive to build a high-quality UAV ecological chain, and make efforts to optimize and improve production links and strengthen supply chain management and control, so as to reduce costs and increase efficiency.
The gross profit margin of airborne weapons is moderate compared with that of UAV products outside China. The company will continue to pay attention to industrial policies and user needs in order to obtain more market share, further optimize cost control and maintain a good profit level of airborne weapons. 2. What are the technical services listed in the annual report?
A: technical services mainly include maintenance support, flight services, pre research projects, etc.
3. Does the company need to rely on the power of major shareholders in the process of striving for Chinese model projects? A: listed companies can undertake relevant projects independently in the whole process. 4. What is the change in the proportion of UAV revenue in China / abroad in 2020 and 2021? With reference to the growth rate of aerospace sector in recent years, will the demand for UAVs be faster in the future? A: in 2020, the company’s UAV China / foreign revenue ratio was about 1:120, which became nearly 5:2 in 2001, reflecting the rapid growth of China’s demand in 2021. The company has confidence and hope for the future demand growth of UAVs, but it also needs to respect the objective law of industry development. 5. What is the customer structure of UAV in China? Is there a situation where the proportion of single customers is too high? A: the company has always focused on expanding the number and types of customers outside China. Due to the high comprehensive threshold of large and medium-sized UAV industry, the company will give full play to its leading advantages and gradually gain the recognition of more customers with excellent products, excellent service guarantee, excellent technical strength and flexible institutional mechanism. 6. Is the docking of overseas projects based on me or military trading company? A: in the overseas market development, in addition to cooperating with the marketing of the military trade company, the company will actively pay attention to the market demand dynamics, deepen the cooperation with the military trade company, and actively guide the military trade company to develop the market and establish an active marketing mechanism on the premise of complying with relevant national laws and regulations. 7. What is the competitive situation of medium and large UAV market? Will it be too fierce? The development trend of profitability? A: the company believes that competition is a positive driving force, which enables the company to make common progress with its Chinese counterparts, learn from each other’s strengths and learn from experience in the competition, and refine the existing products by giving full play to the company’s own advantages, so as to provide users with good enough guarantee and support. The company is committed to driving the coordinated development of UAV industry to achieve mutual benefit and win-win results.
8. What is the investment prospect of the company’s new materials business? How is the progress of dongxucheng new project? A: after the self-respect group, the company has limited overall investment in the new material business. It is mainly committed to investing limited funds in the development of products with competitive advantages and maintaining the core competitiveness of the new material business at the level of deep processing. It is expected that all production lines of dongxucheng reflective film project will be successfully put into operation in May 2022. It is expected that the annual production capacity will not be released too quickly, and new products need to be integrated with downstream clients.
9. What are the downstream applications of the company’s backing film and what is the competition pattern? What are the reasons for the increase of gross profit margin of related products in 2021?
A: the company’s backing film is basically used in the photovoltaic industry, and the market competition pattern is relatively clear. The annual production capacity of the company’s backing film products is about 80000 tons, which can achieve full production and full sales. Since 2020, the supply of backing film products has been in short supply. The company has adopted the measures of purchasing raw materials in advance and optimizing the process to improve the yield and production efficiency, so as to improve the gross profit margin of relevant products. Looking ahead, the market capacity of relevant products will be released significantly in 2022, which will have a certain impact on the market price. The company will continue to strengthen cost control and maintain the gross profit margin at the same level. From the perspective of photovoltaic industry, the proportion of Cecep Solar Energy Co.Ltd(000591) power generation is still very small in China, so there is a lot of room for development.
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