Securities code: 301029 securities abbreviation: Dongguan Yiheda Automation Co.Ltd(301029)
Dongguan Yiheda Automation Co.Ltd(301029)
Record of investor relations activities
No.: 2022-001
□ specific object research □ analyst meeting
□ media interview □ performance briefing
Investor relations activities
Event category □ press conference □ Roadshow
□ site visit
☑ Others (teleconference)
(regardless of ranking) polymer capital management (HK) Limited, Allianz global investors – Hong Kong, Anatole Investment Management Limited – Hong Kong, ASPEX management, BNP Paribas Asset Management Asia Limited, Canada Pension Plan Investment Board Canada Pension Plan Investment Board – Hong Kong 、 Cppib Asia Inc. – Fsg、 Deutsche Asset Management – Hong Kong、Dymon Asia Capital (hong Kong) Limited、Fullerton Fund Management – China、Green Court Capital Management Limited、Hel Ved Capital Management Limited – Hong Kong、 Henderson Fund Management Limited (AGT), Indus cap – HK, interpreter (SI), Manulife Investment Management (Hong Kong) Limited, Matthews Intl participant name cap Mgt LLC, Neuberger Berman Asia Limited, Pictet asset management – Hong Kong, pinpoint Asset Management Co., Ltd Pleiad Investment Advisors Limited, point72 Asset Management LP – Hong Kong, sb Schonfeld Fund Advisors – US, Taikang asset management, tybourne capital management (HK) Limited, ward ferry Mgt Ltd – HK, Guoshou asset management, Chunhou fund, Futon Investment Management Co., Ltd Xitai fund, Changjiang endowment insurance, Qianhe capital, YONGYING, Qinmu, Minsheng Securities Co., Ltd., model investment, Nord fund, wangzheng assets, CCB Pension Management Co., Ltd., CITIC Prudential fund, GF asset management, Guohai Franklin fund management Co., Ltd., Tianzhi Fund Management Co., Ltd SDIC, Jinyuan Shun’an Fund Management Co., Ltd., BOC Fund Management Co., Ltd., Fuguo Fund Management Co., Ltd., BOC asset management, Harvest Fund, CMB wealth management subsidiary and Golden Eagle Fund
Time: January 11, 2022, January 13, 2022
Place: teleconference on January 11, 2022 and January 13, 2022
Name of receptionist of listed company Huang Qiang, Secretary of the board of directors
The main questions and answers of this survey are as follows:
Q1: does the decline of manufacturing industry have an impact on the growth of the company?
A: The company specializes in R & D, production and sales of automation parts and provides one-stop supply of automation parts for FA factories. With more and more application scenarios in China’s manufacturing industry, the demographic dividend gradually disappears, and the labor cost continues to rise, the manufacturing industry has entered the trend of “machine replacement”, More manufacturing enterprises are willing to use automation equipment to replace labor in order to enhance their competitiveness and seize market opportunities. Automation equipment services cover a wide range of industries, including 3C, automobile, new energy, photovoltaic, medical treatment, laser, food and logistics. Relying on the huge market space in the downstream automation equipment service field, The market space of automation equipment parts industry is broad.
Q2: what advantages does the company have over Mismi in terms of localization services and supporting Chinese manufacturing system?
Investor relations activity a: in view of the characteristics of small batch, high frequency and short delivery time of FA factory automation parts orders, compared with the price of a single product, customers pay more attention to order response ability, procurement efficiency and product quality.
The company has certain core competitiveness in standard setting, product development, supply chain management, Shaoping Taihua operation and localization services, and can provide customers with high-quality, low-cost and short delivery automation parts products. In addition, due to the establishment of the company’s standardization system and the continuous improvement of the penetration rate with customers in the design and procurement of automation equipment, for customers, the product conversion cost of the company is high. Once customers change parts suppliers in the process of cooperation, they should not only change the original design and selection habits of engineers The selection and design standards will also reduce their own procurement efficiency, and there may be risks such as uncontrollable product quality and delivery date. Therefore, the company’s products have high premium ability and customer stickiness.
Q3: how does the company get customers?
A: The exact expression of the company should be B to e, taking the engineers behind serving customers as the origin. The source of selling non-standard equipment is not procurement, but design engineers. Offline customer development is mainly carried out through on-site visits of sales personnel, business negotiations, industry exhibitions, word-of-mouth marketing, etc; Promote design software and design manuals to engineers, and develop customers online mainly through offline customer conversion, industry exhibition, telephone / email, engineer forum, new media and we media operation.
Q4: what are the differences between online and offline sales models?
A: There is no difference between the company’s offline sales and online sales in terms of settlement method, credit policy and logistics distribution, and the company’s unified system and regulations in terms of product pricing, settlement, credit period and logistics distribution are implemented. The company’s online and offline channels do not restrict or restrict customer types, but generally speaking, among the online customer types, advance collection customers account for a high proportion and monthly settlement customers account for a low proportion. The pricing policies of offline sales and online sales are consistent, and there is no significant difference; However, when the customer’s order quantity and order amount are large, the company will give customers certain preferential treatment on the basis of negotiation, resulting in slight price difference. For offline sales, the company’s sales engineers and sales service personnel assist customers in a series of behaviors such as inquiry, type selection, order placement and payment. For online sales, customers independently carry out online product selection, price inquiry, order generation and payment on the company’s FA industrial e-commerce platform.
Q5: why does the company adopt the current business model?
A: The current business model adopted by the company is mainly determined by the demand characteristics of parts in the downstream automation equipment industry. Under the traditional mode, customers often face common problems such as long time-consuming design of automatic parts, low procurement efficiency, high procurement cost, uncontrollable quality, untimely delivery and so on. Under the company’s business model, customers can design according to Dongguan Yiheda Automation Co.Ltd(301029) product model, and automatically complete the selection and quotation of parts in this process, so as to effectively shorten the customer’s design and procurement time and improve efficiency. In addition, with effective supply chain management, the company can effectively improve customers’ ability to control product quality, procurement cost and delivery time.
Q6: how about the localization process of core parts? Opportunities and challenges faced by the company as a one-stop platform?
A: Due to differences in technical level and other reasons, Chinese Siasun Robot&Automation Co.Ltd(300024) enterprises used imported core parts more before. At present, with the improvement of the technical level of Chinese Siasun Robot&Automation Co.Ltd(300024) enterprises, the localization and substitution of core parts has made outstanding progress. With the promotion of the national development strategy of “made in China 2025”, it has become an industry consensus to promote industrial transformation and upgrading with industrial automation. The application of industrial automation in the manufacturing industry will also usher in a stage of rapid demand development. The main customer groups of automation equipment parts of the company are Chinese automation equipment manufacturers and terminal equipment users. The customers\’ main products are industrial Siasun Robot&Automation Co.Ltd(300024) and other related automation equipment serving various subdivided fields and application scenarios. China’s industrial Siasun Robot&Automation Co.Ltd(300024) output has increased steadily and the market scale is large, creating a broad market space for the company’s performance growth.
Q7: how does the company maintain business stability?
A: The high stability of the company’s business mainly lies in the market foundation of automation parts demand and high customer stickiness. “Made in China 2025” and the urgent needs of China’s industrial upgrading provide a stable market space for the company’s future business development. After years of development, the company has served more than 40000 customers, involving automation parts application scenarios in 3C, automobile, new energy, photovoltaic and other industries. It has low dependence on specific customers and industries, ensuring the sustained and stable growth of the company’s future performance. In the process of enjoying the company’s high-quality, low-cost and short delivery of automatic parts and components, customers gradually change their original design and procurement habits and gradually adopt the product standard system formulated and promoted by the company. Therefore, once the two sides cooperate, customers are generally not easy to replace, with high customer stickiness.
Q8: what industry barriers does the company have?
A: The company’s business has high barriers, mainly including product richness barriers, brand and customer barriers, supply chain management barriers, localization service barriers, informatization and digitization barriers, etc. The above is mainly based on the long-term accumulation in the field of automation parts and the long-term research on the application scenarios of parts required by automation equipment, which has established the company’s favorable competitive position in the industry. Potential competitors often need to invest more time, energy, capital and human resources to form a certain competitiveness in the industry. Therefore, from the perspective of the industry barriers faced by new entrants, the risk of the company’s market share being squeezed is low.
Q9: how does the company balance product pricing and gross and net profit margin?
A: We will not anchor the pricing of competitors, but pay more attention to the market demand for pricing. We believe that the current level of gross profit margin is reasonable and an important embodiment of the competitiveness of enterprises in the market.
Q10: what is the future category expansion direction of the company?
A: The future category expansion direction is to standardize non-standard parts. Through our understanding and in-depth understanding of the field, we will graft standardized elements into the original non standardized fields for replacement; Second, in-depth product development to meet the needs of customers in different application scenarios; Third, the demand for domestic replacement of core parts is becoming more and more obvious, which gives room for market growth. In addition, we will expand the market in terms of geography and the transformation of traditional procurement forms to more efficient modes. For those that cannot be fully standardized, it still needs to be realized through customization, design and manufacturing
