Group 1: Product and Market Insights - The ADAS active perception cleaning system has a high initial value compared to traditional systems, but the small initial batch size may impact overall cost structure [2] - The future gross margin will depend on market scale and production volume, with increased production leading to improved economies of scale [2] - The company has developed various motor products for the four-door and two-cover sectors, which are still in the penetration phase, indicating growth potential [4] Group 2: Revenue and Cost Strategies - The company maintains high gross margins due to a combination of revenue and cost strategies, including stable orders from quality clients and a balanced global market layout [2] - Cost advantages are achieved through standardized and platform-based product strategies, which enhance production efficiency and reduce costs [2] - The company has implemented self-manufacturing of core components to better control costs and quality, thereby improving product competitiveness [2] Group 3: Future Growth and Competition - The ongoing trends of electrification and intelligence in the automotive sector present significant opportunities for motor product expansion [4] - The small motor market is characterized by a compact competitive landscape, making it difficult for many competitors to enter [4] - The company emphasizes a sustainable profit distribution policy, having distributed a total of 72 million CNY in cash over the past three years, accounting for 46.63% of the average annual net profit attributable to shareholders [4]
恒帅股份(300969) - 投资者关系活动记录表