ANLI(300218)2025-02-17 10:48Revenue Breakdown - In 2024, the revenue from functional footwear materials and sofa home furnishings is expected to account for approximately 70% of total revenue, while emerging categories like automotive interiors and electronic products will contribute around 20%, and nurturing categories such as sports equipment and engineering decoration will make up about 10% [1][2]. Growth Drivers - The company upgraded to a strategic partner of Nike in January 2025, which is anticipated to drive significant growth [2]. - Collaboration with Adidas is in the preparatory phase, aiming for improved sales in 2025 [2]. - Strengthening interactions with domestic sports brands like Anta, Li Ning, and others to enhance market share in TPU and leather materials [2]. - Development and promotion of new products like TPU to cover more domestic and international brand clients [2]. - Engaging with brands such as UA, NB, HOKA, and others to cultivate new growth opportunities [2]. Market Trends - The sofa home furnishings category is expected to stabilize and potentially grow in 2025, despite a decline in some domestic clients due to the real estate downturn [3]. - The electronic products category has a strong first-mover advantage, with key clients including Apple, Samsung, and Google, contributing positively to the company's performance [4]. Automotive Interior Market - The automotive interior market is a key focus area, with applications in brands like BYD, Toyota, and others, indicating a significant market opportunity [4]. - The single vehicle value varies between 2-15 meters of polyurethane synthetic leather and composite materials, depending on the brand and model [4]. Challenges in Automotive Supply Chain - Entering the automotive supply chain presents high barriers, including stringent certification processes that can take 1-2 years [5]. - The automotive sector has high performance requirements for interior materials, especially with the rise of electric vehicles [5]. Profit Margin Dynamics - The company's profit margins fluctuate based on diverse customer demands and product types, with high-value products contributing to better margins [6]. - The pricing strategy is flexible and considers various factors, including customer needs and market competition [6]. Competitive Advantages - The company focuses on developing new technologies and processes, aiming for high-end product innovation [6]. - Advanced manufacturing capabilities position the company as a leader in the industry, ensuring stable supply and competitive pricing power [6]. - The company has a first-mover advantage in emerging categories like automotive interiors and electronic products, supported by high-quality offerings [6].