东睦股份20250221

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the foldable smartphone industry and the performance of a specific company involved in the supply chain, particularly focusing on its secret business and robotics segments [1][2][3][4][5][6][7][8][9][10]. Key Points and Arguments Foldable Smartphone Market - The foldable smartphone market is expected to exceed 40 million units in sales, with significant growth potential if Apple enters the market with its foldable device [1]. - The industry is witnessing a surge in opportunities related to components such as hinges, UTG glass, and flexible circuit boards [1]. - The upcoming Apple foldable device launch in 2026 is anticipated to enhance the value chain and supplier engagement within the industry [3]. Company Performance - The company reported a revenue of over 5 billion with profits ranging from 380 million to 410 million [4]. - The company’s secret business, including its collaboration with Huawei on foldable devices, is expected to drive significant revenue growth [2][4][9]. - The company is expanding its assembly capacity, which is projected to double the value of its components compared to just supplying parts [6][19]. Robotics Segment - The company is involved in manufacturing axial drive motors in collaboration with Xiaosan Electric, contributing to a revenue of one million last year, with expectations for significant growth this year [8][24]. - The robotics segment is expected to see rapid growth, with potential orders from clients like Ubition [8][24][25]. Market Dynamics - The overall market for lightweight materials and AI-related components is stable, with a projected growth rate of over 10% [23]. - The company is strategically positioned with leading domestic clients, enhancing its competitive edge in the foldable smartphone supply chain [18][20]. Financial Outlook - The company anticipates a revenue increase in its foldable business from 1.8 billion last year to at least 2.5 billion this year, with a gradual improvement in profit margins [13]. - The company maintains a high dividend payout ratio of over 60%, reflecting its strong earnings and commitment to shareholder returns [11]. Additional Insights - The company is diversifying its product offerings beyond foldable devices, including titanium alloy applications in various sectors such as automotive and medical [7][9][21]. - The stability in pricing within the lightweight materials sector is noted, with previous inventory issues largely resolved [5]. Other Important but Overlooked Content - The company’s strategic partnerships and technological advancements in manufacturing processes are crucial for maintaining its competitive position in the market [16][17]. - The potential impact of AI and electric vehicle markets on the company’s product demand and pricing strategies is highlighted as a significant growth driver [22][26].