德联集团定增路演

Key Points Company Overview - Industry: Automotive fine chemicals - Main Business: Research, development, manufacturing, and sales of automotive fine chemicals - Key Customers:巴斯夫、杜邦等原料供应商，50家汽车整车厂 - Production Bases: Changchun, Shanghai, Foshan, Chengdu, Qingdao - Business Expansion: From 2012, established 4S stores, after-sales market stores, and developed adhesive and catalyst categories [1] Main Business - Automotive Fine Chemicals (70%): Oil and fluid products, adhesives (new energy vehicle battery packs) - Coolant: Future expansion into data centers, super charging stations, energy storage, and new energy vehicles. Expected to participate in the formulation of national standards in 2026 [2] - Adhesives: Revenue over 800 million, capacity insufficient, high sales rate. New capacity and product structure upgrades planned [2] - Automotive Aftermarket: DeLian Vehicle Protection as the main body, regional dealers as the main force - Automotive Sales and Services: Automotive agency and sales [2] Fundraising Project - Purpose: To meet the capital needs for new product development, especially new material adhesive products - Issue: Up to 226,298,780 shares (inclusive), raising up to 487,595,000 yuan - Investment: Mainly for emerging businesses, improving research and development capabilities, and enhancing technological innovation strength [3] Q&A - Coolant Downstream Applications: Large demand in the automotive field, stable in nuclear power, wind power (including land-based and offshore platforms), and energy storage (mainly exports). 80% in the automotive field [4] - Oil and Fluid Products: Coolant 700 million, catalyst 1 billion, adhesive 800 million (battery adhesive 10%), engine oil 800 million (most of the increase from engine oil) [4] - Market Position: High-end positioning, only cooperate with leading enterprises in energy storage due to their understanding of the importance of coolants. About 3-5% market share in front-loading adhesives. 30% market share in coolants [4] - Battery Adhesive View: Waiting for national standards, the market is chaotic, and the company is still observing [4] - Profitability in 2023: Impacted by individual products, including soaring raw material prices for engine oil, decline in precious metal prices in catalysts, and inventory write-down for 4S store vehicle sales [5] - Profitability in 2022: Decreased due to the impact of the epidemic, with Shanghai and Changchun halting production for 2-6 months, and increased raw material procurement and transportation costs [5] - Adhesive Capacity Utilization: Currently 30,000 tons, capacity utilization rate over 100%, insufficient capacity, planning to add 60,000 tons [5] - Coolant Capacity Utilization: Production lines in all five production bases, with high flexibility [5] - Product Profit Margins: Catalyst 6-12%, adhesive electronic adhesive 25%, structural adhesive, glass adhesive 25%, coolant 30-40%, engine oil 40%, brake fluid 15-20% [5] - Impact of Rising Precious Metal Prices: Establish a new negotiation mechanism to determine prices based on raw material price fluctuations, protecting the rights and interests of both parties [5] - Outlook for 2024: Stable revenue and improved profits [5] - Impact of Declining Car Prices on Inventory: Company has reduced store size, returning to the normal mean, with an average loss of several million [5] - Other Businesses in the Annual Report: Palm oil trade, automotive finance, with high profit margins [5] - Reason for High Profit Margins: Palm oil trade, automotive finance [5] - Profitability in the First Quarter: Coincidence, as the first quarter is a low season, while the fourth quarter is a sales peak [8] - Reason for Negative Net Profit in the Fourth Quarter for Two Consecutive Years: Catalyst losses, inventory write-down for vehicle sales at 4S stores [8] - Reason for Decreased Adhesive Prices: PVC and LASD adhesives, which are necessary for the front-end process but have low technical content, leading to lower profitability. Company increased sales to serve car manufacturers [8] - Order Status: Vehicle manufacturer orders are signed annually, with 3-6 months of advance inventory [8]