望变电气(603191) - 投资者交流活动记录表

Group 1: Business Performance - In 2023, the company achieved total revenue of 2.718 billion yuan, a year-on-year increase of 7.57% [2] - The revenue from the power distribution and control equipment business reached 1.353 billion yuan, up 38.52% year-on-year [2] - The oriented silicon steel business saw an increase in production by 14,700 tons and sales by 8,700 tons, but total revenue decreased by 13.14% due to falling sales prices [2] Group 2: Export and Market Strategy - In 2023, the export proportion of oriented silicon steel was reduced to 21.18% due to weakened price advantages in overseas markets [3] - The company anticipates increasing the export proportion to approximately 50%-60% in 2024 as prices stabilize [3] - As of early May 2024, the company has signed multiple export contracts in the power distribution sector, totaling nearly 50 million yuan [3] Group 3: Acquisition and Integration - The company signed a property transaction contract for the acquisition of Yunbian Electric on March 20, 2024, with the merger date set for April 1, 2024 [4] - Previous operational losses at Yunbian Electric were attributed to high fixed costs and increased product costs; post-acquisition, the company plans to improve profitability through operational synergies [4][5] Group 4: Future Outlook - The company expects stable growth in the power distribution and control equipment sector in 2024, supported by ongoing infrastructure projects [5] - The high-grade oriented silicon steel project is projected to contribute positively to operational performance once new capacities are released [5] - The company does not foresee an oversupply of high-grade oriented silicon steel due to increasing demand driven by energy transition policies [7] Group 5: Market Conditions and Challenges - The company is monitoring the impact of rising copper prices on profit margins, with limited effects expected due to pricing strategies with suppliers [9] - Competition in the new energy sector remains intense, but the company maintains a cost advantage in its oriented silicon steel production [8]