海象新材(003011) - 海象新材2023年5月18日投资者调研活动记录

Group 1: Market Demand and Revenue - The company's quarterly revenue growth has slowed, and it aims to maintain the current growth trend despite economic uncertainties [3] - In 2022, customer inventory levels were approximately 1.5 months, down from around 3 months prior to 2022, with no significant changes currently [3] - The overall capacity utilization rate for the group in 2022 was around 90% [3] Group 2: Product and Market Strategy - The company plans to match new capacity with market demand, indicating a flexible production strategy [3] - The company believes that the product structure will not necessarily shift towards high-end products, as LVT, WPC, and SPC each have their advantages based on customer needs [4] - The domestic market has significant potential, but overall sales remain small due to customer awareness [5] Group 3: Financial and Operational Considerations - The company's products are primarily settled in USD, making them sensitive to exchange rate fluctuations, which can impact net profit and gross margin [4] - Shipping costs are borne by customers, indicating a clear cost structure [4] - The company is currently conducting share buybacks as part of its equity incentive and employee stock ownership plans [4] Group 4: Market History and Trends - The PVC flooring market in the U.S. has evolved since the 1930s, initially used in commercial buildings, and has gained consumer acceptance due to its environmental benefits and durability [5] - The local production capacity in Europe and the U.S. is relatively small, and the company will continue to monitor market changes [4]